I do not blame management for the situation.
I think it is all about external factors in the end, fuel price, world economy, competition, geographical location. These things are out of the influence of any Cathay manager.
The success of Emirates is NOT the result of its management, but the (ongoing) gamble of very wealthy owners willing to bet the tent on it.
For these reasons, managers do not deserve the pay package or any merits should they got lucky and post a profit.
Being an Airline manager is mostly about administration and looking good in a suit.