the CEO that GF failed to see
Not really. All CEOs will fail in the way GF is set up and run by the government (aka royal family). If there is now a single governement and they cannot get their act together, it was worse when the 4 share holders were involved.
If the Bahraini government doesn't have the money to spend on new (or newer) equipment, GF will have to go private, make business sense, compete head-to-head with the other smaller carriers and stop dreaming to be big as SQ, EK or EY.