For more about the UnitedHealthcare stock option back-dating scandal see
this post on Health Care Renewal:
http://hcrenewal.blogspot.com/2006/10/another-really-big-one-bites-dust-ceo.html
which contains links to earlier posts.
I'm afraid the US may once again be exporting its problems to the UK. Sorry...
At 09:28 AM 5/1/2007, Macfarlane, Alison wrote:
> * US health executive offered top NHS role*
>
>By Nicholas Timmins, Brooke Masters and Rebecca Knight
>
>Published: April 30 2007 03:00 | Last updated: April 30 2007 03:00
>
>An American executive with a lifetime's experience of paying for care in
>the US health system has been offered the job of commercial director at
>the Department of Health, overseeing the purchase of care for NHS
>patients.
[snip]
>But the appointment ofR. Channing Wheeler, who is in the final stage of
>negotiations ahead of an expected announcement this week, is likely to
>be controversial as he has been caught up in the scandal of backdated
>stock options in the US.
>
[snip]
>Mr Wheeler, 55, was an executive vice-president of UnitedHealth Group,
>which is still being investigated by the US Securities and Exchange
>Commission over the alleged granting of backdated share options.
>
>The scandal has brought down William McGuire, the former longstanding
>chairman and chief executive of UnitedHealth, one of the largest US
>managed-care providers.
>
>Mr McGuire resigned after it was discovered that he and other executives
>had repeatedly received stock options, meant to incentivise future
>performance, that were granted at or near the lowest point of the share
>price in each year they received them.
>
>Mr Wheeler, who until 2004 was chief executive of Uniprise, the
>UnitedHealth subsidiary that deals with some of the biggest US
>companies, is alleged to have received grants of more than 409,000
>options on similar dates to Mr McGuire between 1998 and 2002, according
>to court papers filed in the US.
Roy M. Poses MD
Clinical Associate Professor
Brown University School of Medicine
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