I would also consider modifying the fit of the current bike
the current setup is so bad I would first attempt to get it into the ballpark (so-to-speak) and get a few rides in before any new bike fit or purchase
The current bike looks to have 5 or 6 inch drop from the saddle, but it's hard to tell from the tiny avatar. I had a 63cm CAAD 5 and the head tube is at least 220mm, so not much would have been cut from the steer tube, if any. So he could raise the bar some but probably wants a bigger frame.