Personally, I think he's doing a good job.
His signings have followed a clear pattern. He's brought a mixture of young players, and players for the now. He's always done it in consultation with the current manager too. I think it's obvious his strategy was always going to tempered by the clubs ambition. Since Brands came over, the quality of the squad has gone up, and the average age has come down. He's got us going in the right direction.
As far a managers are concerned, I honestly don't think Silva was a manager he had any role in bringing to the club. So for me Ancelotti is his first managerial appointment. 12 months on, I think it obvious it's been a good one. Again, things are moving in the right direction. I'd also like to add, both managers like working with Brands. Even when the going got tough for Silva, he never had a bad word to say about him.
Lastly, concerning his contract. I've heard a rumour that Man Utd have offered him a contract too. That wouldn't be the case if he was a failure. For me, him signing a new contract is the logical next step. He can continue his project, and he's highly thought of by the club. Interestingly enough, if the Utd rumours are true, him going to Utd would only really be a sideways step at this point. He'd be gaing a club with a bigger pull for players, and arguably a bigger budget. But he'd be starting from scratch again, with less patience for silverware.
I think we as a fan base just need to show patience. The signs are there that we're moving forward, and that's because of Brands, not despite him. Whilst qualifying for Europe should be a priority, winning a Cup would be a good marker on the progress we've made. Getting to the Quarters of the League Cup showed we are taking them seriously. Let's see what the we can do in the FA Cup.