Oh yeah, all the freaking time. They always say "oh we don't want to step on toes or try to fix what isn't broken", but gradually changes are made and corners are cut and within 6-18 months everything's different (and usually worse).
I've seen it a few times in a few different jobs, usually the new management thinks they can compete with shithole countries (or sites, in this case) if they just cut enough corners and understaff enough departments, completely ignoring the fact that we had retained customers specifically because we didn't cut corners or sell a crap product.
I'm not really interested in hearing what the new management has to say; I'm much more interested in seeing what this place looks like this time next year.