If we have layoffs in our future - and let's be realistic, we all know we will - then the right move would be to thin out management layers. HP does have fat, and that fat is concentrated in the bloated management. Those are the types of layoffs I could definitely get behind.
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The OP is a bit cliche.
Before I left HP, I personally met with a handful of executives and had conversations with them. Andy always looks like he never sleeps, Alex looks like he's always spaced out, Guyente putting on a fake smile, etc. You really get to see the other side of them when they're not giving surprise visits and giving their usual corporate speeches about how great everyone is and yada yada yada. They look lost and don't want to talk with anyone.
In a way, I feel like sympathetic for some executives because they have to put on the biggest charade like everything is okay. They're probably getting their a$$es chewed out every day by shareholders and the C-Suite. But then again, executives are really two-faced. Rude, arrogant people. I don't know how or why brown nosing people want to even talk with them. Reminds me of Gabe from The Office when every time he tries to "impress" the CEO, he always get shut down.