Regions bank Chairman Jack Moore to retire at end of 2007
BIRMINGHAM (AP) — Regions Financial Corp. Chairman Jack Moore will retire at the end of the year and collect the remaining benefits under his employment agreement, the company announced.
Moore was chairman, president and CEO of Regions when the Birmingham-based bank struck a $10 billion deal to acquire city rival AmSouth Bancorp.
With the merger of Regions and AmSouth last year, Moore continued as chairman, but the job of president and CEO of the combined company went to AmSouth's C. Dowd Ritter.
Ritter will become chairman, succeeding Moore, on Jan 1.
"With the merger integration almost behind us, this is an ideal time for me to transition to next phase of my life," Moore, 59, said Tuesday.
A Regions spokesman said the value of Moore's retirement benefits won't be determined until he retires.
But it was reported that a regulatory filing Tuesday details some of the benefits he'll receive from Regions, including relocation costs to Memphis, his former home, a fully furnished office and secretary through Nov. 4, security service costs for his homes and medical coverage for him and his wife for the rest of their lives.
The bank said earlier this year it is paying to maintain life insurance policies that would pay his heirs $105 million.
In March, he received $25 million from Regions as part of a retirement plan that dates back to his time at Union Planters Corp., a Memphis bank that merged with Regions.
Information from: The Birmingham News
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