I think this is increasingly typical of the C-suite types in most corporations. They are people whose primary credentials are having wealth, connections, and a business degree. They did not start the businesses they run and usually did not work in them previously. So they know almost nothing about the workings of their company, its products, or its market and are arrogant enough to think none of that matters.

CEOs used to earn at least some of their higher salaries by providing long-term strategy and making large scale decisions. Now they just follow advice from the next level down, push for greater short-term profits, and jump to another company when the consequences of their shortcuts and bad decisions start to become obvious to their stockholders. They are mercenaries who are given command of someone else's army and win battles by not caring how many soldiers they lose in the process.