Ex-UnitedHealth CEO surrenders $600 million

[EV_Ares]

William McGuire to give up 9.2 million shares in stock-option settlement

By Russ Britt, MarketWatch

LOS ANGELES (MarketWatch) -- Former UnitedHealth Group Chairman and Chief Executive William McGuire, a key figure in recent controversies over backdated stock options, will surrender $600 million in benefits as part of a settlement in the case against the health-insurance giant, officials said Thursday.

McGuire will surrender more than 9.2 million shares of options, according to written statements issued both by the company and a Minnesota special-litigation panel, Former general counsel David Lubben will give up roughly $30 million in stock-option compensation as well, according to terms reached with the panel.

McGuire's surrender of stock options is valued at $320 million. He also gives up his interest in the company's supplemental executive-retirement plan, worth $91 million, as well as the $8 million in his executive-savings plan.
In addition, McGuire relinquishes claims to other post-employment benefits, according to the deal. Including previous relinquishments of stock options, the former executive will turn over about $600 million in total compensation.

entire article @ link: http://www.marketwatch.com/news/story/unitedhealths-former-ceo-surrender-600/story.aspx?guid=%7B4266A003-27B6-43B7-8CDD-3257D507EE32%7D&dist=hplatest

[Turbineguy]

1. 600 million

Bummer. That's like a million months of premiums for families! But what would they do with it? They'd only use it to get sick and stuff.

:sarcasm:

(That probably wasn't necessary)

[Virginia Dare]

2. He must be real proud of himself..

millions of ill-gotten gains made off of sick people. Real swell guy.

[RC]

3. Hey now, they didn't have to get sick. It's their fault.

[judaspriestess]

4. well the countdown to his "fatal" heartattack

has begun, then there will be a quickie closed casket funeral the next day. But in reality he'll move to Europe and live off blood money and be ken lays neighbor

[mcscajun]

5. One down, How many Over-paid CEOs still to go?

It's a start...