The thing is, they aren’t actively managing 121k people anymore than the President is commanding 1MM+ troops. Nobody is capable of actually managing that scope. In reality, they are managing a handful who are also managing a handful who are also managing a handful etc. If you disagree, ask yourself if they could intelligently describe a randomly selected employees day-to-day duties. If they can’t, they aren’t really managing them in a meaningful way.

I agree they manage the strategic vision of the company. The research on whether they make a real difference in the long term trajectory seems mixed.