Walgreen Co. Chairman and Chief Executive Jeffrey Rein received $9.7 million in total compensation during fiscal 2007, the Deerfield-based drugstore chain disclosed in a regulatory filing Tuesday.
For the fiscal year ended Aug. 31, Walgreens said, Rein received salary of $1.1 million and restricted stock awards valued at $614,620. In addition, Walgreens granted to Rein $1.2 million in non-equity income under its incentive plan.
The biggest element in the 55-year-old Rein’s package, however, was $6.5 million in option awards he was granted during fiscal 2007. Rein moved up from the president’s post to become CEO in July 2006 and added the chairman title 12 months later.
Because Rein reached retirement eligibility during fiscal 2007, Walgreens said, the company’s accounting procedures required accelerated recognition of the expense of his stock options not only for 2007 but for the more than 1 million unvested stock options from previous years that he holds.
