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- UnitedHealth Group (NYSE:UNH) announced Wednesday that a committee comprising its board members canceled the performance-based restricted stock units granted to its former chief executive officer, Andrew Witty, who abruptly resigned from the company in May.
- Witty’s sudden departure sent UnitedHealth (NYSE:UNH) shares sharply lower in mid-May as the company concurrently withdrew its full-year earnings outlook under the new CEO, Stephen Hemsley.
- The Compensation and Human Resources Committee of the board on June 2 decided to cancel Witty’s performance-based restricted stock units granted on Feb. 20, the Eden Prairie, Minnesota-based managed care giant said in an SEC filing.
- Accordingly, the former CEO of the British pharmaceutical giant GSK (GSK) will lose a form of equity compensation awarded by the company. Witty has agreed to the cancellation, UnitedHealth (NYSE:UNH) added.
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