Those guys are usually given the boot. It’s finding a replacement team that is difficult.
Heck, it must have been impossible for Northwest. Here's a link to the bios of Northwest's senior management. Look at the backgrounds. They're just about all long term Northwest employees. In other words, the same people who were on the management team that ran it into the ground in the first place are raking in big bucks at the cost of lenders, suppliers, and the rank and file.