The market simply does not believe that they were transformed. The same people run the same shows under a different hat. Second, such transformation violates the concept of Hierarchy, a chain of command. What is wrong with that is that a ship must have a captain - and only one. Someone must have the authority and the responsibility.
Collective management is no management at all.
Moreover, innovation change and revitalization are all prevented. We identified one villain. Second, it is not worthwhile to borrow money and to invest in shares. Third, it is more tempting to invest money in bank deposits, yielding high interest rates - than in shares. High interest rates are the poison of stock exchanges.