Merrill Lynch CEO Stan O'Neal announced his retirement last week, six days after the financial services company reported a record $8.4 billion loss. Citigroup CEO Chuck Prince also stepped down as his company announced its own $8 billion hit. Time Warner, meanwhile, said that CEO Dick Parsons plans to retire next month.

Time has promoted President and COO Jeff Bewkes to CEO. But no permanent replacement CEOs have been named at Merrill or Citigroup, leaving employees at each wondering what might happen to their jobs and their projects.

IT projects at big companies may be more insulated than those at smaller companies, says Paul Groce, head of the CIO practice at executive recruiter CTPartners in New York.

That's because major technology efforts, like big trains, are hard to slow down once they've begun, he says. "Things will run along until the new chief dictates a new direction."

As CEOs turn over, "there's going to be concern about the future of the organization and there's always the risk of losing key talent," says Vincent Milich, director of the IT effectiveness practice at Hay Group, a management consulting firm in New York.

CIOs can use the uncertainty to their advantage, Milich says. "You represent continuity in leadership. The organization will value that and look to compensate you for that with a retention bonus."

Some say CIO résumés should be going out when a new CEO comes in. "Any CIO worth his salt is in touch with executive recruiters at a time like this," says Jim Noble, president of the Society for Information Management. Noble has been CIO at two of the high-profile companies announcing CEO changes this month: Merrill Lynch and Time Warner. He's also been CIO at Altria and was global head of IT strategy at General Motors.

"Chances are, a new boss will want to appoint his team," Noble says.

For example, Jim Keyes left as CEO of 7-Eleven to be CEO of Blockbuster in July. Two months later, Keith Morrow, who was CIO under Keyes at 7-Eleven, followed Keyes to Blockbuster. Keyes also lured David Podeschi from 7-Eleven to lead merchandising, distribution and logistics at Blockbuster.

"Jim knew technology can make all the difference in his success," Noble says. "They are a wonderful team."

New CEOs make personnel decisions within the first 60 days, so first impressions count, said Harvard Business School professor Kevin Coyne, writing in the Harvard Business Review.