The Pinnacle West (NYSE:PNW) board of directors today elected George A. Schreiber Jr. president of Pinnacle West Capital Corporation. He will continue as chief financial officer of the parent and Arizona Public Service and report to William Post, Pinnacle West chief executive officer.

Schreiber joined the company in January 1997 as executive vice president and chief financial officer of Pinnacle West and APS and as a member of the board for both companies.

Post said the move was a logical progression in organizational steps taking place at the companies. These included the division of the APS structure into Generation, Energy Delivery and APS Energy Services as announced in October.

"This appointment underscores the company's ongoing plan to focus on both regulated and unregulated energy businesses in the western United States," Post said.

"George's focus will be on growing our energy business, enhancing our overall financial strength, and strengthening our core business, which must meet the demands of one of the fastest growing electricity markets in the country," he said. "His expertise will be invaluable in managing the financial strategies and transactions of our rapidly changing industry."

Prior to joining APS, Schreiber's twenty-five year investment banking career included senior positions at PaineWebber Incorporated, The First Boston Corporation and Kidder, Peabody & Co.

Pinnacle West (NYSE: PNW) is a Phoenix-based holding company with consolidated assets of approximately $7 billion. Its major subsidiary is APS, Arizona's largest electric utility.

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This press release contains forward-looking statements that involve risks and uncertainties, which include, but are not limited to, the ongoing restructuring of the electric industry; the outcome of the regulatory proceedings relating to the restructuring; regional economic and market conditions, which could affect customer growth and the cost of power supplies; the cost of debt and equity capital; weather variations affecting customer usage; and the strength of the real estate market. These factors and the other matters discussed above may cause future results to differ materially from historical results, or from results or outcomes currently expected or sought by the Company.