H-E-B grocery store owner Charles Butt announced plans to reward 55,000 employees with a massive stock grant on Jan. 1.
The grocery chain is the nation’s 15th-largest private employer, and the largest overall in the state of Texas. The unprecedented move was announced during a special meeting held to celebrate the company’s 110th anniversary.
Under the new plan, select employees will receive a stock grant valued at 3 percent of their salary at the beginning of 2016. The grant will be grant will be augmented with $100 in stock for each year that the employee has continuously worked within the company.
As the company has grown over the years, Butt has made it a priority to focus on retaining employees and keeping a friendly company culture. “You may not realize how valuable you are,” Butt told company leaders and employers before making his surprise announcement, “but I do.”
H-E-B President Craig Boyan also shared his excitement over the move, saying, “This is probably the most important thing to happen at H-E-B in a heck of a long time.”
Butt says the goal of the stock program is to eventually have employees collectively own 15 percent of the company. All employees will also receive a $100 cash bonus in the coming weeks to celebrate the company’s anniversary.