I'm surprised a C level exec can sell their shares like that. I thought they all had to announce ahead of time? I'm a lowly employee at a big tech company and I have blackout periods.
They typically not required to provide advance notice (by law, at least,) but they often do set up a sell schedule in advance to show that they're not selling in response to non-public information. Sort of like developing data retention policy to avoid obstruction/anticipatory obstruction charges.
In the SEC briefing, it is noted that there were two teams deployed: Project Sierra and Project Sparta. Only Sierra had knowledge that Equifax itself was breached and thus a blackout period was instituted. But not for Sparta where the CIO was assigned.
I'm an Equifax employee...I can confirm this. I heard about "Project Sparta" constantly, but didn't know until the day of the public announcement what it was. I had no idea it was Equifax that was breached until everyone else did. I never even heard about "Project Sierra" at my level.
