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CFO to retire from Wolverine

By Eric Fleischauer 340-2435

James E. Deason, senior vice president and chief financial officer of Wolverine Tube Inc.,
will retire Dec. 31, the company reported Wednesday in a Securities and Exchange Commission filing.

Beginning Jan. 1, David A. Owen will become CFO, according to the filing.

Alpine Group Inc. and Plainfield Asset Management LLC bought controlling shares in the company in February. They immediately dismissed former Chief Executive Officer Chip Manning.

Deason, 60, started at Wolverine in 1994. He initially retired from the CFO position at Wolverine in March 2005. He returned to the same position eight months later.

Owen will start immediately as senior vice president of finance and accounting. He will receive a signing bonus of $248,000 and an annual salary starting at $250,000 and, after he becomes CFO, increasing to $280,000. He also will receive annual cash bonuses targeted at 40 percent of his base salary.

Wolverine shares closed at $1.14 on Wednesday.

Shares traded at about $5.60 on the New York Stock Exchange when Deason returned in 2005. The stock was delisted in January because its market capitalization fell below $25 million.

The Decatur plant has 400 permanent and 120 temporary employees. The company's headquarters are in Huntsville.

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