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CEO leaves UnitedHealth after stock backdating report release
Staff & Wire Reports-UnitedHealth Group's Chair and CEO William W. McGuire, MD, has stepped down as chairman of the board and will resign as CEO on Dec. 1, following the release of a report that found that Dr. McGuire likely received backdated stock options.
STAFF & WIRE REPORTS-UnitedHealth Group's Chair and CEO William W. McGuire, MD, has stepped down as chairman of the board and will resign as CEO on Dec. 1, following the release of a report that found that Dr. McGuire likely received backdated stock options.
According to an Oct. 15 UnitedHealth Group company statement outlining a series of actions, the UnitedHealth Group Board elected Stephen J. Hemsley to succeed Dr. McGuire as CEO upon his departure from the company. Hemsley joined the company in 1997 and has been president and COO since 1999.
According to Clive Riddle, president and founder of MCOL, a provider of business-to-business health management and managed care resources, during Dr. McGuire's time at UnitedHealth, the company's stock increased a multiple of 56 times.
In February, a United press release announced Dr. McGuire's exercise of 2.3 million shares of stock to support philanthropic commitments and for financial diversification purposes, according to Riddle. "Never in a million years do I think Dr. McGuire or United imagined at that time, that they did anything wrong or that the transaction would help trigger the firestorm that it did," he says.
BIG FISH
"United got caught in the backdating scandal because they are a big and very visible fish," Riddle continues. "But there will be other large healthcare companies ultimately caught in this net as well. More importantly, most of the companies caught in this scandal have nothing to do with healthcare. You just have to be a public company, be fairly visible, have stock options and participated in a practice that has indeed been widespread to now operate under a cloud."
UnitedHealth Group could not be reached for comment.
Bridging the Diversity Gap in Rare Disease Clinical Trials with Harsha Rajasimha of IndoUSrare
November 8th 2023Briana Contreras, an editor with Managed Healthcare Executive, spoke with Harsha Rajasimha, MD, founder and executive chairman of IndoUSrare, in this month's episode of Tuning in to the C-Suite podcast. The conversation was about how the disparity in diversity and ethnicity in rare disease clinical trials in the U.S. has led to gaps in understanding diseases and conditions, jeopardizing universal health, and increasing the economic burden of healthcare.
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Managing Editor of Managed Healthcare Executive, Peter Wehrwein, had a discussion with William Shrank, M.D., a venture partner with Andreessen Horowitz, a venture capital firm in Menlo Park, California, about how artificial intelligence's role is improving healthcare, where we are today with value-based care and the ongoing efforts of reducing waste in the healthcare space for this episode of the "What's on Your Mind" podcast series.
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35th World AIDS Day Marks 20 Years of PEPFAR: Challenges and Strategies to Combat HIV/AIDS
November 29th 2023PEPFAR, having invested $100 billion and saved 25 million lives in the global fight against HIV/AIDS, faces Congressional hurdles in its reauthorization due to abortion debates. Despite widespread support and no evidence of abortion-related activities, the legislative process is at a standstill. Members of PEPFAR and authors of a recent editorial stress the significance of PEPFAR and advocate for integrating behavioral and social science into healthcare programs to achieve UNAIDS targets and address barriers in HIV/AIDS testing and treatment.
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