Ask HN: What to do about poor project manager?

I work as a software engineer in a still-small but fast-growing bio-tech* start-up. I enjoy my work immensely, often work after hours, I go to conferences and meet-ups, stay in touch with the latest technologies etc. Our department has about 3 - 4 software engineers, one BA and one PM. The problem I have is that the PM is deeply out of touch with the products we are developing and has been doing very little work except sending mostly useless e-mails, spends a large part of his day reading online newspapers (I can see his screen from my desk ) Essentially he is .. "slacking off"... The schedules he sets, decisions he makes, are pretty out of touch with reality and slow down the team a lot. This has been going on for a long long long time now.

* The management office of the company is located in a different city, so the situation is not visible to them.

What can I do to address this type of situation ? I know such PMs are common in government IT environments. Since this is a start-up we are talking about here, I think that there's still time to address and fix the situation.