Wachovia Corp. will pay $5.92 million annually to retain seven top executives from Interstate Johnson Lane, according to a filing Monday with the Securities and Exchange Commission.
According to the filing, chief executive James H. Morgan will receive $1.34 million annually; Grady G. Thomas Jr., $1.05 million; Edward C. Ruff, $910,000; Lewis F. Semones Jr., $695,000; Edwin A. Dalrymple Jr., $655,000; Douglas R. Aldridge, $650,000; and Harvey D. Harrelson, $620,000.
Four other executives have also received undisclosed annual pay packages, the company said. Wachovia has set aside $23 million to retain 230 key personnel at Interstate Johnson Lane.
Wachovia, based in Winston-Salem, N.C., and Interstate Johnson Lane, based in Charlotte, N.C., agreed on a buyout Oct. 23 that valued the brokerage at $230 million. The deal is expected to close in early 1999.