In reality, they approved the strategic direction of the company and signed off on the outrageous hiring plans. They were responsible for fostering a culture of execution and measuring the results of their teams. They were responsible for ensuring their investments were paying off.
Instead of messaging that "As CEO, we did not invest in the correct strategic direction of the company with the associated supporting culture to execute on our plans and as a result need to re-calibrate our investments" - they instead say "Too many employees aren't working, it's all the fault of the low performers!" or a variation of that message.