William W. McGuire


William W. McGuire

William W. McGuire M.D. was the CEO of UnitedHealth Group Inc. from 1992 until 1 December 2006 (see section "Resignation" below). He attended the University of Texas-Austin and is a member of Lambda Chi Alpha Fraternity.

Options Backdating Investigations and Lawsuits

In 2006, the Securities and Exchange Commission began investigating the conduct of United Health's management and directors, including Dr. McGuire, as did the Internal Revenue Service and prosecutors in the U.S. attorney's office for the Southern District of New York, who have subpoenaed documents from the company.

The investigations came to light after a series of probing stories in the "Wall Street Journal" in May 2006, discussing the apparent backdating of hundreds of millions of dollars' worth of stock options — in a process called options backdating — by UHG management. The backdating apparently occurred with the knowledge and approval of the directors, according to the "Journal". Major shareholders have filed lawsuits accusing former New Jersey governor Thomas Kean and United Health's other directors of failing in their fiduciary duty. [ [http://www.businessweek.com/magazine/content/06_28/b3992075.htm "A Board With Its Back To The Wall: UnitedHealth directors aren't ready to oust embattled CEO McGuire. Here's why"] , "Business Week", July 10, 2006] [Loren Steffy, [http://www.chron.com/disp/story.mpl/headline/biz/4318193.html "How William McGuire earned that fat paycheck"] , "Houston Chronicle" newspaper, November 7, 2006]

Resignation

On 15 October 2006, it was announced that McGuire would step down immediately as chairman and director of United Health, and step down as CEO on 1 December 2006 due to his involvement in the employee stock options scandal. Simultaneously, it was announced that he would be replaced as CEO by Stephen Hemsley, who has served as President and COO and is a member of the board of directors [http://news.yahoo.com/s/ap/20061015/ap_on_bi_ge/unitedhealth_ceo] . McGuire's exit compensation from UnitedHealth, expected to be around $1.1 billion, would be the largest golden parachute in the history of corporate America [http://www.chron.com/disp/story.mpl/headline/biz/4318193.html] .

McGuire's Settlement With SEC

On 6 December 2007, the SEC announced a settlement under which McGuire will repay $468 million, as a partial settlement of the backdating prosecution. Legal actions filed by the SEC against United Health Care itself are still pending. [ [http://news.yahoo.com/s/ap/20071207/ap_on_bi_ge/unitedhealth_options;_ylt=AuCMgfPkc_LObP55Hz1fUmOs0NUE] Associated Press via Yahoo News]

References

External links

* [http://www.forbes.com/static/pvp2005/LIRRI3M.html William W. McGuire]
* [http://www.newsmeat.com/ceo_political_donations/William_McGuire.php William W. McGuire's federal campaign contributions]
* [http://www.thefirstpost.co.uk/index.php?menuID=1&subID=862 Backdating of stock options explained]


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • William Henry McGuire — (May 31, 1875 October 31, 1957) was a Canadian senator that represented East York for 30 years.BiographyEarly life and educationWilliam Henry McGuire was born May 31, 1875, on a family farm near Peterborough, Ontario, one of the 15 children of… …   Wikipedia

  • William Anthony McGuire — Infobox actor bgcolour = silver name = William Anthony McGuire imagesize = 260px caption = birthdate = July 9 1881 location = Chicago, Illinois, USA height = deathdate = September 16 1940 deathplace = Beverly Hills, California yearsactive =… …   Wikipedia

  • William "Bill" McGuire Bryson — Bill Bryson in Durham William „Bill“ McGuire Bryson (* 8. Dezember 1951 in Des Moines, Iowa) ist ein US amerikanischer Journalist und Schriftsteller. Bryson ist seit 2005 „Chancellor“ der renommierten britischen University of Durham, die ihm auch …   Deutsch Wikipedia

  • William „Bill“ McGuire Bryson — Bill Bryson in Durham William „Bill“ McGuire Bryson (* 8. Dezember 1951 in Des Moines, Iowa) ist ein US amerikanischer Journalist und Schriftsteller. Bryson ist seit 2005 „Chancellor“ der renommierten britischen University of Durham, die ihm auch …   Deutsch Wikipedia

  • McGuire (surname) — McGuire is a surname of Irish origin, from the Gaelic Mag Uidhir . The name means son of Odhar Some historical background indicates the name Mag Uidhir, Maguire or McGuire stems from the Magi of Éire who were the priests of ancient Ireland. The… …   Wikipedia

  • William McGuire — may refer to:*William Anthony McGuire Academy Award winning American screenwriter and dramatist *William W. McGuire (contemporary), American physician; former CEO of UnitedHealth Group *Bill McGuire (contemporary), English professor of… …   Wikipedia

  • William McGuire Bryson — Bill Bryson in Durham William „Bill“ McGuire Bryson (* 8. Dezember 1951 in Des Moines, Iowa) ist ein US amerikanischer Journalist und Schriftsteller. Bryson ist seit 2005 „Chancellor“ der renommierten britischen University of Durham, die ihm auch …   Deutsch Wikipedia

  • William Bryson — Bill Bryson in Durham William „Bill“ McGuire Bryson (* 8. Dezember 1951 in Des Moines, Iowa) ist ein US amerikanischer Journalist und Schriftsteller. Bryson ist seit 2005 „Chancellor“ der renommierten britischen University of Durham, die ihm auch …   Deutsch Wikipedia

  • McGuire, William Anthony — (1885 1940)    Born in Chicago, William Anthony McGuire worked as a newspaperman, although he wrote plays in his youth. His most successful plays were Six Cylinder Love (1921) and Twelve Miles Out (1926), but he also directed, produced, and wrote …   The Historical Dictionary of the American Theater

  • William Huber — (? ?) was a carpenter and an American labor leader. He was president of the United Brotherhood of Carpenters and Joiners of America from 1900 to 1912. As president of the Carpenters, he built a powerful personal machine among the international… …   Wikipedia