Anyone can run an airline, whether the airline progresses successfully is another question. Running an airline in a low competitive environment where cost control vs a captive market interact is not hard. Add competitive elements and the task gradually gets harder and a pure numbers man is going to have problems as the elements that attract and keep regular clientele requires spending. The 'accountant' type axe wielding CEO has been the go to for the last 40 years mainly as we are talking about existing companies that require trimming to be competitive vs new lean competition. But too much focus on cost and not enough on product will inevitably make you vulnerable to loss of customers to try competition, especially if it undercuts you. Then the cost driven entities compete on cost alone until something breaks, and the whole industry spirals into oblivion. This was a major issue in GA, especially in flying training, no one stood out as 'better' so the consumer decision comes down almost purely to cost, undercutting and eventually a non viable industry that is just the next moron with cash thinking they can do it 'cheaper'.
If you look at simple cons business use to bamboozle the consumer, look at petrol prices, it constantly bounces up and down, so that each station is not actually competing at all, as the consumer has no idea what the actual price is, then loyalty programs, ie pay 10cpl more with us, but we give you 4cpl back, what a deal. All to pay for the same thing that you can get at any pump and probably 10-20cpl cheaper down the road if you did some simple investigations. Airlines have used the seat space tools, loyalty programs and other marketing tweaks, but really its now coming down to price in an accelerating cost market.
Point is QF has cut the fat out and is into the bone that gels the premium customers to the business, as long as the market remains saturated they will kick along, but if this downturn gets nasty they may find themselves in a spot of bother as the product is no longer a step above the competition.