As someone already said, it is a very bold move. Being in a manger role myself, I have often wondered about the value the managers add and my conclusion is it depends on the company. In a large company, managers are there to protect, support and develop their people - not to get in their way. Though, I will also admit that very few managers are actually good at that. If you are a small company with very smart people, with little to no bureaucracy then you can easily get away with no managers. In an environment where the loudest voice gets heard the most, you probably do need 'good' managers.