From a business point of view naf probably did what he had to, and likely what was right.
From an employee morale point of view it's been a disaster. You don't come into a new company as a CEO/COO and before getting the pulse of the employees make broad sweeping statements about the poor health of the airline, 1/3 of the fleet is going to be retired and if you still want a job you have to sign a 3 year 23K BD bond, no wait...no bond..no wait..ok 2 years, threaten mass expat layoffs and give a token raise saying how much we appreciate you all while still paying 60% of your next door neighbor airlines. Not unless you want a large percentage of your employees to quit, in which case they did a brilliant job.
I don't have a management background and i guarantee i could have handled the employee morale situation a lot better than that. Granted the board didn't help matters either, btu as a senior manager it's your job to coordinate with the board before conflicting statements go out. With all the high priced consultants it would have likely been alot cheaper to hire a
PR/HR consultant as well before making any of those statements.
As for the business end of things, only time will tell.