Which isn't to say Jay failed. The skills are amazing and the combat is the best yet, so if only for that reason, I think Jay has contributed more than enough to the project, but I don't think the RPG side of things is quite in his repertoire, so hopefully they can find someone who can come up with all kinds of nifty garbage for us to collect in the same vein as runes/charms/etc. while also expanding on itemization.
Of course, mistakes have been made and they both probably deep down realize that, but to say the game is a failure is nothing more than hyperbole. This new director is more a closer than anything. Jay pitched a good game, but it's the bottom of the ninth and he's just given up a few too many runs.
Or maybe it's just getting hard to pitch with everyone throwing beer cups at him.
If 90%+ of the haters spent their time with proper feedback (both when the game launched and now) instead of random bashing the game and dumbly agreeing with every complaint they read on the forums (or on a famous guy's stream), we'd probably have a much better game by now.