William McGuire, the former CEO of Minnetonka-based UnitedHealth Group, won't be taking his stock options or his retirement package with him as he leaves the company. A U.S. District court judge has frozen his unexercised stock options, pension and severance package.
McGuire's last day on the job was Nov. 30. His departure follows an investigation that found he benefited from stock options that were likely back-dated. It also found that McGuire had major influence over the corporation's board of directors, including those members who had a say over his compensation.
In his 15 years as CEO, McGuire built UnitedHealth into the country's second-largest health insurer. Few people have experienced such rarified air. One who did, and left his company in good graces, is Bill George, the former CEO of medical device maker Medtronic.
George has been a leading voice on corporate ethics and reform, writing a book about the topic after high profile scandals like the Enron collapse. MPR's Cathy Wurzer talked with Bill George about corporate ethics.