Don McMullen, high-profile head of Wachovia Corp.’s capital management wing, will retire effective Dec. 31 and receive a $7.7 million cash buyout, the Charlotte Observer reports.

McMullen, 55, who is widely credited with developing First Union’ s and Wachovia’s wealth management units from the ground up, joined the former in 1995 and stayed on after it was purchased by the latter.

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