I think the lack of vision is one of the biggest problems here.
The priority of every true leader is to set a direction. It looks like this leadership does not have a clear vision for the company's future and therefore it is quite natural that employees are increasingly dissatisfied. If they actually do have a vision, then it is quite vague and not well communicated.
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You are mistaken. This company has always had a very simple and solid vision. It's a cash machine....nothing more. They have happy shareholders who are blessed with a healthy, steady dividend. As long as cheap storage is in demand, they are going to be making rotating drives. Expanding their head factory is going to allow them to print more money. Stop pretending they need innovation, the shareholders don't care.