Business Context and Reporting Period
This Form 8-K Current Report was filed by Pinnacle West Capital Corporation and its principal subsidiary, Arizona Public Service Company, on September 22, 2009. The filing reports a corporate governance event regarding the expansion of the Board of Directors.
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 personnel changes and does not contain financial performance data.
Material Changes
- Board Expansion: The Board of Directors expanded the number of directors by one.
- New Director Election: Dr. Denis Cortese was elected as a Director, effective January 1, 2010.
- Term Details: Dr. Cortese's initial term extends until the 2010 Annual Meeting of Shareholders.
- Subsidiary Appointment: Dr. Cortese was also elected to the Board of Directors of Arizona Public Service Company.
- Background: Dr. Cortese is the retiring President and CEO of the Mayo Clinic, with retirement scheduled for November 2009.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, management commentary on operations, or specific risk factors. The Board expects to designate committee assignments for Dr. Cortese at a future meeting. No unusual items or contingencies were reported in this document.
Investor Verification Checklist
- Verify the effective date of Dr. Cortese's directorship (January 1, 2010).
- Review the attached Press Release (Exhibit 99.1) for additional biographical details on Dr. Cortese.
- Monitor future filings for the specific committee assignments designated for the new director.
- Confirm the retirement timeline of Dr. Cortese from the Mayo Clinic to assess potential conflicts of interest or transition periods.