Maybe.

But they do reference “product” alongside “management”…

If you just have a bunch of engineering a design ICs “doing stuff” and no one is doing any form of project management (making sure you’re building things you can afford that customers will pay for) or product management (making sure they team is building what they said they would), that is, in fact, a recipe for disaster.

And saying “we hired some product people and project managers and we think that will correct our course” is not a bad hypothesis IMO.