The best person for a struggling company to hire is someone who believes they can help solve the challenging problems and will work relentlessly until the issues are resolved.
People are constantly trying to sweep their problems under the rug, hiding them from customers, investors, employees, and themselves. Smart employees are never fooled by this, and they'll end up viewing leadership as delusional, dishonest, or incompetent.
This guy at least recognizes and identifies the problems (or at least the symptoms of underlying problems). That's something.