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December 12, 2007

All Business: CEO to pay back $1B but where is the sting?

  • UnitedHealth Group CEO William McGuire still keeps all cash paid to him and is likely to retain stock options valued at $800 million.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — Corporate chieftains may be getting the wrong message from UnitedHealth Group CEO William McGuire's $420 million settlement for his role in a stock-options backdating scandal that still leaves him with several hundred million dollars in hand.

    When it was announced last week, it was billed as the largest corporate giveback ever, as if that was supposed to assuage shareholders of the nation's second largest health insurer who lost big because of McGuire's stock-options shenanigans. That payback, along previous deals with McGuire and other executives, brings the total being returned to UnitedHealth to nearly $1 billion.


     
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