Actually, the executives are doing what is necessary. HDD technology is mature and hitting natural physical limits, while facing slow replacement by SSD technology. It won't immediately replace HDD in every instance, but the trend is inescapable. Given that Seagate will be facing reduced demand for its products, it is shrinking its size to "rightsize" the company for its market. What the executives haven't demonstrated is a vision for where the company can go from here. They could have gone into SSD earlier but did not, because they chose to appease shareholders with dividends and avoid massive capital investment in a new technology. The soon to be former CEO has a singular talent for buying companies to demonstrate Seagate's investors that he is doing something positive, despite the fact that either the purchases make no sense, or that management does a horrible job of incorporating it into the rest of the company.
In 5-10 years, Seagate will be a four to five billion dollar company that still operates profitably because it has been shrunk to an appropriate size for its market. The chance to branch out into other forms of memory have been squandered. The real problem shows up around 2022-2023, when Seagate either has to pay off or roll over its huge debt. I doubt the market will give Seagate a break on its interest rate to a company that will shrink to half its size.