PHOENIX, Ariz. -- Pinnacle West (NYSE: PNW) today announced that its Chief Executive Officer, Richard Snell (68), will retire from management, effective upon the end of his employment contract with the company, February 5, 1999. He will remain Chairman of the Pinnacle West board and of the parent's principal subsidiaries.

Also based on board action yesterday, William J. Post (48), who is currently President of Pinnacle West and Chief Executive Officer of Arizona Public Service, will become Pinnacle West¼s Chief Executive Officer with Snell's February retirement from management.

Snell said that from a corporate perspective today's announcement is simply a confirmation of transition plans which have been outlined to the investment community for several years. 

"On a personal basis, it is with a great sense of satisfaction that I take part in this changing of the guard," Snell said. "The management of the Company's future is in very capable hands in all respects. I intend to continue to stay involved in the key strategic issues from the position of board chairman."

Post said he looked forward to the helm of the Pinnacle companies.

"Obviously, the imminent introduction of a competitive retail energy market means we will continue to undergo significant change, but our focus on shareholder value remains our foundation," Post said. " Working with regulators and stakeholders to help usher in such a market in Arizona is high on our agenda."

Snell was named Chairman, President and Chief Executive Officer of Pinnacle West in 1990.

Post joined APS in 1973, became an officer in 1982 and was named president of the parent in 1997.

Pinnacle West is a Phoenix-based holding company with consolidated assets of approximately $7 billion. Its major subsidiary is APS, Arizona's largest electric utility. SunCor, its real estate subsidiary, has some 13,000 acres under development.

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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.