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Michael Woelffer, Gov. James Thompson`s chief economic development official and a key Cabinet member, said Friday he is leaving his post next month to take a private job.

Woelffer will be replaced as director of the Department of Commerce and Community Affairs by Jay Hedges, the governor`s assistant for economic development. Hedges, whose annual salary will be $60,000, will take over April 1.

Thompson administration officials said Woelffer, who will become director of economic development for the Oklahoma City Chamber of Commerce, is departing on good terms.

”I accept his resignation with deep regret,” Thompson said. ”Mike has been a teammate in state government for seven years. The opportunity in Oklahoma City was one he had not sought but could not pass up.”

”I came from the private sector, and my whole background is in the private sector,” Woelffer said in an interview. ”It`s time I went back.”

Woelffer`s departure comes in an election year in which Thompson has made economic development the cornerstone of his campaign for a fourth term.

Woelffer, 33, is credited with playing a key role in putting together the incentive packages that recently helped Illinois land two key projects: the Chrysler-Mitsubishi automobile plant in the Bloomington-Normal area and the Magna International Inc. auto parts plant in Nashville.

Woelffer, director of the Commerce Department since September, 1983, also was instrumental in piecing together Illinois` tourism advertising campaign.

Although Woelffer is not considered a member of Thompson`s inner circle, he is, nonetheless, a key Cabinet member with considerable access to the governor, administration officials said.

When asked if his departure represented a political split from Thompson, Woelffer replied, ”I don`t know why it would be.”

Oklahoma`s economy is where Illinois` was three years ago, he said.

”Illinois is on a roll. For me it becomes routine execution. This gives me the chance to start someting from scratch again.”

Edward Cook, president of the Oklahoma City Chamber of Commerce, said Woelffer will be making more than his current $60,000 salary, but he declined to be specific.