By Jeremy Duda | Arizona Mirror
Corporation Commissioner Sandra Kennedy wants Pinnacle West’s board of directors to explain why it gave a seven-figure consulting contract to recently retired CEO Don Brandt.
The company’s board of directors on Nov. 4 approved a 12-month contract worth $1.75 million. According to a quarterly filing with the Securities and Exchange Commission, Brandt’s duties under the contract will be to consult and advise on matters at the board of directors’ request, including assisting his successor Jeff Guldner’s transition into the CEO job.
Brandt retired on Nov. 15.
Kennedy on Wednesday filed an official request for Bob Burns, the commission’s chairman, to add an item to the commission’s January meeting agenda for board members at Pinnacle West, the parent company of utility giant Arizona Public Service, to respond in person to several questions.
“Ultimately, the ratepayers are going to pay for it. And I’d just like to know, with his retirement package that they put together, isn’t that enough?” Kennedy told Arizona Mirror. “I need a little explanation. And I think the explanation should not come from Jeff Guldner. I think it’s really time to hear from the board…
“They’ve been quite silent. And now it’s time for them to be heard.”