I see what you mean - although we didn't lose more players than we usually lose that year to be honest. I think we were always likely to be in a relegation battle, so from that point of view, he had little to lose, I'd have thought.
One of the main things that happened in 2014 was that one team half-time talk was moved to the dug-out and reconvened sans manager - no amount of players lost really gives a reason for that.
Anyways, as others have said, if he's joined the coaching staff with Waterford, then it's a very good appointment. He was with us before as a coach as well and it worked very well. But not sure about management, for whatever reason.