Pinnacle West Picks James Hatfield as New CFO
Phoenix-based Pinnacle West Capital Corporation, parent company of Arizona Public Service Corporation, announced that it had hired James Hatfield as its CFO effective July 14, 2008. Hatfield, age 50, had been the CFO of OGE Energy Corporation, the parent of Oklahoma Gas and Electric Company, since 1999.
Hatfield's compensation package will include a base salary of $450,000, a hiring incentive of $200,000 payable within the first two weeks of employment, a stay bonus of $100,000 payable within two weeks following the first anniversary of the date of employment, participation in the officer's annual incentive plan with a target payment of 50% and a maximum payment of 100% of annual base salary, relocation benefits, home sale assistance, a grant of 6,000 restricted stock units and 6,800 performance shares.
Mr. Hatfield earned a BS from Central Missouri State University and an MBA from the University of Missouri-Kansas City.
The company also announced that on July 22, 2008 that it signed an agreement with Randall Edington, the Chief Nuclear Officer, to increase his base salary to $800,000 and to set up a deferred compensation arrangement in which $1,000,000 will be set aside each year for 4 years and will vest on June 1, 2012 or it will be payable on Mr. Edington's death, disability, or involuntary termination.
The stock was $32 on June 23, 2008 and closed at $32 at the end of July 2008, near the bottom of its 52 week range.
John Laub is the Chairman of the Phoenix CEO-CFO Group.
1. Pinnacle West Names James Hatfield CFO." Patrick O'Grady. Phoenix Business Journal. June 23, 2008.
2. 8-K Filed June 24, 2008. Pinnacle West Capital Corporation.
3. 8-K Filed July 25, 2008. Pinnacle West Capital Corporation.
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