Pinnacle West Capital Corporation (NYSE: PNW) announced today that its Board of Directors has elected two new members to the Board: Richard P. “Rick” Fox, an independent business consultant, and David Wagener, managing partner of investment and advisory firm Wagener Capital Management.
The appointments, effective immediately, increase the number of Pinnacle West directors from nine to 11 members, of which 10 are independent members. Fox and Wagener will stand for re-election along with all other directors at the Pinnacle West Annual Meeting of Shareholders in May. Both also were appointed to the board of directors of Arizona Public Service Company.
“We are pleased to add the talent and financial acumen of these two respected individuals,” said Pinnacle West Chairman, President and Chief Executive Officer Don Brandt. “Rick has a deep understanding of financial and accounting matters, as well as extensive board experience at publicly traded companies. David has 30-plus years in the energy industry, including extensive knowledge of utility regulation, finance and investment banking.
“We look forward to the perspectives both individuals will provide to our strategy and operations as we continue to focus on delivering value for our customers and shareholders.”
Fox, 66, has served as a consultant and independent board member since 2001 for companies in various industries. He previously held executive, operational and financial positions at CyberSafe Corporation; Wall Data, Inc.; and PACCAR, Inc.; and is a former Managing Partner of Ernst & Young’s Seattle office.
Fox has an undergraduate degree in business with a major in Accounting from Ohio University, and an MBA from the Fuqua School of Business at Duke University (Fuqua Scholar). He is a Certified Public Accountant.
Wagener, 59, is the managing partner of Wagener Capital Management, an investment and advisory firm serving utility and private equity companies. He previously held executive positions at Salomon Brothers and Goldman Sachs & Co.
Wagener holds a BA from Harvard College and an MBA from the University of Chicago.
Pinnacle West Capital, an energy holding company based in Phoenix, has consolidated assets of nearly $14 billion, more than 6,300 megawatts of generating capacity and about 6,600 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the Company provides retail electricity service to more than 1.1 million Arizona homes and businesses. For more information about Pinnacle West, visit the Company’s website at pinnaclewest.com.