Corporate Boards
As of 2004, Kean was a member of a number of corporate board of directors, including ARAMARK, Hess Corporation, Pepsi Bottling Group, and major financial firms CIT Group Incorporated and Franklin Templeton Investments.
Since 1993, Kean has also been on the board of UnitedHealth Group, a large health insurance firm. In 2006, the United States Securities and Exchange Commission began investigating the conduct of the company's management and directors. Additionally, the Internal Revenue Service and prosecutors in the U.S. Attorney's Office for the Southern District of New York subpoenaed documents from the company. The investigations came to light after a series of probing articles in The Wall Street Journal in May 2006, which reported on the apparent backdating of hundreds of millions of dollars' worth of stock options by UnitedHealth Group's management. The backdating allegedly occurred with the knowledge and approval of the directors, including Kean, who sat on the company's compensation committee during three crucial years, according to the Journal. Major shareholders have filed lawsuits accusing Kean and the other directors of failing in their fiduciary duty.
In 2004, Kean's compensation from UnitedHealth Group alone was more than $650,000; in that year, as a corporate director, he missed more than a quarter of the company's board-related meetings.
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