Platinum parachute

Platinum parachute

From the Wall Street Journal’s morning report:

William McGuire walks away from the UnitedHealth Group under the cloud of having benefited from manipulation of stock-option dating, and with the stigma of being one of the most senior executives in corporate America to be felled by the backdating boardroom epidemic. But… he might not be leaving empty handed. Dr. McGuire could step down as chief executive with about $1.1 billion of stock options, retirement payouts and other benefits… And some experts say that despite the pressure that is forcing him out, his contract with UnitedHealth gives him a strong negotiating hand. Dr. McGuire has already earned some $530 million at UnitedHealth, much of it related to the company’s soaring stock price in the years after he took charge in 1991.

At least he won’t have to worry about rising co-pays and deductibles in his golden years!

October 17, 2006

Leave a Reply

Your email address will not be published. Required fields are marked *