Whiting is going bankrupt. You know it, I know it, everyone knows it.
What Holly is doing is promoting young, ambitious mangers, as a way to make loyal friends. Once Whiting shuts down, the young, ambitious managers will be hired elsewhere. Old, close to retirement age workers will not. Holly will use these young managers as a way to get hired into another company.
This goes for Holly and also his other buddies. They become 'best friends' with the young so the young will be fooled into thinking they are great guys. The young find a way to get Holly and his buddies in at a new company.
I have seen this happen before. This is not some type of conspiracy theory. This does happen.