Business Context and Reporting Period
This Form 8-K Current Report is filed by Pinnacle West Capital Corporation and its principal subsidiary, Arizona Public Service Company. The report covers events occurring on June 1, 2010, with the filing date of June 2, 2010.
Key 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 corporate governance changes rather than financial performance.
Material Changes
The primary material change reported is the expansion of the Board of Directors for both Pinnacle West Capital Corporation and Arizona Public Service Company. On June 1, 2010, the Boards elected Dr. Dale E. Klein as a Director. His initial term extends until the 2011 Annual Meeting of Shareholders.
Guidance, Outlook, and Management Commentary
- Committee Assignments: The Board expects to designate committee assignments for Dr. Klein at a future meeting.
- Compensation: Dr. Klein will participate in the compensation arrangements for non-employee directors as described in the Proxy Statement for the Annual Meeting held on May 19, 2010.
- Risks and Contingencies: No specific risks, contingencies, or unusual items are disclosed in this filing.
Important Facts for Investors to Verify
- Confirmation of Dr. Dale E. Klein's background and qualifications as a new director.
- The specific committee assignments to be designated for Dr. Klein in future meetings.
- Details regarding the compensation arrangements for non-employee directors referenced in the May 19, 2010 Proxy Statement.