I can understand the need to find a new direction for the company, keeping in mind the lack of direction and innovation that IBM faced during the years, and hybrid cloud is, most certainly, a market of the future, so I don’t generally consider this to be a bad plan, but the devil is in the details, and a lot will depend on innovation, and on the ability to deliver quality solutions on the hybrid cloud market. Unfortunately, knowing the company practices and the ways that things are done at IBM, I don't see that as something that could happen likely.
https://www.forbes.com/sites/panosmourdoukoutas/2018/12/01/ibms-big-bet-on-hybrid-cloud-will-it-work/#77deebe6734e