You are exactly right Sunny.
No CEO could preside over such a destruction of shareholder wealth for such a sustained period without the support of the institutional shareholders.
I might add though that he must be nearing the end of the leash. He will need more than just the smoke and mirrors profit that we will see next year to save his bacon. Although it may well be that he will announce a substantial profit next year ( due to no depreciation of assets), collect a handsome bonus tied to financial performance, and F*€k off into the sunset.
But that just may be wishfull thinking.