Umm, no... directors & VPs do get ruthlessly Lord of the Flies'ed (new verb here).
Middle managers, other than maybe first-level ones, are the lowest of the low, and very rarely get managed out. In fact, they are the cause of nearly all corporate problems, IMHO.
I've seen one incredibly horrible manager managed out this way. But anyone above incredibly horrible tends to survive all the reorgs.
If the reorgs actually got rid of bad management, it wouldn't be necessary to shrug and cite bad management as the excuse for mandatory stack ranking and attrition quotas.
"We can't help it! Our managers can't be trusted to tell us if someone is effective!"
Big Orgs have big re-orgs all the time and the entire management structure can change swiftly. Leaf node workers left untouched.