In November 1989, he became president of the company, a position he held until May 1991.
He was named chief executive officer in February 1991, and chairman of the board of directors in May of the same year.
Mc Guire joined United Healthcare in November 1988 as an executive vice president when the Peak Health Plan, of which he was then president and chief operating officer, was acquired by United.
In May 1989, he was appointed to the board of directors and became chief operating officer of United.
Deciding who stays and who goes requires a tricky combination of weighing: 1) the facts; 2) the likely impact of firings on the company's operations and on Wall Street; and 3) the reaction of the feds, who may treat the company with greater or lesser kindness in their own investigations, based on their assessment of how fully the company has cleaned house.
Within United Health's executive ranks, Mc Guire, as well as the company's general counsel, CFO and HR chief have all been replaced.
and certain individual defendants for a record-breaking 5 million.The process of granting an option that is dated prior to the date that the company granted that option.In this way, the exercise price of the granted option can be set at a lower price than that of the company's stock at the granting date.Companies would simply wait for a period in which the company's stock price fell to a low and then moved higher within a two-month period.The company would then grant the option but date it at or near its lowest point.This adjustment to the filing window came in with the Sarbanes-Oxley legislation.It’s been 20 months since United Health’s options-backdating brouhaha shook up the company and led to the ouster of longtime CEO Bill Mc Guire. District Judge James Rosenbaum certified the suit brought by the California Public Employees Retirement System (Cal PERS) alleging shareholders were hurt when United Health was forced to restate profits after allegations of backdating were made public (See Court Denies United Health's Plea to Dismiss Backdating Suit ).United Health argued that Cal PERS actually made million on its United Health trades, depending on things like which accounting method and share price are used, but Rosenbaum said that issue can be decided on later, according to the AP. He attended college at the University of Texas at Austin and medical school at the University of Texas Medical Branch at Galveston, Texas.After medical school, he worked in California and Colorado before moving to Minnesota.