The former chief executive of SouthTrust Corporation, Wallace Malone, has sold his Birmingham home for $1 million and moved to the Florida Panhandle.
Malone retired in January from North Carolina-based Wachovia, which bought SouthTrust in a 2004 deal that was worth nearly $15 billion.
The merger resulted in the loss of 1,700 jobs in Birmingham. With his departure, Malone received a severance package worth $135 million.
Corporate compensation experts criticized the package and Malone later said he would use $100 million of his money to establish a charitable foundation that would mostly make grants to benefit education.
An assistant, Rosemary Spain, says Malone moved to Navarre, Florida, and is relocating the foundation to his new home.