Wait. I know all about having dunderheads hired above me, having gone through the dot com bubble and crash.
But are you implying that no VP should ever be hired over the early engineers? I can imagine numerous situations where doing just that would provide value to the engineers and the company. And an experienced VP, even if expensive, can be a bargain if they've "done this before".
That right there is a huge warning sign that they're not valued well and that they never were.