Another suggestion would be to download and install the free version of 'Genie9' backup manager (sorry no link to the download)
The program is fairy UNsofisticated and pretty easy to use and setup, then just transfer the backup file/s to the new computer and re-run the backup on the new computer. (Select Outlook and select the User, then start the backup, that simple) don't forget to take note of where the backup file is going to be stored.
I have used it to backup and restore between Outlook Express, Outlook and also WinMail without any problems onto different computers of both XP and Win7, so like I said, pretty universal.
As for removing private data of the old system he will need to delete each/all of the files/folders manually and then not forgetting to empty Outlooks deleted file bin, followed by the windows recycle bin.
Not forgetting to remove the account information to stop further emails from downloading.
Or TBH if the company want the laptop back, why not format the HDD before handing it back.
Because realistcally that is what most people would or should do.
Then again would the company sell it to him?
NB.
Even once formatted information is still recoverable, the only way to stop that is to run what is called a 'Government Wipe' set at about 5 wipes, basically what that does is to write random letters to each and all segments of the HDD 5 times, so ensuring the best security possible.