Anyone working for IBM's career is effectively stagnated and has been for the past 5 years or more. No pay rises, no promotions, no training, not to mention miserable working conditions and no incentive to do anything above clocking in and out (metaphorically speaking).
The thing is, IBM's customers still want to buy hardware and software; just no longer from IBM. IBM is handing them over to the competition to lap up. And the competition is hiring. Anyone with any talent from IBM will find that there are plenty of jobs out there, and will suddenly realise that they can actually earn a decent salary elsewhere. Even some of IBM's partners are hiring: there are still people out there who still believe it's worth buying IBM (and it should be: some of the products are excellent, despite there being no investment in development). With IBM not even able to put a salesman into the customer, as they've all been sacked, the BPs (or at least those who haven't yet deserted) are picking up the scraps.
As for replacing those at the top: it's probably too late for that. They're determined to destroy the company and replace it with a third-rate cloud provider, who nobody will use because IBM has managed to crap on pretty much every customer it has.
It will take a hell of a lot more than that to restore IBM's reputation.