By Jeremy Duda | Arizona Mirror
Don Brandt is retiring as chief executive officer for Arizona Public Service and its parent company Pinnacle West, but that doesn’t mean he’s out of the fold.
Pinnacle West is keeping Brandt, who will retire as CEO on Nov. 15, on board as a contract consultant. According to a quarterly filing the company submitted to the Securities and Exchange Commission on Thursday, the Pinnacle West board of directors on Nov. 4 approved a $1.75 million agreement for Brandt to serve as a consultant for 12 months. Brandt will receive $25,000 per month for the first 11 months of the deal, with the remainder of nearly $1.5 million paid out at the end.
The SEC filing states that Brandt’s duties will be to consult and advise on matters at the board of directors’ request, including assisting the board and Pinnacle West “in the transition of responsibilities” to Jeff Guldner, who will succeed Brandt as CEO. In particular, the filing says Brandt “will provide advice and support regarding the transition of oversight of the Palo Verde Generating Station.”
Brandt, who took over the companies in 2009, oversaw an era of record growth for APS and Pinnacle West, but also of political controversy.