A Modest Proposal: hire an Indian CEO
I suggest that IBM (and other large corporations) move the most senior executive positions, including the CEO and their direct reports, to a lower-wage country such as India. They would have no trouble finding thoroughly qualified candidates, many of them educated at top American business schools, who would save the company (literally) millions in compensation.
As a bonus, an Indian executive team would have much better cultural affinity with the majority of employees.