Pinnacle West CEO's Compensation Falls 28 Percent

STEPHEN BERNARD

NEW YORK (AP) — Pinnacle West Capital Corp.'s chief executive and chairman William Post received a compensation package in 2008 that was 28 percent smaller than the previous year, according to an Associated Press analysis of figures reported in a regulatory filing.

Post received compensation totaling $3.2 million in 2008, compared with $4.4 million in 2007. The reason for the drop in compensation was a lack of a performance-based bonus last year. Post received a performance-based bonus of $1.3 million in 2007, but none in 2008.

Last year was Post's final full year as chairman and CEO of the Phoenix-based company. He will retire from those positions on April 30 and be succeeded by insider Don Brandt. Post will continue to serve as a director.

His salary remained unchanged at $950,000. Post received $35,281 in above-market earnings on deferred compensation in 2008, compared with $22,862 in 2007.

Post also received perks valued at $32,390 in 2008, a 6 percent increase from the previous year. Those perks included a contribution to a 401(k) retirement account, life insurance premiums and a car allowance.