No, the airline had first and second officers that were unable to achieve promotion because the airline had been shrunk, routes were dropped, and resources were sent elsewhere. Pilots have always had their careers, then retired and been replaced by other pilots. To suggest that there was some sort of new phenomenon of captains not retiring is bull**** of the highest order.
100%!!! Resources sent elsewhere = euphemism for deliberately sucked out of the business to provide cash remuneration/bonuses and numerous failed & disastrous thought bubbles (JQ Int businesses).