The thesis is that organizations systematically promote their least competent people into management to limit the damage they can do, and that this explains more than any theory of leadership does.
Read April 1998, early in my working life, which is the wrong time for it. It is funnier and much less useful than it appears when you are twenty-something and inclined to agree.
What it gets right is the language. Mission statements, reorganisations, the specific way corporate communication avoids saying anything. What it gets wrong is the implication that nobody is trying.