The whole Qantas Board should be dismissed for allowing this to happen.
I don't get why lots of people says Qantas can't fold either. It was only a few years back that Ansett folded.
Qantas' problem is largely of their own doing (and Alan Joyces). In the past 2 years where they expedited the amount of aircraft maintenance performed offshore and there have now been a tonne of inflight incidents (including the near catastrophic A380 flight out of Changai Airport). Passengers have lost confidence in the safety of Qantas. When I heard yesterday that Qantas & Alan Joyce had called an urgent press conference in 30 minutes time at Sydney Airport (5pm) and that the news was reportedly 'huge', I at first thought Qantas had lost a plane or there had been an accident.
If I had to Choose between Singapore Airlines, Air New Zealand, Virgin or any of the other major airlines, I'd choose them all over Qantas, as their public image is better and they are probably cheaper than Qantas. Even if the Qantas flight was the same price, I'd choose to fly another airline (unless work booked it and I didn't have a choice).