Executives are responsible for the direction of the company. They aren't just there to cut costs (at least, not usually). They're there to see what opportunities the company to move into, and guide them to success.

This is the opposite of what most executives at these gaming companies have done lately. They've driven up budgets and pushed them in a direction that makes people not want to purchase their games, causing them to fail.

If a company has to fire employees then that's the fault of the executives. They should be taking cuts first, not the people who were doing their job well but were just pointed in the wrong direction.