From what I've noticed, every time they try to hit that re-set button, they don't know what to do next. If you have someone who doesn't know how to run the show, doing a creative overhaul does little good because they cannot implement the "new" show any better than they did the "old" show. In Y&R's case the "outsiders" they've brought in have not been good choices overall (not just Mal Young, but all the way back to Lynn Marie Latham). What inevitably happens in their wake is that they find someone who used to work on the show, re-hire them and hope they can do the sort of stuff the show used to do to "right the ship". But times have changed, and even Y&R has been affected by budget trimming and the need to do more, faster. CBS is trying to coast on their viewers' force of habit, assuming they will watch the show simply because they've been doing it for X years, regardless of whether it's good or not. I think that the network says they want to be fresh and exciting, but Y&R has always banked on that older demographic who wants the show to be more old-school in its storytelling and pace.
And the number of people in the soap world who really could make lemonade out of lemons dwindles by the year, since fewer people are working their way up through the ranks at the soaps. When there are only four soaps left (in the US) and the shows are being made with speed and economy as the top two considerations (with quality being #3 if you are lucky), you are essentially telling the young creatives that soaps are no longer a place where they can exercise their creativity with any sort of freedom. They would be more welcome if they display skills in turning out quantity over quality (i.e. bean-counters). Stories of production assistants working their way into being an Executive Producer or Head Writer are long gone. The punishing pace makes soaps a place where the budding director, creative producer or writer no longer wants to stay in for a career--they get some credits on their resume, then move into other areas where they can bring their talents. What you are left to choose from when hiring in the top jobs are those who are left over from better times, the ones who either refused to retire and get recycled by other soaps...or those who work cheap. Even that pool continues to dwindle as Head Writers age out of the business and are not fostering younger talent.
Y&R is only experiencing the same "brain drain" that all the other soaps have experienced. It's just taken them a bit longer to hit the same problems because they've been #1 for so long and so many fans maintain loyalty due to the 'better years' they remember so fondly. It's also easier to remember those better times when so many of the current cast were also involved in those earlier stories. Seeing those actors still going at it despite all the questionable stories of recent years gives the long-time fan someone to cling to. They, more than any of the four, seem to have kept more veteran actors (20+ years) on screen, which might serve to mask the decline of the show overall.