I have mixed emotions about this...
Although a great player, Thaiday shouldn't of been given the captaincy in the first place as he was never a player that was a natural leader like Locky, instead is a flare type player.
He didn't know how to handle the expectations of being captain of such a great club, and hence the added load of the captaincy took a toll on his own personal performance.
But to completely strip him of the captaincy and then not include him as one of the Co-Captains is a kick in the guts. If Parker and Thaiday were made Co-Captains for the 2014 season, it would of been a better look for the club, knowing that he is still considered one of the leaders in the team.
Thaiday was picked as captain by the club, not by his own decision, and now to remove him completely is a bit harsh and can really ruin a players confidence. Look what happen to Benji Marshall when he was stripped of the NZ captaincy. Since then, his NRL career went downhill.
Thaiday recognised he needed help in the captaincy department, and to make him a Co-Captain would of been the better option.
In my opinion the situation at the Cowboys would of been better, where Thurston and Scott are Co-Captains, even though Thurston makes most of the calls. Similarly Parker could of been the more dominant Co-Captain, freeing Thaiday of some responsibility, but still maintaining him as one of the leaders of the team.