Malone package from Wachovia could top $100 million

SouthTrust Corporation C-E-O Wallace Malone is laughing all the way into retirement. According to documents filed with the Securities and Exchange Commission, he'll receive a $135 (m) million dollar retirement package.

The 69-year-old Malone had been head of Birmingham-based SouthTrust for 24 years before Wachovia bought it in a $14 billion-dollar deal in November 2004. Under the deal Malone became vice chairman and a director at Wachovia. He told the Birmingham News that he plans to use an initial $60 million to start a charity. Malone will receive annual payments of $6-point-67 million for five years and deferred benefit plans that will pay him tens of millions more after he retires on Tuesday. He'll also keep a car that's valued at $58,500 and the use of office space and administrative support for five years.

According to a company filing with the S-E-C, the cost of the office space and support is $200,000 per year.