You would have to think that other wealth fund managers are...

You would have to think that other wealth fund managers are looking at IOOF as a takeover target given the massive share price decline and the fact that there will be a strong view that a new broom is needed at the senior management level (which an existing established wealth fund operator will be able to provide).

The current management have lost the confidence of the regulators to perform the essential functions of running the company's trustee business, and to my mind the obvious thing to do is for them to leave for the good of the company and the shareholders..We don't need a bunch of distracted individuals who are trying to defend their previous conduct also running the company at the same time. 

The best way forward is to find a new senior management team (and chairman) who have the backing and support of the regulators, whether the current lot like it or not.  Given the problems go all the way to the the top, shareholder action is probably quickest fix, since it is sadly apparent that the current board and senior management remain in a state of denial.

The fastest way forward is for the major shareholders to tell the chairman, CEO and senior management that they need to move on quickly for the good of the company.