Unitedhealth group stock option backdating
And, Heupel says, United Health is certainly not alone in dealing with this stock options problem, so its reputation might not be charred.
Just in the past week, 10 companies' corporate leaders, including four CEOs, have left due to options backdating questions. C.-based attorney specializing in securities regulation. He's skeptical that the options scandals are being handled in the best way."Is it really in the shareholders' interest to wipe out so many of the CEOs or CFOs?
The agency is looking into the options scandal at the company, as are federal prosecutors and Minnesota Attorney General Mike Hatch.
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.
Grants to new hires and people receiving promotions were backdated as a matter of policy.
Despite Mc Guire's contention that grant dates were chosen without benefit of hindsight, the report says "facts run contrary to this assertion."A company spokesman would not comment on any aspect of the findings, instead deferring to the report and a press release.
The report found the effective dates for most of the option grants reviewed were wrong, and many options were likely backdated.
Grants of one million shares to Mc Guire and half a million to Hemsley in 1999 were likely backdated.