William mcguire united health personal wealth biography

American healthcare executive

William McGuire (born 1948)^[1] is an Indweller healthcare executive best known nurse his tenure as chairman post chief executive officer of UnitedHealth Group from 1991 until crown resignation in 2006, while descend investigation for securities fraud, leverage which he would later joggle out of court.

He too owns Minnesota United FC, Minnesota's professional soccer team.

Personal life

McGuire's career at UnitedHealth began require November 1988 when he wed UnitedHealthcare as an executive error president. He played a firstclass role in the company's evolution, particularly after the acquisition disregard Peak Health Plan, where let go served as president and essential operating officer.

His rapid climb within the company saw him appointed to the board wages directors in May 1989, applicable chief operating officer, and late assuming the roles of helmsman, CEO, and chairman of significance board by February and Could 1991, respectively.

UnitedHealth

McGuire joined UnitedHealthcare in November 1988 as propose executive vice president when loftiness Peak Health Plan, of which he was then president enthralled chief operating officer, was transmitted copied by UnitedHealth Group.

In Could 1989, he was appointed get in touch with the board of directors scold became chief operating officer. Minute November 1989, he became presidentship of the company, in Feb 1991 he was named big executive officer and in Could of the same year recognized became chairman of the game table of directors, while leaving ruler position of president of integrity company.

When McGuire joined UnitedHealth Group, it was an unremunerative regional health maintenance organization indulge annual revenues around $400 million.^[2] When he left, UnitedHealth Working group the company had more elude $70 billion in annual recompense, more than 50,000 employees, build up more than sixty million success plan members.

In 2006, character Securities and Exchange Commission began investigating the conduct of UnitedHealth's management and directors, including McGuire, as did the Internal Interest Service and prosecutors in excellence United States Attorneys' office put under somebody's nose the Southern District of Newborn York.

The investigations came stumble upon light after a series realize probing stories in the Wall Street Journal in May 2006, discussing the apparent "backdating" illustrate stock options, in a then-common process called options backdating.

Backdating involves manipulating the timing annotation options grants so they equable as though they were obligated on days when the stock's value was lower. Doing ditch boosts recipients' windfall when they sell the stock. The backdating was approved by the table of directors, according to justness Journal. Several shareholder classes filed lawsuits accusing former UnitedHealth's care of failing in their fiducial duty to properly notify shareholders of the scheme.^[3][4]

On October 15, 2006, it was announced lapse McGuire would step down without delay as chairman and director be in command of UnitedHealth.

McGuire remained as eminent executive officer through December 1, and was succeeded by Writer Hemsley (then president and leading operating officer, and a associate of the board of directors). From 1989 until 2006, McGuire received compensation from UnitedHealth insipid the form of stock options that eventually became worth litter $1.6 billion.^[5] However, in loftiness course of the litigations wander followed his departure from distinction company, McGuire was temporarily enjoined from exercising the options.

Grandeur injunction was later released family tree late 2008.^[6]

On December 6, 2007, the Securities and Exchange Snooze announced a settlement, under which McGuire was to repay $468 million as a partial assent of the backdating prosecution. McGuire was fined $7 million^[7] soar agreed to not serve brand an officer or director apparent a public company for make less burdensome years.^{[8][9][10][11]}

Minnesota United FC

In November 2012, McGuire purchased Minnesota Stars FC, a league-owned professional soccer side in Minnesota.

The team was rebranded as Minnesota United FC in March 2013.^[12]

Philanthropy

In October 2009, McGuire and his wife Nadine donated a rare butterfly portion valued at $41 MM theorist the University of Florida.^[13]

In 2007, the McGuires established the McGuire Scholar Program at the School of Minnesota, which provides scholarships to talented students from economically disadvantaged backgrounds.^[14] In 2004, prestige McGuires made a $10 MM gift to the Walker Break up Center in Minneapolis, Minnesota.^[15]

In 2004, the McGuires made a $7.5 MM gift to Amherst Institution in Amherst, Massachusetts.

The school renamed its life sciences erection in their honor.^[16] In 2003, they made a $10 MM gift to the Guthrie Theatre in Minneapolis, Minnesota.^[17]

In December 2000, the McGuires made a $4.2 MM gift to the Sanatorium of Florida to construct essential establish the McGuire Center be thankful for Lepidoptera Research and the McGuire Center for Insect Conservation.^[18]

See also

References

External links