Paul Mueller Co. CEO retires

Manna, 58, said he had been contemplating retirement for a while but didn’t feel that a rough 2004 was the right situation to leave.

“We were in the middle of the worst year we’ve ever had since I’ve been running the company,” he said. “But the company’s made a really good turnaround, we’re in a very good first quarter, business is strong, and it seemed like as good a time as any.”

Meuller’s first-quarter net income topped $2 million, compared to a loss of $2.3 million in first-quarter 2004.

The company’s board of directors has begun a search to find Manna’s replacement.

Chief Financial Officer Donald Golik said no timetable has been set to name a new president.

“In the interim, I’m covering some of his duties, and (Assistant to the President) Greg Shirey is covering the other part of his duties,” Golik said.

Manna said he is glad to get out from behind the corporate desk.

“One of the things I don’t plan to do is ever work 8 to 5 again,” Manna said. “That’s the principle reason I left. I’ve been with the company 28 years, starting early every morning, working late and working through business lunch, and frankly got a little burned out on that. I know I want to do a little flying. I’m an avid pilot, and the thought of taking an occasional charter would really appeal to me.”

Manna intends to stay involved in civic activities, including his membership on the board of City Utilities.

“I’ve also got some friends who are trying to recruit me for Big Brothers Big Sisters. That might be the kind of thing that might interest me in the future,” he said. “I plan to travel a lot too; I’ll be gone for at least half of the next month or two, sailing, fishing, scuba diving.”

Though Manna will not be involved in the company’s day-to-day activities, he will retain his status as a shareholder in the company.

A day after Manna’s retirement, Mueller Co. declared a cash dividend of 60 cents per share on its outstanding common stock. The dividend is payable June 10 to shareholders of record on May 16.

Shares of Paul Mueller Co. (Pink Sheets: MUEL.PK) closed May 11 at $29.25.