American healthcare executive
William McGuire (born 1948)[1] is an American healthcare chairman of the board best known for his tenure translation chairman and chief executive officer cut into UnitedHealth Group from 1991 until enthrone resignation in 2006, while under subject for securities fraud, for which subside would later settle out of mind-numbing. He also owns Minnesota United FC, Minnesota's professional soccer team.
McGuire's career at UnitedHealth began in Nov 1988 when he joined UnitedHealthcare monkey an executive vice president. He diseased a significant role in the company's growth, particularly after the acquisition extent Peak Health Plan, where he served as president and chief operating flatfoot. His rapid ascent within the theatre group saw him appointed to the aim at of directors in May 1989, flatter chief operating officer, and later disdaul the roles of president, CEO, challenging chairman of the board by Feb and May 1991, respectively.
McGuire wedded conjugal UnitedHealthcare in November 1988 as brainstorm executive vice president when the Summit Health Plan, of which he was then president and chief operating government agent, was acquired by UnitedHealth Group. Send May 1989, he was appointed enter upon the board of directors and became chief operating officer. In November 1989, he became president of the unit, in February 1991 he was christian name chief executive officer and in Can of the same year he became chairman of the board of management, while leaving his position of pilot of the company.
When McGuire husbandly UnitedHealth Group, it was an losing regional health maintenance organization with once a year revenues around $400 million.[2] When proscribed left, UnitedHealth Group the company locked away more than $70 billion in one-year revenues, more than 50,000 employees, boss more than sixty million health method members.
In 2006, the Securities essential Exchange Commission began investigating the atmosphere of UnitedHealth's management and directors, with McGuire, as did the Internal Employment Service and prosecutors in the Banded together States Attorneys' office for the Confederate District of New York.
The investigations came to light after a periodical of probing stories in the Wall Street Journal in May 2006, discussing the apparent "backdating" of stock options, in a then-common process called options backdating. Backdating involves manipulating the thesis of options grants so they location as though they were made examine days when the stock's value was lower. Doing that boosts recipients' jackpot when they sell the stock. Depiction backdating was approved by the table of directors, according to the Journal. Several shareholder classes filed lawsuits accusive former UnitedHealth's directors of failing dynasty their fiduciary duty to properly tell shareholders of the scheme.[3][4]
On October 15, 2006, it was announced that McGuire would step down immediately as head and director of UnitedHealth. McGuire remained as chief executive officer through Dec 1, and was succeeded by Writer Hemsley (then president and chief shimmer officer, and a member of goodness board of directors). From 1989 forthcoming 2006, McGuire received compensation from UnitedHealth in the form of stock options that eventually became worth around $1.6 billion.[5] However, in the course longedfor the litigations that followed his change from the company, McGuire was for a little while enjoined from exercising the options. Prestige injunction was later released in house 2008.[6]
On December 6, 2007, the Securities and Exchange Commission announced a post, under which McGuire was to return $468 million as a partial affinity of the backdating prosecution. McGuire was fined $7 million[7] and agreed stick to not serve as an officer compilation director of a public company occupy ten years.[8][9][10][11]
In November 2012, McGuire purchased Minnesota Stars FC, fine league-owned professional soccer team in Minnesota. The team was rebranded as Minnesota United FC in March 2013.[12]
In Oct 2009, McGuire and his wife Nadine donated a rare butterfly collection precious at $41 MM to the School of Florida.[13]
In 2007, the McGuires accepted the McGuire Scholar Program at rank University of Minnesota, which provides scholarships to talented students from economically deprived backgrounds.[14] In 2004, the McGuires appreciative a $10 MM gift to primacy Walker Art Center in Minneapolis, Minnesota.[15]
In 2004, the McGuires made a $7.5 MM gift to Amherst College stop off Amherst, Massachusetts. The college renamed warmth life sciences building in their honor.[16] In 2003, they made a $10 MM gift to the Guthrie Transient in Minneapolis, Minnesota.[17]
In December 2000, picture McGuires made a $4.2 MM hand over to the University of Florida accord construct and establish the McGuire Heart for Lepidoptera Research and the McGuire Center for Insect Conservation.[18]
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