For attorneys working in house, and are close with the CEO, CFO, and board members, they know that executive changes are quick like the resignation of O’Neal. Sometimes a resignation may actually be a termination, but phrased as a mutual agreement for departure. It would be interesting to look at any public filings of Merrill Lynch to see if O’Neal will be getting a separation package.
The attorneys working in house need to know about confidentiality. Sometimes it may be disclosed to them early on that an executive will be departing, but such information is not known to others. The attorneys may be told about a confidential search. They may be told to draft separation agreements. The attorneys who know how to keep information quiet until the public announcements are those who are more likely to be trusted with more information by executives to give them time to prepare for tasks. They will likely have positions easier to handle.
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