Business Context and Reporting Period
This Form 8-K is a current report filed on June 19, 2024, by Pinnacle West Capital Corporation and its principal subsidiary, Arizona Public Service Company (APS). The filing addresses corporate governance changes effective July 1, 2024.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on board composition and does not contain financial performance data.
Material Changes
The primary material change reported is the expansion of the Board of Directors for both Pinnacle West and APS by three new members. The Board elected Carol S. Eicher, Susan T. Flanagan, and Ronald Butler, Jr. to serve as Directors.
Guidance, Outlook, and Management Commentary
There is no financial guidance, outlook, or management commentary regarding operational performance in this filing. The document details the committee assignments for the new directors:
- Carol S. Eicher: Appointed to the Audit Committee and the Nuclear and Operating Committee.
- Susan T. Flanagan: Appointed to the Audit Committee and the Finance Committee.
- Ronald Butler, Jr.: Appointed to the Audit Committee and the Finance Committee.
Compensation for these directors will follow the arrangements for non-employee directors, with annual retainers and equity grants prorated to reflect service from July 1, 2024, through the 2025 Annual Meeting of Shareholders.
Key Facts for Investor Verification
- Three new directors were elected to the Pinnacle West and APS Boards, effective July 1, 2024.
- The initial term for the new directors extends until the 2025 Annual Meeting of Shareholders on May 21, 2025.
- All three new directors have been appointed to the Audit Committee.
- Compensation for the new directors is prorated based on their start date.