I have worked for this company for 5 years, and the company went through many transformations (management changes, restructuring) which were not easy for all of us and caused a lot of frustration.
The only reason why I stayed was because my my department was quite stable and my upper managers were very reasonable even in those hard times, in other departments it was worse.
Since the latest CEO and management change, the company has transformed again, but this time there is finally a good direction, and a long term strategy. It is obvious that the current CEO is focusing on stability and we don't expect any change in management or any restructuring anytime soon.
Also, an improvement is that we have a Worker's Council.
The company is quite big so I cannot generalize, but in my department there is open communication between management and employees, and nothing frustrating or ridiculous going on.
There are 2-3 frustrating managers around but I am happy to not have anything to do with them.