"“If you look at the system, the lead link is really almost like a manager,” says the former senior-level employee.""

Exactly. Holacracy mis-represents its trademarked method as doing away with hierarchy, and further muddles things by suggesting that it is people that are acting in hierarchy as organizations whereas its concept of 'roles' allows for diminishing greatly the influence of hierarchy, per se. Read its descriptions on its site as to purview and responsibilities of circle leads .. manager by another name, really.