O'Neal became president of the firm in 2001 in a palace intrigue that eventually led to the early ouster of his predecessor and one-time mentor David Komansky. By 2003, he was CEO and chairman. O'Neal was one of the first African Americans to hold such a high position on Wall Street. He earned $48 million in 2006 and $46 million in 2007. One of his first moves as CEO was to dismiss his number two executive, executive vice chairman Thomas H. Patrick, Sr., and afterward Arshad R. Zakaria, who headed institutional banking and securities. Originally there had been a deal where Patrick and Arshad R. Zakaria would support O'Neal's promotion to CEO, and in return Zakaria would be appointed president. Once O'Neal became CEO, however, he refused to continue this "backroom dealing".