A more apt phrase would be "stay alive" rather than "catch up". Walmart still hasn't learned the lesson of Netflix that you can compete and build upon Amazon, and to be brutal if Walmart's exec were any good they would have done this 15 years ago when it was obvious ->
https://twitter.com/rtehrani/status/1305128038733156353
COVID has simply accelerated what was already happening. Without the pandemic then most organisations would have continued on like frogs in warming water still convinced of the safety of their position and more importantly their executive bonuses and retirement plans.
Oh, and that's something to remember ... most executives that have got you to this position will lack the capability to get you out. There needs to be a complete replacement of some boards in some sectors ... assuming those companies want a hope in hell of surviving.
The problem, of course, is that most of those board who need to go will be convinced of their own ability and won't want to go. A bit like IBM in 2010 . They had a chance but needed to remove the entire board and executive layer. Today is a path of steady decline.
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