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Yes. In most large companies the corporate administration does not have a career in the actual subject the company operates in, but more in finances and economy. This forum is also based in the USA, which maybe has another culture. But it is also routinely pointed out here, how corporations act more in the interests of shareholders, than in the improvement of the actual product and innovation.

The most popular way to own a company is also inheritance, instead of studying an engineering subject.

This comment was also an answer in the context of the peaceful revolution, where a lot of companies where bought by larger companies from the west, both to destroy their better competitor and get funds from the EU. Such actions are seldomly done by engineers.