Completely unacceptable in my opinion. Let's see:
No effort spent on retouching (yes, everyone needs a little), see: uneven skin tones, hair "growing" out of his ears, frizzies galore, shine on his face/cheeks
No effort spent on grooming/makeup/hair, see: stubble, hair on top of his head, sideburns, again skin tones/blemishes. Looks like he just wet his hair and ran his fingers through it.
No effort spent on making his wardrobe appealing, see: tie not properly tied, suit looking ill fitting, fold in shirt
No effort on a flattering light for his face, see: fairly hard light source, causing deeeeep and hard shadows, especially around inside of cheeks, edges of lips, under eyes. Causes face to look even "rounder" to put it nicely. Also eyes look dead and grey.
Probably more to it, but that's what jumps out at me. I think that any paying customer would be displeased with that, and even more so when you're the GM of a major sports franchise (ie. you've got money and you know and associate with others who do, and probably have better headshots).
JColeman's work is an example of what would be considered a good business portrait/headshot. I hope the photo in the OP is just a leaked "before" image that got out.
Edit: and as for lighting setup: one light on subject as evident by catchlight, possibly a semi-collapsed umbrella or octabox with baffle removed.