A real simple much smaller scale is what we see in a elevator. As it is dropping, it's probably go what maybe 20 mph? Notice the sensation as the elevator stops. Well now multiply it times 20.
One thing in his favor is that as he drops, the atmosphere increases and his speed will naturally slow down (more atmosphere means more air friction). I think there is a terminal velocity at 1 atmospheric pressure unit that is about 125 mph if I remember correctly from HS physics. He will therefore go from 600 mph to 125 mph in a gradual manner. His parachute will open as it normally would -- provided he does not pull the rip cord too soon.