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Unitedhealth stock options backdating

Posted on by Shakakus Posted in Correspondence 2 Comments ⇩

McLucas concluded that Hemsley deferred almost entirely to McGuire on the critical matter of dating stock grants - that McGuire, as one person involved in the mess put it, "owned" the process. Now the new CEO has to clean up the mess he left behind. As the hierarchy's detail man, with responsibility for HR, legal and other administrative realms at UnitedHealth, shouldn't he have known that the options-granting process at the company was rife with problems - and been attuned to the issues involving executive grants? And like McGuire, he received a huge windfall with the dubious decision to "suspend" two million executive options, replace them at a lower and apparently backdated price, then "reactivate" them 10 months later. Not necessarily, according to the company. Like McGuire, Hemsley received millions of backdated stock options - in fact, he got one grant dated before he even started work at the company. McGuire Bill McGuire was a superstar who built a great company. For all of these reasons - as well as deep skepticism about McGuire's explanation for how he picked improbably profitable option dates - Hemsley got the benefit of the doubt on matters in dispute, while McGuire did not. Hemsley also has said that he was oblivious to the date of his backdated options because he was so preoccupied with beginning work at UnitedHealth and moving his family from Chicago to Minnesota. Never mind that Spears, in his comp committee role, helped decide how much bonus Hemsley would get every year - and that having a private financial relationship with a company director was a bad idea in the first place. Under a new company policy, such arrangements between directors and management are now forbidden. Then came the options scandal. UnitedHealth's outside investigator, former SEC enforcement chief William McLucas, notes in his report that internal controls involving broad options grants to thousands of employees were "inadequate" and "senior management failed to ensure that the options granting practices were appropriate. Hemsley also faced a similar conflict of interest as McGuire, in retaining UnitedHealth director William Spears, chairman of the board's compensation committee, to manage a chunk of his personal fortune. McLucas found that "these practices were followed openly in the company, at least within the HR organization. UnitedHealth and the ghost of Dr.

Unitedhealth stock options backdating


As the hierarchy's detail man, with responsibility for HR, legal and other administrative realms at UnitedHealth, shouldn't he have known that the options-granting process at the company was rife with problems - and been attuned to the issues involving executive grants? For all of these reasons - as well as deep skepticism about McGuire's explanation for how he picked improbably profitable option dates - Hemsley got the benefit of the doubt on matters in dispute, while McGuire did not. Under a new company policy, such arrangements between directors and management are now forbidden. UnitedHealth's outside investigator, former SEC enforcement chief William McLucas, notes in his report that internal controls involving broad options grants to thousands of employees were "inadequate" and "senior management failed to ensure that the options granting practices were appropriate. McLucas concluded that Hemsley deferred almost entirely to McGuire on the critical matter of dating stock grants - that McGuire, as one person involved in the mess put it, "owned" the process. Like McGuire, Hemsley received millions of backdated stock options - in fact, he got one grant dated before he even started work at the company. McGuire Bill McGuire was a superstar who built a great company. And like McGuire, he received a huge windfall with the dubious decision to "suspend" two million executive options, replace them at a lower and apparently backdated price, then "reactivate" them 10 months later. Never mind that Spears, in his comp committee role, helped decide how much bonus Hemsley would get every year - and that having a private financial relationship with a company director was a bad idea in the first place. Hemsley also has said that he was oblivious to the date of his backdated options because he was so preoccupied with beginning work at UnitedHealth and moving his family from Chicago to Minnesota. Hemsley also faced a similar conflict of interest as McGuire, in retaining UnitedHealth director William Spears, chairman of the board's compensation committee, to manage a chunk of his personal fortune. McLucas found that "these practices were followed openly in the company, at least within the HR organization. Then came the options scandal. UnitedHealth and the ghost of Dr. Not necessarily, according to the company. Now the new CEO has to clean up the mess he left behind.

Unitedhealth stock options backdating


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