Pinnacle West and APS Announce Leadership Succession

Rhea-AI Summary

Pinnacle West Capital Corp. (NYSE: PNW) announced a leadership transition as Chairman and CEO Jeff Guldner will retire on March 31, 2025, after 5 years at the helm. APS President Ted Geisler will take over as Chairman, President, and CEO of both Pinnacle West and APS effective April 1, 2025.

Guldner will remain in a non-executive advisory role through March 2026 to ensure a smooth transition. Lead Director Paula Sims praised Guldner's vision for a carbon-free future and his efforts to improve customer experience and financial health. Geisler, who has been with APS for 23 years and serves as its President since 2022, has been credited with achieving top-quartile rankings in reliability and customer satisfaction.

Positive

• Planned and orderly CEO succession with 15-month transition period
• Incoming CEO Ted Geisler has 23 years of company experience
• Current leadership achieved top-quartile rankings in reliability and customer satisfaction

Negative

• None.

PHOENIX--(BUSINESS WIRE)-- Pinnacle West Capital Corp. (NYSE: PNW) announced today that Pinnacle West and Arizona Public Service (APS) Chairman and CEO Jeff Guldner will retire as Chairman of the Board, CEO and board member on March 31, 2025, after 5 years of leading the company. APS President Ted Geisler will assume the roles of Chairman of the Board, President and CEO of Pinnacle West and APS effective April 1, 2025. Guldner will remain employed by Pinnacle West in a non-executive advisory capacity to support a smooth transition through the end of March 2026.

Pinnacle West and Arizona Public Service (APS) Chairman and CEO Jeff Guldner will retire as Chairman of the Board, CEO and board member on March 31, 2025, after 5 years of leading the company. Guldner will remain employed by Pinnacle West in a non-executive advisory capacity to support a smooth transition through the end of March 2026. (Photo: Business Wire)

“We’re incredibly grateful for Jeff’s leadership since joining APS in 2004 as Director of Federal Regulatory Affairs and Compliance through his tenure as CEO,” said Pinnacle West Lead Director Paula Sims. “He cast a strong vision for a carbon-free future, and he initiated efforts to improve our customers’ experience and the long-term financial health of the company - the impacts of which can’t be overstated. Jeff’s passion for APS’s people, customers and the community has left an indelible mark.

“Following a thoughtful succession planning process, we are excited to announce Ted Geisler as our next Chairman and CEO,” Sims continued. “Ted brings a unique blend of operational and financial acumen and results-oriented leadership from his breadth of experience across our business. He is well-positioned to build on his success as President of APS, where he drove top-quartile rankings in reliability and customer satisfaction, achieved key regulatory outcomes and set the strategy that’s enabled us to expand and strengthen the grid.”

“Over my tenure as CEO, Ted has been a trusted partner and deeply involved in crafting and executing the company’s long-term strategy,” Guldner said of his successor. “No one understands our priorities better, and I have full faith Ted and the team will lead APS and Arizona successfully through the new era of growth that’s upon us.”

Geisler has been President of APS since 2022 and has held a series of leadership positions at the company during his 23-year career at APS.

“It’s an honor to continue to serve in this new capacity,” Geisler said. “I do so with deep respect and appreciation for Jeff, and for our essential role in powering Arizona’s progress. We have a talented team and a strategy that has reliably delivered outstanding results for our customers, communities and shareholders. I look forward to continuing to work closely with Jeff during the transition and building on the plans in place that have set the stage for APS’s success.”

About Ted Geisler

Geisler began his career at APS in 2001 and has held positions on the executive team since 2018, including the past two years as President. His leadership journey includes critical roles such as Chief Financial Officer, Chief Information Officer, General Manager of Transmission and Distribution Operations and Director of Corporate Strategy, as well as other key positions across operations and corporate resources.

A third-generation Arizonan, Geisler is deeply committed to the community and is currently Chairman of the Board of the Arizona Chamber of Commerce and on the board of the Greater Phoenix Economic Council (GPEC). He sits on the W.P. Carey Dean’s Council at Arizona State University and recently was chosen as the 56th Fighter Wing Command Honorary Commander at Luke Air Force Base. He has previously served on the boards of Chicanos por la Causa and Boys and Girls Club of the Valley.

Geisler earned a Bachelor of Science degree from Colorado State University and an MBA from Arizona State University. He is a graduate of the Nuclear Reactor Technology Course at the Massachusetts Institute of Technology and the Strategic Financial Leadership Program at Stanford University’s Graduate School of Business.

About Pinnacle West Capital Corp.

Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of more than $26 billion, about 6,500 megawatts of generating capacity and approximately 6,100 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to about 1.4 million Arizona homes and businesses. For more information about Pinnacle West, visit the company’s website at pinnaclewest.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241212666520/en/

Media Contact: Alan Bunnell (602) 250-3376

Media Hotline (602) 250-2277

Analyst Contact: Amanda Ho (602) 250-3334

Website: pinnaclewest.com

Source: Pinnacle West Capital Corp.

FAQ

When will Jeff Guldner step down as CEO of Pinnacle West (PNW)?

Jeff Guldner will retire as Chairman and CEO of Pinnacle West on March 31, 2025.

Who will be the new CEO of Pinnacle West (PNW) after Guldner's retirement?

Ted Geisler, current APS President, will become Chairman, President and CEO of both Pinnacle West and APS effective April 1, 2025.

How long has Ted Geisler been with APS before being named next CEO of PNW?

Ted Geisler has been with APS for 23 years and has served as its President since 2022.

What role will Jeff Guldner maintain at PNW after stepping down as CEO?

Guldner will remain employed by Pinnacle West in a non-executive advisory capacity through March 2026 to support the transition.

What major achievements were highlighted during Guldner's tenure as PNW CEO?

Under Guldner's leadership, the company established a vision for a carbon-free future, improved customer experience, and enhanced long-term financial health.