On August 20, 2019, Pinnacle West Capital Corporation (Pinnacle West) announced that Donald E. Brandt will retire from his positions as Chairman of the board, President, Chief Executive Officer and member of the board of directors of Pinnacle West, effective November 15, 2019. On August 20, 2019, the board of directors of Pinnacle West appointed Jeffrey B. Guldner to replace Mr. Brandt as Chairman of the Board, President, and Chief Executive Officer of Pinnacle West effective November 15, 2019. Mr. Guldner was appointed President of Arizona Public Service Company in December 2018.

Mr. Guldner was appointed Executive Vice President, Public Policy of Pinnacle West in May 2017 and will serve in that position until November 2019. Mr. Guldner served as Executive Vice President, Public Policy of Arizona Public Service Company from May 2017 to December 2018. Mr. Guldner served as General Counsel of Pinnacle West and Arizona Public Service Company from May 2017 to August 2018.

The Board of Directors of Pinnacle West appointed Jeffrey B. Guldner to the Board of Directors effective August 20, 2019.