Failed Manager Keeps Job Hunting to Better Roles

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About 15 months ago my company, a leader in its field, poached a manager from a leading competitor and gave him a key role in the company.  His tenure, was a disaster, he missed his goal by an order of magnitude, his arrival caused several top performers to leave, and his teams product is unusable. At this point, upper management began questioning the value of his project and began considering reducing his teams size.

And somehow, he managed to switch jobs to a more senior position at another company.  Don't they realize that if he wants to switch jobs after only a little over a year he probably wasn't successful in his current role?  Considering plenty have negative things to say about him in both my company and his previous company (which he also left because they canned his project) how come the hiring manager doesn't take that into account?

I'm just amazed at how failure is rewarded...