Pay is below market for most positions, especially sales. Few career advancement opportunities. CEO would rather hire someone from outside than promote from within. To say that the CEO is a terrible manager would be an understatement. He alternates between micromanaging and talking to no one/doing nothing for long stretches of time. Product vision and improvements are nonexistent unless he gets worried about a competitor, in which case he'll hastily and poorly copy what they're doing.
For all these reasons, morale is very low and turnover is extremely high.