Speak Out!
When a person's work performance has continuously and justifiably been called into question and all public confidence lost, the decent and responsible thing for that person to do is resign before further damage is done. To remain only huts that organization's ability to rebuild and become viable.
Speak Back!
I have resigned many times -- usually just before I was going to be fired.
When you know you are not going to be fired, it is easy to keep doing a poor job. Who cares about the organization -- after all -- we are part of the "me" generation.