Richard T. Burke: Difference between revisions
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Burke married at least three times. He was married first to Juanita and divorced in 1979. He then married Michelle and divorced her in 1989. |
Burke married at least three times. He was married first to Juanita and divorced in 1979. He then married Michelle and divorced her in 1989. |
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== UnitedHealth == |
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| ⚫ | Burke founded [[UnitedHealth Group]] and served as its CEO until his retirement in 2022.<ref name=":1">{{Cite web |last=Tribune |first=Christopher Snowbeck Star |title=UnitedHealth Group founder to retire from the board after more than 40 years |url=https://www.startribune.com/unitedhealth-group-founder-to-retire-from-the-board-after-more-than-40-years/600168065/ |access-date=2023-08-24 |website=Star Tribune}}</ref> He played a significant role in the development of the [[HMO]] and [[Physicians Health Plan (PHP)]] while he worked at InterStudy, a think tank focused on health care with [[Paul M. Ellwood Jr.|Dr. Paul M. Ellwood Jr.]] <ref name=":1" /><ref name=":4">{{Cite news |last=Phelps |first=David |date=22 October 2006 |title=PRESSURE IN THE BOARDROOM ; Richard Burke faces the difficult task of rebuilding UnitedHealth's reputation and righting a board perceived as having strayed from its oversight role.: [METRO Edition] |pages=1 |work=[[Star Tribune]] |url=https://www.proquest.com/newspapers/pressure-boardroom-richard-burke-faces-difficult/docview/427834356/ |url-status=live |via=[[Proquest]]}}</ref><ref>{{Cite news |last=Snowbeck |first=Christopher |date=2022-07-03 |title='Father of HMO' helped make minn. a reform model: Dr. paul ellwood's think tank advised presidents, left indelible mark with alumni. |pages=D1 |work=[[Star Tribune]] |url=https://www.proquest.com/docview/2686313911/fulltext/AA0DCB316D144990PQ/1?accountid=4488 |access-date=2023-08-24}}</ref> Burke took the view that healthcare should be economized and hospital admissions should be limited, sometimes at the protest of doctors.<ref>{{Cite news |last=Slovut |first=Gordon |date=1987-11-04 |title=Admirers call burke classic entrepreneur; critics say he's abrasive and dictatorial: [METRO edition] |work=[[Star Tribune]] |url=https://www.proquest.com/newspapers/admirers-call-burke-classic-entrepreneur-critics |access-date=2023-08-24}}</ref> |
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| ⚫ | In 1995 he bought the [[Winnipeg Jets]] thinking to move them to St. Paul, MN. <ref name=":3" /><ref>{{Cite news |last=Short |first=Allen |last2=Weiner |first2=Jay |date=1995-05-20 |title=Jets' Shenkarow says deal with Burke Group stands: [METRO Edition] |pages=01.A |work=[[Star Tribune]] |url=https://www.proquest.com/docview/418678580/2A084D5C7724C2BPQ/6?accountid=4488 |access-date=2023-08-24}}</ref> However, due to stadium construction issues, the team moved Phoenix to become the [[Arizona Coyotes]].<ref name=":1" /><ref>{{Cite news |last=Weiner |first=Jay |date=1995-12-05 |title=Jets' final destination: Phoenix // Too many uncertainties sink St. Paul Civic Center plan: [METRO Edition] |pages=01.A |work=[[Star Tribune]] |url=https://www.proquest.com/docview/419997803/772773D088F449F0PQ/4?accountid=4488 |access-date=2023-08-24}}</ref> He sold the team in 2001 to Steve Ellman and [[Wayne Gretzky]]..<ref name=":0" /><ref>{{Cite news |date=2000-05-27 |title=New owner makes payment to keep Coyotes in Arizona: [Final Edition] |pages=B2 |work=Nanaimo Daily News; Nanaimo, B.C. |url=https://www.proquest.com/docview/360970002/abstract/E15DE95AA594443DPQ/1?accountid=4488 |access-date=2023-08-24}}</ref> |
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| ⚫ | In 1984 UnitedHealth took a loan from PHP to pay some expenses in exchange for future stock. Then in reverse PHP promised 15-17% of its profits over 25 years to UnitedHealth in exchange for some of its future stock. Around the same time PHP cut doctors salaries significantly to pay bills. Various suits were filed by both the doctors and PHP.<ref name=":2">{{Cite web |last=Brown |first=Krista |last2=Sirota |first2=Sara |date=2023-08-02 |title=Health Care’s Intertwined Colossus |url=https://prospect.org/api/content/9dfdf370-30b2-11ee-9852-12163087a831/ |access-date=2023-08-24 |website=The American Prospect |language=en-us}}</ref> Burke was in an executive positions in both companies and some felt that he had misused his position in both companies for personal gain.<ref name=":1" /> Others felt it was antithetical for Burke to hold competing interests as members of both boards; as a member of the UnitedHealthcare board, he sought profitability and as a member of the PHP board he tried to lower costs.<ref name=":3" /> After time, the matter was resolved in 1987 by a mediator and Burke left prominent roles in the companies over the next few years.<ref name=":2" /> |
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| ⚫ | While he owned the Arizona Coyotes he employed his son [[Taylor Burke]] as the team's assistant general manager.<ref name=":5">{{Cite news |date=2001-05-18 |title=Taylor Burke out as assistant GM of Phoenix Coyotes: [Final Edition] |pages=FRONT |work=Daily News ([[Prince Rupert, BC]] |url=https://www.proquest.com/docview/357947855/E15DE95AA594443DPQ/3?accountid=4488 |access-date=2023-08-24}}</ref> Taylor was pressured into resigning from the position a few months after his father sold the team .<ref name=":5" /> |
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== Professional life == |
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== Hockey == |
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| ⚫ | Burke founded [[UnitedHealth Group]] and served as its CEO until his retirement in 2022.<ref name=":1">{{Cite web |last=Tribune |first=Christopher Snowbeck Star |title=UnitedHealth Group founder to retire from the board after more than 40 years |url=https://www.startribune.com/unitedhealth-group-founder-to-retire-from-the-board-after-more-than-40-years/600168065/ |access-date=2023-08-24 |website=Star Tribune}}</ref> He played a significant role in the development of the [[HMO]] and [[Physicians Health Plan (PHP)]] while he worked at InterStudy, a think tank focused on health care with [[Paul M. Ellwood Jr.|Dr. Paul M. Ellwood Jr.]] <ref name=":1" /><ref name=":4">{{Cite news |last=Phelps |first=David |date=22 October 2006 |title=PRESSURE IN THE BOARDROOM ; Richard Burke faces the difficult task of rebuilding UnitedHealth's reputation and righting a board perceived as having strayed from its oversight role.: [METRO Edition] |pages=1 |work=[[Star Tribune]] |url=https://www.proquest.com/newspapers/pressure-boardroom-richard-burke-faces-difficult/docview/427834356/ |url-status=live |via=[[Proquest]]}}</ref><ref>{{Cite news |last=Snowbeck |first=Christopher |date=2022-07-03 |title='Father of HMO' helped make minn. a reform model: Dr. paul ellwood's think tank advised presidents, left indelible mark with alumni. |pages=D1 |work=[[Star Tribune]] |url=https://www.proquest.com/docview/2686313911/fulltext/AA0DCB316D144990PQ/1?accountid=4488 |access-date=2023-08-24}}</ref> Burke took the view that healthcare should be economized and hospital admissions should be limited, sometimes at the protest of doctors.<ref>{{Cite news |last=Slovut |first=Gordon |date=1987-11-04 |title=Admirers call burke classic entrepreneur; critics say he's abrasive and dictatorial: [METRO edition] |work=[[Star Tribune]] |url=https://www.proquest.com/newspapers/admirers-call-burke-classic-entrepreneur-critics |access-date=2023-08-24}}</ref> |
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| ⚫ | In 1995 he bought the [[Winnipeg Jets]] thinking to move them to St. Paul, MN. <ref name=":3" /><ref>{{Cite news |last=Short |first=Allen |last2=Weiner |first2=Jay |date=1995-05-20 |title=Jets' Shenkarow says deal with Burke Group stands: [METRO Edition] |pages=01.A |work=[[Star Tribune]] |url=https://www.proquest.com/docview/418678580/2A084D5C7724C2BPQ/6?accountid=4488 |access-date=2023-08-24}}</ref> However, due to stadium construction issues, the team moved Phoenix to become the [[Arizona Coyotes]].<ref name=":1" /><ref>{{Cite news |last=Weiner |first=Jay |date=1995-12-05 |title=Jets' final destination: Phoenix // Too many uncertainties sink St. Paul Civic Center plan: [METRO Edition] |pages=01.A |work=[[Star Tribune]] |url=https://www.proquest.com/docview/419997803/772773D088F449F0PQ/4?accountid=4488 |access-date=2023-08-24}}</ref> He sold the team in 2001 to Steve Ellman and [[Wayne Gretzky]]..<ref name=":0" /><ref>{{Cite news |date=2000-05-27 |title=New owner makes payment to keep Coyotes in Arizona: [Final Edition] |pages=B2 |work=Nanaimo Daily News; Nanaimo, B.C. |url=https://www.proquest.com/docview/360970002/abstract/E15DE95AA594443DPQ/1?accountid=4488 |access-date=2023-08-24}}</ref> |
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| ⚫ | In 1984 UnitedHealth took a loan from PHP to pay some expenses in exchange for future stock. Then in reverse PHP promised 15-17% of its profits over 25 years to UnitedHealth in exchange for some of its future stock. Around the same time PHP cut doctors salaries significantly to pay bills. Various suits were filed by both the doctors and PHP.<ref name=":2">{{Cite web |last=Brown |first=Krista |last2=Sirota |first2=Sara |date=2023-08-02 |title=Health Care’s Intertwined Colossus |url=https://prospect.org/api/content/9dfdf370-30b2-11ee-9852-12163087a831/ |access-date=2023-08-24 |website=The American Prospect |language=en-us}}</ref> Burke was in an executive positions in both companies and some felt that he had misused his position in both companies for personal gain.<ref name=":1" /> Others felt it was antithetical for Burke to hold competing interests as members of both boards; as a member of the UnitedHealthcare board, he sought profitability and as a member of the PHP board he tried to lower costs.<ref name=":3" /> After time, the matter was resolved in 1987 by a mediator and Burke left prominent roles in the companies over the next few years.<ref name=":2" /> |
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| ⚫ | While he owned the Arizona Coyotes he employed his son [[Taylor Burke]] as the team's assistant general manager.<ref name=":5">{{Cite news |date=2001-05-18 |title=Taylor Burke out as assistant GM of Phoenix Coyotes: [Final Edition] |pages=FRONT |work=Daily News ([[Prince Rupert, BC]] |url=https://www.proquest.com/docview/357947855/E15DE95AA594443DPQ/3?accountid=4488 |access-date=2023-08-24}}</ref> Taylor was pressured into resigning from the position a few months after his father sold the team .<ref name=":5" /> |
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== Other ventures == |
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Burke is a primary shareholder in [[FirstCash]] Inc.<ref name=":3" /> |
Burke is a primary shareholder in [[FirstCash]] Inc.<ref name=":3" /> |
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Revision as of 19:24, 24 August 2023
Richard T. Burke is a successful businessman and the founder of UnitedHealth Group.[1] He has been characterized as both a "visionary" and "personifying what was wrong with managed care."[2] In addition to United Health, he has run several other businesses including the Arizona Coyotes.[1]
Personal life
Burke married at least three times. He was married first to Juanita and divorced in 1979. He then married Michelle and divorced her in 1989.
UnitedHealth
Burke founded UnitedHealth Group and served as its CEO until his retirement in 2022.[3] He played a significant role in the development of the HMO and Physicians Health Plan (PHP) while he worked at InterStudy, a think tank focused on health care with Dr. Paul M. Ellwood Jr. [3][4][5] Burke took the view that healthcare should be economized and hospital admissions should be limited, sometimes at the protest of doctors.[6]
UnitedHealth and PHP controversy
In 1984 UnitedHealth took a loan from PHP to pay some expenses in exchange for future stock. Then in reverse PHP promised 15-17% of its profits over 25 years to UnitedHealth in exchange for some of its future stock. Around the same time PHP cut doctors salaries significantly to pay bills. Various suits were filed by both the doctors and PHP.[7] Burke was in an executive positions in both companies and some felt that he had misused his position in both companies for personal gain.[3] Others felt it was antithetical for Burke to hold competing interests as members of both boards; as a member of the UnitedHealthcare board, he sought profitability and as a member of the PHP board he tried to lower costs.[2] After time, the matter was resolved in 1987 by a mediator and Burke left prominent roles in the companies over the next few years.[7]
Later executive role
After a scandal involving an unethical business relationship between William McGuire and William Spears, Burke came in to lead UnitedHealth in October 2006.[4] He retired from that position in 2022.[3]
Hockey
Burke has maintained an interest in hockey through his life. His sons Ryan and Taylor played hockey, and he volunteered for the hockey team at The Blake School (Minneapolis) helping them redo their athletic buildings.[2]
In 1995 he bought the Winnipeg Jets thinking to move them to St. Paul, MN. [2][8] However, due to stadium construction issues, the team moved Phoenix to become the Arizona Coyotes.[3][9] He sold the team in 2001 to Steve Ellman and Wayne Gretzky..[1][10]
While he owned the Arizona Coyotes he employed his son Taylor Burke as the team's assistant general manager.[11] Taylor was pressured into resigning from the position a few months after his father sold the team .[11]
Other ventures
Burke is a primary shareholder in FirstCash Inc.[2]
References
- ^ a b c "UNH Company Profile & Executives - UnitedHealth Group Inc. - Wall Street Journal". www.wsj.com. Retrieved 2023-08-24.
- ^ a b c d e Kennedy, Tony; Phelps, David (1995-05-04). "Jets' suitor Richard Burke a relentless, aggressive businessman: [METRO Edition]". Star Tribune. p. 1.
- ^ a b c d e Tribune, Christopher Snowbeck Star. "UnitedHealth Group founder to retire from the board after more than 40 years". Star Tribune. Retrieved 2023-08-24.
- ^ a b Phelps, David (22 October 2006). "PRESSURE IN THE BOARDROOM ; Richard Burke faces the difficult task of rebuilding UnitedHealth's reputation and righting a board perceived as having strayed from its oversight role.: [METRO Edition]". Star Tribune. p. 1 – via Proquest.
{{cite news}}: CS1 maint: url-status (link) - ^ Snowbeck, Christopher (2022-07-03). "'Father of HMO' helped make minn. a reform model: Dr. paul ellwood's think tank advised presidents, left indelible mark with alumni". Star Tribune. pp. D1. Retrieved 2023-08-24.
- ^ Slovut, Gordon (1987-11-04). "Admirers call burke classic entrepreneur; critics say he's abrasive and dictatorial: [METRO edition]". Star Tribune. Retrieved 2023-08-24.
- ^ a b Brown, Krista; Sirota, Sara (2023-08-02). "Health Care's Intertwined Colossus". The American Prospect. Retrieved 2023-08-24.
- ^ Short, Allen; Weiner, Jay (1995-05-20). "Jets' Shenkarow says deal with Burke Group stands: [METRO Edition]". Star Tribune. pp. 01.A. Retrieved 2023-08-24.
- ^ Weiner, Jay (1995-12-05). "Jets' final destination: Phoenix // Too many uncertainties sink St. Paul Civic Center plan: [METRO Edition]". Star Tribune. pp. 01.A. Retrieved 2023-08-24.
- ^ "New owner makes payment to keep Coyotes in Arizona: [Final Edition]". Nanaimo Daily News; Nanaimo, B.C. 2000-05-27. pp. B2. Retrieved 2023-08-24.
- ^ a b "Taylor Burke out as assistant GM of Phoenix Coyotes: [Final Edition]". Daily News (Prince Rupert, BC. 2001-05-18. pp. FRONT. Retrieved 2023-08-24.