Historically IBM was a power player in the industry, no one would deny that. Large organizations such as IBM are at a significant disadvantage in terms of being nimble and quick to adjust with the technology evolution. Regardless of the specific area of analysis e.g. Cloud, storage, compute, etc. these are highly dynamic and competitive markets; IBM just hasn't moved fast enough, in my opinion, and as a result we see them consistently behind. I know several IBM employees well, and they are wonderful people but typically caught up on a much bigger eco system and not able to get the organization on track.
Many may disagree with me on this, but as I watch other organizations such as Google, Amazon, etc. build and expand their massive campuses and have employees come together and work, IBM has seemed to take the opposite approach and shut down (once massive campuses) and have employees work from home. I believe that a large part of an organization's success is the willingness and desire for the employees to be excited and an active part of the the success or failure; it's much easier to get passionate in person about the company as compared to working from home. Sure I get that Amazon, and the likes have plenty of people that work from home, but looking at the averages it's much lower percent as compared to IBM (my observation).
Change is good, if what they are doing isn't working (it isn't) - do something different...