Pinnacle West Capital Corporation (PNW, Financial) and its subsidiary, Arizona Public Service Company (APS), have announced a significant leadership transition. Jeffrey B. Guldner, the current Chairman of the Board, President, and Chief Executive Officer, will retire from his roles effective April 1, 2025. Mr. Guldner will continue to serve as a non-officer special advisor to the CEO until March 31, 2026, ensuring a smooth transition. His annual base salary will be adjusted to $600,000 starting April 1, 2025.
Theodore N. Geisler has been appointed to succeed Mr. Guldner as Chairman of the Board, President, and Chief Executive Officer of Pinnacle West, as well as Chairman of the Board and CEO of APS, effective April 1, 2025. Mr. Geisler, who has been with the company since 2018, currently serves as President of APS and has previously held the positions of Senior Vice President and Chief Financial Officer, and Vice President and Chief Information Officer.
In recognition of his new responsibilities, Mr. Geisler's annual base salary will increase to $1,000,000, effective April 1, 2025. He will also receive a long-term incentive grant award valued at $3,000,000, comprising performance share awards and restricted stock unit awards. These changes are contingent upon his assumption of the new roles.
Additionally, Mr. Geisler has been appointed to the Boards of Directors of both Pinnacle West and APS, effective December 11, 2024. He will not receive additional compensation for these board appointments.
This leadership transition marks a new chapter for Pinnacle West Capital Corporation as it continues to focus on delivering value to its shareholders and maintaining its commitment to sustainable energy solutions.
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