8-KLeadership Changes

UNITEDHEALTH GROUP INC 8-K Report, Executive Changes (Jan 17, 2017)

Filed January 17, 2017For Securities:UNH

Summary

UnitedHealth Group Inc. (UNH) announced a significant addition to its Board of Directors with the election of Mr. Timothy P. Flynn, effective January 13, 2017. Mr. Flynn brings extensive experience from his prior leadership roles, including Chairman of KPMG International and Chairman and CEO of KPMG LLP in the U.S. His background in global professional services, particularly in audit and advisory, is expected to be a valuable asset to the company's governance. Mr. Flynn's appointment diversifies the board's expertise, especially in areas critical for a large, publicly traded healthcare company. Investors can view this as a positive step towards continued strong corporate oversight. He will be compensated according to the company's standard non-employee director program and will enter into the company's standard indemnification agreement.

Key Highlights

  • 1Timothy P. Flynn elected as an independent director to the Board of Directors.
  • 2Mr. Flynn's extensive background includes serving as Chairman of KPMG International and CEO of KPMG LLP (U.S.).
  • 3His expertise is in global professional services, with a focus on audit, tax, and advisory services.
  • 4Mr. Flynn brings a wealth of experience from previous board memberships, including JPMorgan Chase & Co., Alcoa, and Wal-Mart Stores, Inc.
  • 5He will receive standard compensation for non-employee directors.
  • 6The company will enter into its standard indemnification agreement with Mr. Flynn.

Frequently Asked Questions

Timothy P. Flynn is a newly elected independent director to UnitedHealth Group's Board. His significance lies in his extensive experience as a former Chairman of KPMG International and CEO of KPMG LLP (U.S.), bringing a strong background in audit, tax, and advisory services, which is valuable for corporate governance and oversight of a large public company like UnitedHealth Group.

Mr. Flynn will be compensated according to UnitedHealth Group's standard compensation program for non-employee directors. Further details on this program can be found in Exhibit 10.1 of the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016.

Yes, in accordance with its customary practice, UnitedHealth Group is entering into its standard form of indemnification agreement with Mr. Flynn. This agreement requires the company to indemnify him against certain liabilities that may arise from his service as a director.

As of the filing date, Mr. Flynn had not yet been appointed to any committees of the Board of Directors. This information may be updated in future filings.