Walgreen Co. today announced a one-time stock option grant to each of its 110,000 employees to recognize the drugstore chain's 3,000th store opening.

The options are being awarded to all full-time and part-time employees on the company's payroll as of today and will vest in three years.

"This is a significant grant to each employee, not simply a token gesture of a few shares," said Chairman and CEO L. Daniel Jorndt. "Each employee will receive between 75 and 500 options, depending on length of service. No other company in our industry has offered its employees such a broad-based stock option program."

The option grant not only will help Walgreens retain its people, but it also gives every employee a stake in the company's future.

"Our enormous growth is the result of a huge effort by everyone in the company," added Jorndt. "Just 10 years ago we had 1,500 stores. It's taken time, money and incredibly hard work to meet our goal of 3,000 stores in 2000. And as we push toward 6,000 stores by 2010, we want each employee to have the opportunity to benefit from our success."

The official opening of Walgreens 3,000th store, located in the company's hometown of Chicago, will be celebrated today. Since its founding in 1901, Walgreens has grown to become the nation's largest drugstore chain with fiscal 1999 sales of $17.8 billion. The company plans to open 450 new stores nationwide this year.

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