IMHO, The Chairman has been there through it all and must carry full responsibility for his management team. He appoints the CEOs and he terminates them. He has to approve and own the strategy. There's no one else to blame given the time elapsed. Whilst previous management may have signed off on the disastrous Embraer contract, the Chairman was aware of that before he joined and has to own responsibility when staying.
The Board should have long ago recognised they did not have the knowledge and skills to successfully manage this airline out of its past woes and through current turbulent times, and it missed the opportunity to recruit better people 3 years ago. The rest of the airline staff, the shareholders (and the travelling punters) have all been let down very badly. I'm very glad the airline has been saved from the inevitable but just feel it shouldn't have ended this way.
Just hope we don't have to watch the Board disappear into the sunset with fat cheques in their pockets. Failures like these should not be rewarded.
Other insiders can correct me if I have been unfair.