Vorsicht,
While I agree with you on the solution, I think Joyce and Clifford (who was a known cutter in former days) are the ones who need to do the cutting - swift and hard as part of their final period.
Then sweep in a new broom, new management to get things right. No point getting a new CEO if the first thing they do is cut -they will be as popular as Joyce.
I think the other big issue is QF is whether they can actually afford to cut in some of the areas that need cutting - where you have some very long serving employees with some very generous severance packages.