Pros
The leaders in each business unit have a good grasp on their business and competition. When they share the strategy at quarterly meetings I find it helpful and compelling.
Cons
This is a good example of a business unit carved out to be a stand-alone company where Product Managers are running a company. It is clear that how shared functions are used and the level of respect for their function is not important nor utilized effectively from a whole company perspective. Areas like Purchasing, Regulatory, and HR have to almost beg to have senior leaders listen and get their back. At the end of the day, the reaction is to go out and hire an external consultant-and maybe one that is not skilled with that function. Nice people (most) but not systems thinkers- at least not what the average joe employee sees.