He may be out, but the drama's far from over. Yesterday, as William McGuire (photo) officially stepped down as CEO of UnitedHealth Group, a federal judge froze millions of dollars of his retirement assets and unexercised stock options. The options alone were valued at $1.78 billion at the end of last year, though they could be worth at least $200 million less due to a planned repricing and stock fluctuations. The order, which was sought by plaintiffs, blocks McGuire from access to the money until at least 30 days after a committed appointed by UHG reviews the merits of shareholder suits. Though McGuire's employment agreement calls for a $5.1 million per year pension and a lump sum payout of $6.4 million, McGuire has not received the money to date.
For more information on the McGuire situation:
- read this piece in the St. Paul Pioneer Press