This excerpt taken from the UNH 8-K filed Oct 19, 2006.
Comment on Board Actions
Richard Burke, chairman of the Board of Directors of UnitedHealth Group, said, The actions we announced last week establish a blueprint for the Companys governance and internal controls. We deeply regret the deficiencies relative to our historical stock option programs cited in the Independent Committees report and apologize to all our stakeholders for them. The actions we adopted are designed to help ensure that UnitedHealth Group meets the highest possible standards of corporate governance, in compensation matters and other areas.
The Board unanimously appointed Steve Hemsley as CEO after fully considering his strong performance at the Company and all facts pertaining to the Independent Committees review. Each of the directors believes that our decision and Steves leadership are in the best interests of UnitedHealth Group, our employees, customers and shareholders. Steve will be a strong and capable leader for UnitedHealth Groups future.