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After months of questions surrounding United Health Group's stock options practices, the weekend brought a major shakeup in the company's leadership.
In addition to announcing the retirement of CEO Bill Mc Guire, the company also says a board member and the company's general counsel will retire.
"My thoughts relate more to United Health Group's pay in general, rather than on the backdating issues, which are hard to parse due to ambiguous legal standards," said Broc Romanek, a former SEC lawyer, corporate counsel and the editor of The Corporate and Compensation
"United Health Group's CEO serves as a good example of excessive CEO pay being the fault of an aggressive CEO and a compliant board, which impacted the pay structure of an entire industry," Romenek said.
On July 1, 2008, California Public Employees’ Retirement System (“Cal PERS”) and Alaska Plumbing and Pipefitting Industry Pension Trust (“Alaska”) announced a settlement with United Health Group Inc.
and certain individual defendants for a record-breaking $895 million.
The team delved into the company’s documents and internal correspondence, uncovering United Health’s pervasive options backdating scheme.