Hayashi had 1 bad game out of his 2, and is brand new in his role. It's hardly fair to compare their accomplishments in size when Itagaki has had as long as he has. And DOA5 was built from the ground up. The only thing that was the same were (some of) the characters. That game was fantastically done, and fed needs the fans had been asking for for years and years.
No he had one TERRIBLE game out of his two. Even in DOA5, he's working off of what Itagaki had originally created. He may have done alright with DOA5, but his take on Ninja Gaiden is just awful. It's really quite sad because if he had just left the mechanics of the games alone and not stripped them of features then it wouldn't have been near as bad. Maybe fighting games are just more Hayashi's bag, but Ninja Gaiden 3 is just broken and lacks the creativity and interest of the first game, and to the lesser extent the second. Trust me, I wish it wasn't true, especially since Hayashi's work under Itagaki was terrific.