NEW YORK (CNNMoney.com) - A Wachovia Corp. executive is expected to bring home a retirement package estimated to be worth over $100 million, drawing the ire of shareholders, according to a report published Tuesday.

Citing an SEC filing, the Wall Street Journal reported that Wallace D. Malone Jr., the vice chairman of Wachovia (down $0.27 to $54.53, Research), will receive a combination of stocks, cash and other benefits when he retires Tuesday.

Malone, 69, who was serving as the chief executive of SouthTrust Corp. when it was purchased by Wachovia in November 2004, will receive five annual payments totaling $33 million as part of his contract with SouthTrust, as well as $34 million under SouthTrust's retirement and pension plans, and $42 million in deferred benefits, the paper reported.

The New York-based compensation firm Stephen Hall & Partners told the Journal that the package could reach $119 million, which would not include accelerated vesting of stock options or restricted stock.

A Wachovia representative declined requests by the paper to comment on Malone's retirement package.

A fund manager at Alpine Woods Investments, which owns 4.9 million shares of Wachovia as of Sept. 30, told the paper the amount earmarked for Malone "takes away from the shareholders."

In a statement, Malone said he planned to start a charitable foundation, the Journal reported.

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