Normal and usual thinking leads to normal and usual outcomes.
On a personal level, it is tough to judge whether or not he "deserves" more time. So far, the outcome is indisputable because it is historically bad. I personally don't have the true inside of what is being sold and what the true capacity is to deliver. So from afar, without said information, I personally would give him more time.
However, if the belief from the inside is this cannot be turned around, then there is literally a fiduciary responsibility to the people who fund the operation to make a change. From the outside, the UofM's admin looks incredibly amateurish and overwhelmed.