GE is big... worse than his place.
He has no way out except makes it bigger and does it right. He may have the chance to get a BIG promotion after all. if he keeps quiet down now, he is dead and is a slow one.
- prepare the conversation with his CEO, list all the facts (without point fingers), the potential risks for the facts, and his plans to mitigate the risks.
he can find job any where, but why not take this as an opportunity to improve the leadership skills?
but most important, make the backup plan ready.