While it's a fireable offense, my experience with senior management has been that the company is more than happy to help cover it up for them... until they do a bad, and then it becomes a quick ticket to can them without having to admit the real reason for canning them.
That's what everyone keeps saying. INAL but that would give any fired executive hella leverage when the board finally decide to unveil what they've been hiding. I mean, they'll go to discovery and ... perjure themselves? Really?
Seems like that could actually map pretty well to this case.