Many of the people pushed out, and there were plenty, were nearing their expiration dates. Some were considerably older than George K, who is considered ancient by today's Disney because he is on the downside of 60. And many of the guys who came in, like Lee Cockerell (who was beloved by even frontliners, despite doing more damage to WDW than just about anyone not based on the west coast), had great resumes and reps and had worked at large American corporations like Hilton, Marriott, IBM etc.
This is where we diverge. Quality absolutely was near its zenith when Wells died. Prices, also while higher, weren't obscene (they are today!) I would be hard-pressed to see any major declines in quality when Wells died. And even after he passed, WDW added DAK, added BB, added the BW, added Coronado Springs, added wonderful upscale dining, added major attractions, entertainment was updated regularly (look at the new annual parades at Disney-MGM for an example) etc.
Quality was still incredibly high. My first recollection of issues came later ... a room that was beat up and in need of work at the BC late in 96, the embarrassingly bad Test Track (although we all know it was beloved from the start), which signaled the start of dumbing down/killing EPCOT, a 25th Anniversary that was largely style over substance ... much of it I tended to overlook because DAK was amazing when it opened and the Millennium Celebration breathed life into a troubled park.
By the early 21st century (2000-2003) it was very obvious that WDW was troubled and being run in a vastly different fashion than it had been.