Be fair his job is on the line if SP goes under. Also it is not as if he is CEO of a public company and is employed to lead and set the company's vision and direction, or a company in which he has a majority stake and could do likewise. The company basically has one shareholder who will be dictating the tune that Woodward as CEO has to dance to. He may be wellish paid, I have no idea, but ultimatly he is probably little more than just an employee doing his employers bidding.
I wouldnt be crying too many tears for Mr Woodward.....his nest has already been nicely feathered.
Its the pension holders, those who actually grafted for the company for years and years that I would be concerned for.