Business Context and Reporting Period
This Form 8-K Current Report was filed by Pinnacle West Capital Corporation and its subsidiary, Arizona Public Service Company, on March 18, 2009. The filing addresses a specific corporate governance event regarding executive compensation and retirement.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed relates to a specific executive compensation award:
- Career Recognition Award: $1,000,000 (non-cash credit to a record-keeping account).
- Payment Structure: Ten annual installments of $100,000 plus interest.
Material Changes
The material change reported is the approval of a Career Recognition Award for William J. Post, Chairman of the Board and Chief Executive Officer, in connection with his scheduled retirement on April 30, 2009, following 38 years of service.
Outlook, Risks, and Management Commentary
Management commentary is limited to the details of the retirement package approved by the Human Resources Committee. The filing does not contain forward-looking guidance, risk factors, contingencies, or unusual items beyond the executive departure and associated compensation.
Key Facts for Investor Verification
- William J. Post is retiring as CEO and Chairman on April 30, 2009.
- The Board approved a $1 million non-cash award payable over ten years.
- The filing is a combined report for both Pinnacle West Capital Corporation and Arizona Public Service Company.
- No operational or financial performance data is included in this specific filing.