Yes that is exactly what happened Welch came in started pushing the MBA way of doing things, pushed it throughout the entire industry, talked a big game. Tons of MBA programs were focused around the "GE Way" etc. It was when the Peter Principle, people are promoted to their level of incompetence, to the Dilbert Principle, idiots are promoted directly to keep them out of the productive flow.

The MBA ruined many things, it was scientific management brought back with a catchy name. Not creative enough to be in the artists? Lacking the intellectual discipline to become a real process engineer? It's okay you can become an MBA, learn no real skills, no real information and feel superior because then you can lord yourself over the serfs that decided to go into the silly practice of actually providing goods and services, when you can "manage" the people that actually contribute.

Note this shouldn't be taken as a tirade against management, there are good leaders out there that do make things better for those they lead, but my point is that an MBA is totally independent variable to whether or not someone will be a good manager. The problem is that an MBA basically trains people to see their work/world as a video game where they play with spreadsheets, choose the right dialogue options in the tree, and assign your workers to specific tasks, and then when the reality doesn't conform everything hits the fan.