An independent interna
l review by the company analysed 29 distinct stock option grant events that happened under Dr. McGuire. Despite McGuire’s assertions to the contrary, the review alleged that these option grants (including 1 million options to Dr. McGuire himself) were “likely backdated”. It also lamented on the failure of the senior management to ensure that ESOPs were properly granted. As part of a desperate damage control exercise, Richard Burke, Chairman of the Board of Directors of UHG, said, “We deeply regret the deficiencies relative to our historical stock option programs... The actions we adopted are designed to help ensure that UHG meets the highest possible standards of corporate governance.” Steve Hemsley will replace Dr. McGuire as the company CEO.
For Complete IIPM - Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Initiative:- Prof. Arindam Chaudhuri - 2006
l review by the company analysed 29 distinct stock option grant events that happened under Dr. McGuire. Despite McGuire’s assertions to the contrary, the review alleged that these option grants (including 1 million options to Dr. McGuire himself) were “likely backdated”. It also lamented on the failure of the senior management to ensure that ESOPs were properly granted. As part of a desperate damage control exercise, Richard Burke, Chairman of the Board of Directors of UHG, said, “We deeply regret the deficiencies relative to our historical stock option programs... The actions we adopted are designed to help ensure that UHG meets the highest possible standards of corporate governance.” Steve Hemsley will replace Dr. McGuire as the company CEO.For Complete IIPM - Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Initiative:- Prof. Arindam Chaudhuri - 2006
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