Not in my experience. If there are a bunch of PMs and managers, you're going to find that they keep right on doing management and PM stuff, no matter what Agile Manifesto they think they latched onto.
Management: "This project is going to take you 13 sprints."
Right away, you're in trouble.
Management: "What's with your burn-down rate? We're four days into this sprint and we don't see any progress."
What replaces management is micromanagement.
Manager in the middle of the daily scrum: "Okay, let's go around and get status from everyone."
Yup. Status. For management.
Management: "You need to drop what you're doing and work on feature X for next week."
"But we're in the middle of the sprint."
To make it really work, you have to start nuking job positions. And at a big company that is hard.
Bingo. You know the MacLeod Pyramid (Losers, Clueless, and Sociopaths)? Most of "Agile" methodology is Revenge of the Clueless. It's a great way to replace a company with one long meeting that never ends.