I think this question needs a slightly different perspective of answer. Call it a devil's advocate point of view.
The company has problems because sales are poor. When things go well I'm sure the head of sales is happy to take a massive bonus (even though it's actually just their job to sell stuff). So why, when things go badly, can't the staff express their anger and frustration at the poor performance by giving a "gift" with a message ?
Staff have few, if any, real ways to register their feelings on the poor performance of managers, and I see no reason why this event should not be used to communicate how the rest of the staff feel about this. Poor sales hurts other people's wages and bonuses and even job security. If you take this kind of responsibility on, you should accept that their will be payback when you screw up, right ?
So if that's your view take the advice to wipe your fingerprints from gift and wrapping paper and send your message.
A number of people have suggested this is unfairly kicking the hurt ego when it's down. A contrary view is possible. There is no need to spare senior managers or their egos (and how many senior managers do you know who could do with their unjustifiably large ego deflating ?). You could even argue that less ego might improve performance. And since when do senior managers worry about the egos of junior colleagues ?
So depending on the way you feel about the company maybe this is a legitimate opportunity to register a complaint.
But one last thought : maybe it's simply a tough year for sales generally. If the fault does not lie with the person and their policy, but with external factors that sometimes can't be avoided or undone, then this type of gift may be inappropriate. With all the market uncertainty worldwide and insane politics (tariffs, talk of trade wars, Brexit and EU uncertainty, even China in a trade war maybe), maybe it's not all the sales team's fault.