The Wikimedia execs are obviously not being paid to boost the bottom line; it's fat enough already. Wikipedia has never failed to cover it's costs. It doesn't need whizz-kids; it needs a few competent managers to make sure things don't completely fall apart.
All the pointless side-projects just mean there's too much money washing around. Those side-projects could end up torpedoeing the main deal. Wikimedia makes enough in a year to set-up an endowment that would guarantee Wikipedia forever. Provided they prune the management tree - not so much because of salary costs, but because all those execs need projects, to prove they're not overpaid.
It's nothing to do with "charity work". It's about maintaining mature code, taking care of the editor community (they're not much cop at that), and buying server racks. You don't need scores of leet execs for that - you just need a handful of competent and responsible administrators.
It is your personal judgement, and I violently disagree: if they stagnate, they will either wither and die. FAANGs of this world will eat them, for example by taking snippets from wikipedia and giving nothing back.
It is charity work to spread knowledge, and it has never been as important as it is in the knowledge economy of the 21st century. Do you seriously think that there is nothing to improve, the pinnacle of creation is text format with links? You cannot imagine a more interactive alternative to learn?
Now it's possible that both of us are wrong, and the truth of the matter is something else entirely.
However they are not a public service, and they run their charity in accordance with their vision. If they want to document every dead language and give each poor kid a laptop, people like myself support them, and you don't have to.
Your cost-cutting/management bloat critique comes across as a standardised copy paste of critique you might encounter on "department of highways" or similar public service. It appears to be based off prejudice and assumptions. Not only don't you have that level on knowledge, no-one without a crystal ball could know for sure.
You cannot possibly be serious, assigning twitter CEO some super demanding nebulous task of 'looking for new opportunities' but somehow downgrading Wikipedia one to that of a middle-manager.
Both websites have a massive audience, both have new intiatives and the ones by wikipedia are actually productive. Both have to deal with attempts at censorship, inappropriate content, and both have to find a place in the rapidly shifting techbology landscape.
This judgement 'if it's charity work then it's easy' comes across as dishonest and presumptios.