Incompetent management but which is exceptionally skilled at misdirection. They pay for specialists to sprinkle counter-arguments like an earlier one in this page.
The rest of the points are in line with countless others that point the finger of blame at a geriatric management that is so distanced from technical innovation they could be living on another planet. The primary reason they lasted this long is that "value" mutual-funds depend on the steady dividend payments. A secondary reason is political correctness - Ginni is a woman so needs more time. Both reasons are porous and will backfire very soon - laying off talent is s---c-dal; and Ginni will retire with a massive compensation package well before the music dies.
An alternative is to run a referendum to take IBM back, with further oversight of employees to keep the "establishment" in check - no more rogue managers. A critical mass of requests will encourage admins to set up a poll and turn anger into productive action.
Took this post from another thread on this board. I don't agree on with the last part of the post, as I don’t see the possibility of any democratic decision-making by the workes in a corporation like IBM, otherwise, the OP( @VIFo6Hb-2lnm ) nailed it.