I mean if the company is pivoting and closing the entire division because they no longer need to, eg, make film cameras or make buggy whips, why would you keep anybody from there around? You don't need their expertise any longer. Even if they were the best at their job, if you're not doing those things any more, what would you keep them around for?
Any company where the execs and decision makers are so far removed from the people they're judging, where they won't even truly understand or care what the person does, let alone who they are.
Google and Twitter and two very recent large companies that have done just that.
What companies layoff their best people?
(I say as someone who has been laidoff)