H-E-B to give employees ownership shares

SAN ANTONIO (AP) — H-E-B employees are getting a stake in the ownership of the San Antonio-based supermarket chain.

The Butt family that owns the H-E-B chain announced Monday that 55,000 employees will be eligible to receive stock under a new employee ownership plan.

In a statement, the family said the company will award up to about 15 percent of the company ownership to employees over time.

The stock grants are in addition to existing compensation programs and the 401 (k) plan that includes a company match.

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Craig Boyan, H-E-B president and chief operating officer, said the plan commemorates the 110th anniversary of the founding of the company by Florence Butt in Kerrville in 1905. Her youngest son, Howard Edward Butt, grew the company that bears his initials from 1920 and 1971.