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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): January 23, 2009</B>

<P align="center"><IMG src="c79870p7987001.jpg" alt="(WALGREEN CO. LOGO)">


<P style="font-size: 24pt" align="center"><B>WALGREEN CO.<BR>
</B><FONT  style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>
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  <TD style="border-bottom: #000000 1px solid"><B>Illinois</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>1-604</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>36-1924025</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
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  <TD style="border-bottom: #000000 1px solid"><B>200 Wilmot Road, Deerfield,
Illinois<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>60015</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(847) 940-2500</B>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not
Applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

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<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT  face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT  face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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  <TD nowrap align="left" width="3%">Item&nbsp;5.02.</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.</TD>
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<P style="font-size: 10pt; text-indent: 4%" align="left">At its meeting on
January&nbsp;23, 2009, the Board of Directors of Walgreen Co. (the
&#8220;Company&#8221;) named Gregory D. Wasson, 50, as Chief Executive Officer
of the Company effective February&nbsp;1, 2009. The Board of Directors also
elected Mr.&nbsp;Wasson to the Board effective February 1 to hold office until
the Company&#8217;s 2010 annual meeting of shareholders. Mr.&nbsp;Wasson will
retain the position of President of the Company and will relinquish the
position of Chief Operating Officer.

<P style="font-size: 10pt; text-indent: 4%" align="left">Alan G. McNally, who
has served as Chairman and acting Chief Executive Officer since
October&nbsp;2008, will step down from the Chief Executive Officer position on
February 1. Mr.&nbsp;McNally will continue to serve as Chairman of the Board.
As compensation for serving as non-executive Chairman, Mr.&nbsp;McNally will
receive an annual retainer of $300,000, in addition to the annual compensation
payable to each of the Company&#8217;s non-employee directors.

<P style="font-size: 10pt; text-indent: 4%" align="left">Mr.&nbsp;Wasson has
served as President and Chief Operating Officer of the Company since
May&nbsp;2007. Prior to that, Mr. Wasson served as Executive Vice President
since October&nbsp;2005 and as President of Walgreens Health Services since
March 2002. Mr.&nbsp;Wasson was Senior Vice President of the Company from
February&nbsp;2004 to October&nbsp;2005 and Vice President from
October&nbsp;2001 to February&nbsp;2004. Brad Wasson, a Store Operations Vice
President at the Company and brother of Gregory Wasson, receives compensation
exceeding $120,000 per year.

<P style="font-size: 10pt; text-indent: 4%" align="left">In connection with
Mr.&nbsp;Wasson&#8217;s appointment as Chief Executive Officer, he will receive
an increase in base salary to an annual rate of $1,000,000 and his bonus target
under the Walgreen Co. Management Incentive Plan will increase to 125% of base
salary. For fiscal year 2009, Mr.&nbsp;Wasson&#8217;s bonus will be based on a
weighted average reflecting the portion of the year for which he held the
positions of COO and CEO, respectively. Mr.&nbsp;Wasson will also receive,
effective February&nbsp;1, grants of stock options, restricted stock units, and
performance shares under the Company&#8217;s long-term incentive plan programs
to reflect, for the portion of the current fiscal year remaining, the higher
Chief Executive Officer grant levels approved for fiscal year 2009 by the
Compensation Committee. The actual number of stock options, restricted stock
units and performance shares are not currently determinable and will be
reported on a subsequent or amended Form 8-K.

<P style="font-size: 10pt" align="center"><U>SIGNATURE</U>

<P style="font-size: 10pt" align="left">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized. <BR>
&nbsp;
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  <TD valign="top">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" colspan="3"><B>WALGREEN CO.</B></TD>
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<DIV style="margin-left: 0px; text-indent: 0px"><BR>
&nbsp; </DIV>
</TD>
  <TD>&nbsp;</TD>
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&nbsp; </TD>
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<DIV style="margin-left: 0px; text-indent: 0px">Date:&nbsp;January&nbsp;26,
2009 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">By:&nbsp;&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" style="border-bottom: 1px solid #000000" align="left">/s/ Dana I. Green</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top" align="left" colspan="3">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Title: Senior Vice President</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top" align="left" colspan="3">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
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{"company-data": {"conformed-name": "WALGREEN CO", "cik": "0000104207", "assigned-sic": "5912", "irs-number": "361924025", "state-of-incorporation": "IL", "fiscal-year-end": "0831"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-00604", "film-number": "09546568"}, "business-address": {"street1": "200 WILMOT RD", "city": "DEERFIELD", "state": "IL", "zip": "60015", "phone": "8479402500"}, "mail-address": {"street1": "200 WILMOT RD", "city": "DEERFIELD", "state": "IL", "zip": "60015"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): January 23, 2009
WALGREEN CO.
(Exact name of registrant as specified in its charter)
Illinois
1-604
36-1924025
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
200 Wilmot Road, Deerfield,
Illinois
60015
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(847) 940-2500
Not
Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
At its meeting on
January 23, 2009, the Board of Directors of Walgreen Co. (the
"Company") named Gregory D. Wasson, 50, as Chief Executive Officer
of the Company effective February 1, 2009. The Board of Directors also
elected Mr. Wasson to the Board effective February 1 to hold office until
the Company's 2010 annual meeting of shareholders. Mr. Wasson will
retain the position of President of the Company and will relinquish the
position of Chief Operating Officer.
Alan G. McNally, who
has served as Chairman and acting Chief Executive Officer since
October 2008, will step down from the Chief Executive Officer position on
February 1. Mr. McNally will continue to serve as Chairman of the Board.
As compensation for serving as non-executive Chairman, Mr. McNally will
receive an annual retainer of $300,000, in addition to the annual compensation
payable to each of the Company's non-employee directors.
Mr. Wasson has
served as President and Chief Operating Officer of the Company since
May 2007. Prior to that, Mr. Wasson served as Executive Vice President
since October 2005 and as President of Walgreens Health Services since
March 2002. Mr. Wasson was Senior Vice President of the Company from
February 2004 to October 2005 and Vice President from
October 2001 to February 2004. Brad Wasson, a Store Operations Vice
President at the Company and brother of Gregory Wasson, receives compensation
exceeding $120,000 per year.
In connection with
Mr. Wasson's appointment as Chief Executive Officer, he will receive
an increase in base salary to an annual rate of $1,000,000 and his bonus target
under the Walgreen Co. Management Incentive Plan will increase to 125% of base
salary. For fiscal year 2009, Mr. Wasson's bonus will be based on a
weighted average reflecting the portion of the year for which he held the
positions of COO and CEO, respectively. Mr. Wasson will also receive,
effective February 1, grants of stock options, restricted stock units, and
performance shares under the Company's long-term incentive plan programs
to reflect, for the portion of the current fiscal year remaining, the higher
Chief Executive Officer grant levels approved for fiscal year 2009 by the
Compensation Committee. The actual number of stock options, restricted stock
units and performance shares are not currently determinable and will be
reported on a subsequent or amended Form 8-K.
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
WALGREEN CO.
Date: January 26,
2009
By:
/s/ Dana I. Green
Title: Senior Vice President