Retired Arizona Public Service Co. CEO Don Brandt is still scheduled to earn a hefty paycheck during 2020 from the state's largest utility under a consulting deal that stretches out a year.
Regulatory filings show that Brandt was to be paid $1.75 million this year under a consulting contract, in the wake of his departure in late 2019 as the leader of APS, the state's largest utility, and as CEO, president and chairman of its parent company, Pinnacle West Capital Corp.
Some of that money was included in the $12.25 million Brandt earned in total compensation during his last year with Pinnacle West, according to the filing. In years' past, Brandt has been among the highest-paid public-company CEOs in the Valley.
The consulting deal, approved by Pinnacle West's board on Nov. 4, 2019, about 10 days before Brandt's retirement date, detailed what was considered a "transition period" between him and incoming CEO Jeff Guldner. Brandt was placed on retainer for $25,000 a month for 11 months, with about $1.5 million due in the 12th month, according to the filing.
Read more in this subscription-only article from the Phoenix Business Journal.