IBM has stalled because it stopped innovating, and instead pushing highly cumbersome, expensive, consulting-centric "products" that are nothing more than expensive services tied to proprietary technologies. Where IBM isn't proprietary, it rests heavily on open source offerings that it has acquired (RedHat). Ironically, it's IBM itself that is every much the sclerotic "dinobaby" that it seems to dislike. Simply hiring in a younger pool won't change that dynamic. If anything, that approach is deeply cynical, and only makes sense when you realize that IBM sees its growth in services and "solutions" offerings that depend on large numbers of lesser-paid, non-family bound "early professional hires" that they seem to desire.
IBM placed bets on highly speculative "moonshot" programs like IBM Watson (especially Watson Health) that failed, while simultaneously failing to effectively compete in the growing cloud-centric market. IBM could have been a realistic contender in the Enterprise against AWS, Google, and Microsoft cloud environments, but it instead opted for large-scale vendor lock-in style approaches.