This excerpt taken from the UNH 8-K filed Nov 8, 2006.
Chairman, President Comment on Actions
Richard T. Burke, chairman of the Board of Directors, said, We are pleased to have reached a new, four-year employment agreement with Steve Hemsley. The Board is confident that, as CEO, Steves strong leadership, innovation and strategic approach, combined with the cultural reform he is driving, will continue our record of delivering excellent performance for our customers and our investors.
The Board is moving quickly to establish UnitedHealth Group as a leader in corporate governance. Forming a Nominating Advisory Committee and strengthening our requirements for independent directors beyond regulatory standards demonstrate our intentions. Additionally, our senior executives have acted to eliminate any potential gain from stock options dating practices. We are gratified that our senior executives volunteered to make the changes to ensure the value of their options is attributable entirely to the performance of our share price.
Mr. Hemsley said, The senior leaders of UnitedHealth Group are clearly aligned with our Board in striving for the highest standards of governance and business practices, even as they continue to deliver operational excellence throughout the Company.
I am especially pleased to have reached a new agreement that allows me to continue working with the finest group of employees anywhere. As a team, we will continue to make substantial contributions to advancing American health care by improving access to high quality and affordable care for individuals and families.