THIS ISSUE OF AZ BUSINESS PACKS A KNOWLEDGE KNOCKOUT
I absolutely love this issue of Az Business.
In celebrating Arizona’s Most Admired Companies for 2025, we shine a light on the businesses that uplift our state through exceptional leadership, innovation, and community care. These companies — vetted across key areas such as workplace culture, leadership excellence, social responsibility, customer opinion, and innovation — set a gold standard for every enterprise to emulate.
Such recognition is not merely ceremonial. It elevates employer brands, empowering these organizations to attract and retain top talent in a competitive market. Awards like these showcase Arizona as a home for values-driven leadership and inspire others to raise the bar.
Moreover, honoring the Most Admired Companies strengthens our statewide business community. These recognized companies become beacons of excellence, cultivating a culture of collaboration and shared ambition. As their influence grows, so does the impact on economic growth, innovation and civic engagement across Arizona.
At a time when businesses must balance profitability with purpose, celebrating those who lead with vision and integrity serves as a powerful reminder: success thrives when it’s rooted in caring for employees, customers, and communities. Let’s honor these companies — not just for what they’ve achieved, but for where they inspire us to go next.
In addition, knowing who the 50 most powerful people in Arizona business are provides valuable insight into the leaders shaping the state’s economy, policies, and communities. It helps businesses, professionals, and entrepreneurs understand where influence lies, identify potential partners or mentors, and anticipate the trends and decisions driving Arizona’s future.
Enjoy meeting Arizona’s Most Admired Companies for 2025 and the 50 most powerful people in Arizona business.
Michael Gossie Editor in chief
Where banking means believing in you
SHOUT-OUTS
Lerner & Rowe ‘gives back’ $350,000 to Arizona nonprofits
Lerner & Rowe Gives Back, the nonprofit arm of Lerner & Rowe Injury Attorneys, will be giving out over $350,000 to Arizona nonprofits this year through its grant program.
Here is a comprehensive list of the recipients and the values of their grants: Ability360, $19,700; Amanda Hope Rainbow Angels, $7,500; Arizona Friends of Foster Children Foundation, $10,000; Arizona Golf and Life Skills dba First Tee-Phoenix, $5,000; Assistance League of Phoenix, $5,000; Banner Health Foundation, $25,000; Catholic Charities Community Services, $5,000; Central Arizona Shelter Services, $12,500; Childhelp, $5,000; Control Alt Delete, $10,000; Dignity Health Foundation East Valley, $15,000; Fighter Country, $5,000; GCU CityServe, $15,000; Harvest Compassion Center, $10,000; House of Refuge, $15,000; Hunkapi Programs, $23,000; Miracle League of Arizona, $8,500; Phoenix Rescue Mission, $12,500; Positive Coaching Alliance, $5,000; Ryan House, $30,000; SAARC, $7,000; Sleep In Heavenly Peace, $7,500; Stardust Non-Profit Building Supplies, $7,000; The Be Kind People Project, $10,000; The Joy Bus, $10,000; Valleywise, $50,000; Youth for Troops, $10,000; Yuma Community Food Bank, $5,000
For more information about Lerner & Rowe Gives Back, visit lernerandrowegivesback.org.
SHOUT OUT
“Congratulations to Arizona’s Most Admired Companies of 2025! Your commitment to excellence, innovation, community impact and workplace culture sets the gold standard for all businesses. Your inspiring dedication not only drives success, but also strengthens Arizona’s economy and community. You are true leaders, making Arizona a better place for all.”
Amy Lindsey Vice president and publisher AZ Big Media
President and CEO: Michael Atkinson
Vice president and publisher: Amy Lindsey
EDITORIAL
Editor in chief: Michael Gossie
Associate editor: Kyle Backer
Staff writer: Lux Butler
Contributing writer: Erin Thorburn
Intern: Isaac Chavez
ART
Creative services manager: Bruce Andersen
Chief photographer: Mike Mertes
Junior graphic designer: Leslie Durazo
MARKETING/EVENTS
Marketing and events director: Jacque Duhame
OFFICE
Director of finance: Sara Fregapane
Operations coordinator: Michelle Zesati
Database solutions manager: Amanda Bruno
AZRE | PTK
Director of sales: Ann McSherry
AZ BUSINESS MAGAZINE
Sales manager: April Rice
Account executive: Tom Allen | Maria Hansen | Lula Hunteman
AZ BUSINESS LEADERS
EXPERIENCE ARIZONA | PLAY BALL
Director of sales: David Harken
RANKING ARIZONA
Director of sales: Sheri King
Az Business magazine is published bi-monthly by AZ Big Media, 3101 N. Central Ave. Suite 1070, Phoenix, Arizona 85012, (602) 277-6045. The publisher accepts no responsibility for unsolicited manuscripts, photographs or artwork. Submissions will not be returned unless accompanied by a SASE. Single copy price $4.95. Bulk rates available. Copyright 2025 by AZ Big Media. All rights reserved. No part of this publication can be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from AZ Big Media.
KINGS OF CULTURE
9 Arizona-based companies among Best Places to Work in the United States for 2025
Nine Arizona-based companies have earned spots on Inc. Magazine’s Best Places to Work in the United States for 2025.
Inc.’s Best Places to Work list is based on a comprehensive employee survey covering topics like management effectiveness, perks, fostering
BRIGHTSIDE (CHANDLER)
Brightside provides financial care solutions that help employees reduce stress and improve financial health through personalized guidance and tools.
01
FUNDAMENTAL INCOME (PHOENIX)
Fundamental Income is a real estate investment firm specializing in single-tenant net-leased properties that generate consistent, long-term cash flow
02
METZ CPA (PHOENIX)
Metz CPA offers personalized accounting, tax, and financial consulting services focused on helping individuals and businesses achieve financial clarity and success
RELENTLESS DIGITAL (SAN TAN VALLEY)
03
Relentless Digital is a data-driven marketing agency that helps home service businesses grow through SEO, web design, and digital advertising
04
THE JAMES AGENCY (SCOTTSDALE)
The James Agency is a full-service marketing, public relations, and advertising firm known for creative, brand-focused campaigns that drive measurable results.
05
employee growth and overall company culture. Thousands of companies apply each year; only a small percentage make the final cut. Here are the Arizona-based companies on Best Places to Work for 2025 list, in alphabetical order:
TRAINUAL (TEMPE)
Trainual is a software platform that helps growing businesses scale by streamlining onboarding, training, and documentation for teams and processes.
06
TRINITY CAPITAL
(PHOENIX)
Trinity Capital provides growth-stage venture debt and equipment financing to innovative companies, fueling expansion in technology and life sciences.
VIRTUOUS SOFTWARE (PHOENIX)
07
Virtuous Software offers a responsive fundraising platform designed to help nonprofits build better donor relationships and grow their impact.
08
WILLMENG CONSTRUCTION (PHOENIX)
Willmeng Construction is a full-service general contractor known for its expertise in commercial, industrial, and publicsector projects across Arizona.
Copper State Credit Union shows the power of promoting from within
Rising from an entry-level role to the executive suite is a powerful journey of perseverance, proving that every big dream can begin with a small start. And Copper State Credit Union appear to be a great place to start in an entry-level position. The credit union recently promoted three accomplished women to key executive leadership roles, demonstrating its continued investment in internal talent and long-standing employees. After starting in entry-level positions, Elizabeth Krigbaum, Christina
ELIZABETH KRIGBAUM
Krigbaum was promoted to assistant vice president of training and development. She joined Copper State Credit Union in 2021 and has moved up the ranks from assistant branch manager and branch manager at the Payson branch to training and development specialist and manager of training and development at the Copper State Credit Union headquarters. At 28 years old, she is a recognized leader in the Young Credit Union Professionals movement.
Lamar and Tiffany Tafoya each earned new titles that reflect their exceptional contributions and leadership potential within the organization.
“We take pride in developing leaders from within,” said Robb Scott, president and CEO of Copper State Credit Union, “and these three women are prime examples of how far our team members can go when they’re supported, empowered, and inspired.”
CHRISTINA LAMAR
Lamar has been named vice president of member services, overseeing all branches and the solution center. She began her journey with Copper State Credit Union in 2019 as a part-time teller at the Anthem branch and advanced through roles as banker, branch manager, and assistant vice president. With a background in community banking and a passion for member-first service, Lamar is a respected leader who lives and works in Anthem.
TIFFANY TAFOYA
Tafoya now serves as assistant vice president of operations and development. Since joining Copper State Credit Union four years ago, she has advanced through roles, including assistant manager at the Arrowhead branch, training specialist, and deposit operations manager. With over 14 years in banking and financial services, 37-year-old Tafoya is the president of the Arizona Young Credit Union Professionals Board, a GoWest Young Professionals Regional Committee Member and founder of the CSCU Young Professionals Committee.
MADE IN ARIZONA
Here are 10 things you may not know are manufactured in the Grand Canyon State
While Arizona’s semiconductor manufacturing industry, with companies like Intel and Taiwan Semiconductor Manufacturing Company (TSMC) producing chips that power a wide range of electronic
manufacturing a wide variety of products. Here are 10 products manufactured in Arizona, based on research by Az Business magazine:
HELICOPTERS: Not only does Boeing’s facility in Mesa produce the Apache Attack Helicopter, Mesa-based MD Helicopters has more than 1,500 aircraft currently in service around the world.
APPLIANCES: Sub-Zero Group manufactures a significant portion of its luxury refrigeration products in Goodyear.
ARTIFICIAL HEART: SynCardia in Tucson is known for producing the world’s first and only FDA-approved Total Artificial Heart, used as a bridge to transplant.
NAIL POLISH: VB Cosmetics, headquartered in
TASERS: Axon, founded in Scottsdale, is known for manufacturing body cameras, weapons, and their signature Tasers.
WHITE
CLAW: Mark Anthony Brewing produces White Claw spiked seltzers at their facility in Glendale.
CHEETOS: Frito-Lay manufactures various brands, including Cheetos, at their factory in Casa Grande.
WHISKEY: Elgin-based Arizona Craft Beverage is dedicated to the production of the finest spirits in the world by concentrating on locally and “family” sourced produce.
DENTURES: With more than 80 patents, Scottsdale-based AvaDent creates digital dentures that offer up to eight times greater strength than traditionally fabricated dentures.
AEROSPACE FASTENERS: Chandler-based Pilgrim Aerospace has been dedicated to providing customers with first-rate fasteners since 1932.
I’m an author. Amateur chef. Athlete. Ironman. But the role I enjoy most is being able to utilize this magazine to cast a spotlight on Arizona’s business community.
Michael Gossie, Editor in chief AZ Big Media
YOUR COMPLETE MULTIMEDIA SOLUTION!
Top 10 places to work in nonprofits
1 |
Casa
BANKING
Question: How are banks helping businesses prepare for and respond to potential economic downturns or market volatility?
Answer: Banks play a crucial role in helping businesses navigate economic uncertainties by providing a wide range of strategic services:
• Stress testing and scenario analysis: Banks offer simulation tools to model different economic conditions, helping businesses identify vulnerabilities and develop contingency plans in response.
• Flexible financing options: Adjustable lines of credit and short-term loans support cash flow needs during periods of market fluctuation.
• Cash flow optimization tools: Advanced analytics can help businesses forecast, monitor, and manage cash flow more effectively in turbulent times.
• Industry-specific insights: Banks can provide sector-specific teams with the knowledge to help businesses make informed and timely decisions.
Jeffrey Miller
Executive
vice president
602-954-4840
jeffrey.miller@efirstbank.com
Question: What role do banks play in supporting businesses’ cybersecurity efforts beyond their own internal security measures?
Answer: Banks are crucial allies in combating cyber threats, leveraging their expertise and resources to help businesses strengthen their digital defenses. Here’s how:
• Cybersecurity education programs: Interactive workshops and online resources inform business owners about emerging threats and best practices.
• Fraud detection services: Advanced AI-powered monitoring systems analyze transactions in real time, alerting customers to potential fraudulent activities.
• Secure payment platforms: Encrypted, bank-backed payment systems protect businesses during financial transactions.
• Incident response support: Expert guidance and resources help businesses recover quickly and strengthen defenses after an attack.
Christina Ciaffone Senior vice president
602.508.4601
Christina.Ciaffone@efirstbank.com
M & A
Question: Why should business owners consider exit strategies for growth before they are ready to leave?
Sean Boland, CPA, president, DSB Rock Island: In reality, you’re always planning your exit. What I mean is you are going to sell your business at some point. To get the highest possible value, you have to know what is holding back growth.
Is it technology investment? Training? Staffing? Cash flow? Identify it.
And then, with a merger or sale, do you just want a payout eventually or do you want to ensure that your employees and clients continue to have a great experience after you exit?
Jon Cassens, CPA, partner, Business Services, DSB Rock Island: Right, I think too many transactions don’t offer a plan for that next generation of leaders. Owners can sell to a PE firm and stay on, but how will that affect the employees and the clients? Lack of growth leads business owners to consider a merger, but there are lots of ways to negotiate it so that the business grows strategically and independently.
SB: Yeah, so what matters to the owner? Maybe they have limited resources, but they still love what they do. A merger doesn’t have to mean that the owner leaves right away. It means reducing that operational burden.
JC: M&A often comes up if they can’t find the successor inside the business or the timeline doesn’t match. They need to plan for their employees and clients another way. What does that look like three to five years prior to a transaction and then after?
SB: Exactly, you don’t want a fire sale. You want time and options to pick the best buyer that fits your culture or your client base. So selling up to a larger company…there are more resources and less risk for the seller.
JC: Getting past the growth barrier is the strategic part of M&A for an owner who isn’t ready to exit or retire. With the right fit, you get expanded products or services and enhanced client service.
SB: Yeah, you want the right fit that will add value. And that takes thinking and time. Give yourself that time and talk to the right advisors who will walk you through all your options.
Contact: Sean Boland, CPA President, DSB Rock Island sboland@dsb-rockisland.com 612-359-9630
Contact: Jon Cassens, CPA Partner, Business Services, DSB Rock Island jcassens@dsb-rockisland.com 612-359-9630
Sean Boland
Jon Cassens
Midwest to Southwest
Connected. Proactive. Accessible.
For many snowbirds from the north, calling Arizona home isn’t unconventional, especially with the weather and tax climate. In fact, our advisors go south, too.
At DSB Rock Island, we go where you are. That’s unconventional. Whether you are a business owner or advisors like us seeking strategic B2B partnerships, DSB Rock Island is a comprehensive financial services firm for:
cAccounting, Tax & Advisory
cSuccession Planning
cM&A Transactions
cWealth Management
Plan your flight path with us.
LEADERSHIP PROFILE
REDEFINING LAW
Andy Kvesic helps form Aprio Legal, an innovative firm that is changing how clients receive professional services
By MICHAEL GOSSIE
Andy Kvesic wasn’t intending to change the course of the legal industry. It just kind of happened.
“It goes back to when we started Radix Law with this idea that we would be a very innovative alternative business structure law firm,” he says. “We were a business law firm at our core, but our vision was always to create a full-service professional services firm.”
Kvesic saw a way to complement legal services by incorporating things like taxes, accounting, and wealth planning.
“That was our strategic vision going in,” Kvesic says. “Along the way, we met Aprio, and they were telling the same story—but from the perspective of an accounting firm that wanted to plug into legal.”
So, while Kvesic wasn’t trying to position Radix Law for a potential merger, innovative companies have a knack for pivoting at the right time—and that’s exactly what Kvesic and Radix Law did.
“The timing was perfect in the sense that the visions of both Radix Law and Aprio—a business advisory, tax, and accounting firm—aligned in that what we each needed
from the other was exactly that missing puzzle piece,” Kvesic says. “That’s how the merger ended up coming together, and Aprio Legal was formed.”
The groundwork was laid when Radix Law became the first full-service business law firm to get an Alternative Business Structure (ABS) license in Arizona, allowing the firm to include non-lawyer ownership while still providing legal services.
“Now, we’re the first alternative business structure firm to combine with another alternative business structure,” Kvesic says, “with Aprio Legal being the first full-service business advisory firm that has all of those disciplines under one roof. It’s pretty special.”
Aprio Legal becomes the first organization in the country to reimagine the client experience by offering entrepreneurs and business owners a onestop destination to address both business and legal challenges with forward-thinking solutions. Clients can seamlessly connect with experienced tax advisors, CPAs, transaction advisors, wealth advisors, and
attorneys in one place—empowering them to grow their businesses with confidence.
“We didn’t do this to be the first. It just happened that way,” Kvesic says. “It comes back to our core belief that there was a better way to deliver professional services to clients—bringing all those services under one roof. We’re entrepreneurs ourselves. We’re innovators ourselves. And we were passionate about this idea because we saw a need in the market to put clients at the center of the professional services universe. We just went for it. We happened to be the first, which wasn’t easy—it’s new territory—but we were built for it.”
Now, Kvesic is fielding calls from other attorneys looking to follow his innovative path.
“One of the most surprising things has been the very positive reception from the legal community,” Kvesic says. “We’re getting a lot of calls from other firms interested in how we did it. Some even want to be part of it, saying, ‘This is a brilliant idea. Is there an opportunity for us to potentially become part of Aprio Legal?’”
ANDY KVESIC: “From the attorney’s perspectives, Aprio Legal helps differentiates them from every other law firm in the sense that you can deliver a more holistic professional services offering to your clients,” says the CEO of Aprio Legal. (Photo by Bruce Andersen, Az Business, a publication of AZ Big Media)
Arizona’s Most Admired Companies of 2025
By MICHAEL GOSSIE
Identifying Arizona’s Most Admired Companies of 2025 shines a spotlight on organizations that lead with innovation, integrity, and impact. These companies set the standard for excellence in workplace culture, leadership and community involvement — serving as an inspiration for others to raise the bar and contribute meaningfully to Arizona’s economic and social success.
“The qualities recognized by the Arizona’s Most Admired Companies program are the characteristics that build great companies,” says Amy Lindsey, publisher of AZ Big Media, which publishes Az Business magazine—the publication that co-founded the Most Admired Companies program alongside BestCompaniesAZ. “The companies honored with this award truly represent the best of the best in Arizona. They are the organizations others should emulate and aspire to become.”
Az Business magazine and BestCompaniesAZ team up annually to present the Most Admired Companies program. Its primary goal is to identify and honor organizations that excel in five key areas:
• Customer Opinion
• Innovation
• Leadership Excellence
• Social Responsibility
• Workplace Culture
A selection committee composed of Az Business magazine’s editorial board, BestCompaniesAZ’s leadership team and professionals from a wide range of industries evaluated nominees based on these five pillars of excellence to determine the most accomplished and prestigious companies in Arizona.
With hundreds of companies vying for recognition, being named one of Arizona’s Most Admired Companies of 2025 proves that the organizations featured in the pages that follow represent the very best in Arizona business.
Do you lead one of Arizona’s Most Admired Companies? Do you work for or do business with a company you think deserves the title? Nominate a company for the 2026 Most Admired Companies awards at azbigmedia.com.
Arizona’s Most Admired Companies of 2025
AJAC (doing business as George Brazil
Plumbing and Electrical)
ASM
Achieve
Air2o
Aker Ink
Burch & Cracchiolo
CHASSE Building Team
Cannon & Wendt Electric Co.
Canyon State Electric
City of Hope Phoenix
Clayco
Cohere
Concord General Contracting
CopperPoint Insurance Companies
Creation
Cresa
DP Electric
Delta Dental of Arizona
Desert Financial Credit Union
Donor Network of Arizona
Enterprise Bank & Trust
Evolve PR & Marketing
Fiesta Sports Foundation
FirstBank
Greenberg Traurig
Habitat for Humanity Central Arizona
Haydon
KUBRA
Kovach Enclosure Systems
LAVIDGE
LGE Design Build
Lerner and Rowe Injury Attorneys
Lokahi
Marsh McLennan Agency Arizona
Mortenson
Northern Trust
Nox Group
OneAZ Credit Union
Plexus Worldwide
Rafi Law Group
SSC Underground
Small Giants
Spencer Fane
StrataTech Education Group
Sundt Construction
Toro Insurance Group
Total Care Connections
TriWest Healthcare Alliance
TruWest Credit Union
Tutera Medical and Sottopelle
Willmeng Construction
Most Admired Companies 2025
Achieve
Top Arizona executive: Heather Marcom, senior vice president of human resources
What it does: Achieve provides debt consolidation and resolution services, personal loans, home equity loans, and user-friendly financial apps.
Workplace culture: Achieve’s core values—Care, Get Better, Act with Integrity, and Collaborate—shape its inclusive, supportive culture, empowering employees to do their best work. The company prioritizes career growth and development, providing more than 76,000 hours of employee training and filling over 30% of positions internally through promotions or lateral moves. Through its partnership with Rio Salado Community College, 2,023 employees have earned 19,408 college credits — valued at $1,657,887.
ASM
Top Arizona executives: Steve Reiter and Paul Ma What it does: ASM designs, manufactures and services semiconductor equipment.
Community impact: ASM has launched a multi-year, $300,000 partnership with The Nature Conservancy to fund critical Arizona conservation projects, including the Restoring Flows program, which helps modernize local farm irrigation systems and restore water flow to the Verde River — vital to the Metro Phoenix area. ASM also committed $240,000 over several years to the Arizona Sustainability Alliance, supporting urban tree planting and conservation education — the largest corporate donation in AZSA’s history.
AJAC (dba George Brazil Plumbing and Electrical)
Top Arizona executive: Marc Erpenbeck, president What it does: Provides residential plumbing and electrical service and repair.
Workplace culture: As an employee-owned company, George Brazil Plumbing and Electrical stands out as a leader in Arizona’s service industry. The company invests in continuous training and professional development, empowering employees to excel and grow their careers. With a strong commitment to high moral standards, teamwork, and quality service, George Brazil drives job creation, strengthens community trust, and improves lives — one employee, one home, and one act of service at a time.
Most Admired Companies 2025
Air2O
Top Arizona executive: Mike Sullivan, CEO
What it does: Air2O offers HVAC solutions for mission-critical industries.
Innovative trait: Air2O is a pioneer and leader in the development of thermal management technologies, particularly suited to cooling large-scale facilities such as data centers, lithium-ion battery manufacturing plants and indoor agriculture facilities. These facilities must meet exacting standards in some of the harshest environments, from extreme cold to extreme heat and ultra-low humidity. As such, every unit Air2O builds is, to a great extent, custom. That puts innovation front and center as Air2O is continually called upon to solve the unique challenges associated with every microclimate, within the exacting tolerances required by precision-driven manufacturing, technology operations, and agriculture.
Burch & Cracchiolo
Top Arizona executive: Susie Ingold, president
What it does: Burch & Cracchiolo is a full-service law firm.
Workplace culture: In 2019 Burch & Cracchiolo relaxed its dress code to make every day Casual Friday when not going to court or meeting directly with clients. This is a definite break from the traditional stiff law firm stereotype.
Innovative trait: Burch & Cracchiolo is currently integrating Artificial Intelligence (AI) into its research, practice management, courtroom presentations, marketing and billing procedures. The attorneys at Burch & Cracchiolo are developing policies for use and a statement to be used with clients regarding transparency about the firm’s applications. The future is now, and Burch & Cracchiolo is quickly adapting to enhance its client service.
Aker Ink
Top Arizona executive: Andrea Aker, founder
What it does: Aker Ink is an integrated PR and marketing agency.
Leadership excellence: What started as a traditional PR and content-focused agency in 2007 has blossomed into a highly respected, fully integrated PR and marketing agency. Aker Ink is trusted to resolve complex communication and business development challenges, from new market penetration and rebranding to corporate restructurings and crisis management. Companies seek out Aker Ink for strategic support and partnership. Technological advancements from the past 18 years have been vast, and Aker’s commitment to continually stay abreast of these advancements and ensure the team receives the latest education and training have helped solidify the firm as an industry leader.
Most Admired Companies 2025
CHASSE Building Team
Top Arizona executive: Barry Chasse, founder and president
What it does: CHASSE Building Team is a general contractor with offices in Phoenix and Tucson.
Workplace culture: From the moment you arrive at CHASSE, you’ll notice the company does things differently. There are no offices — not even for its president — because CHASSE believes collaboration and open communication are more powerful than titles and walls. CHASSE honors big wins and personal milestones. Five-year anniversaries come with a custom bobblehead. Project wins? CHASSE ring the cowbell. Birthdays? Better believe they’ll be celebrating. CHASSE invest in its people through career development and opportunities to volunteer alongside teammates, friends and family.
Cannon & Wendt Electric Co.
Top Arizona executive: Shane Snyder, president
What it does: Cannon & Wendt Electric is one of the largest electrical subcontractors in Arizona.
Leadership excellence: Snyder, continues to lead the company into higher profits, greater territories, and new partnerships. Snyder, having started as a wireman with the company in 1994, has worked his way up the rankings and has seen all facets of the company. Throughout his tenure at Cannon & Wendt, Snyder has held positions as a journeyman wireman, foreman, project manager, division manager and executive vice president. This last year, Snyder has led Cannon & Wendt’s growth to over 600 employees and has seen a 15% increase in profit over the prior year.
Canyon State Electric
Top Arizona executives: CEOs Stephanie Maderazzo-Hughes and Chris Maderazzo
What it does: CSE is a leader in electrical construction. Innovative traits: CSE’s leadership has prioritized building an innovative workplace by embracing advanced technologies and methodologies. The company’s adoption of virtual design and construction (VDC) techniques, combined with cutting-edge safety innovations, underscores its forward-thinking approach. For example, prefabrication methods allow the company to fabricate and install over one thousand racks per week on fast-paced data center projects. Safety is also a significant area of innovation, including mental health training and support, hydration backpacks for field electricians, and partnerships with Mobile IV Nurses to provide immediate care for employees showing symptoms of heat exhaustion in the summer months.
Alan H. Bryce, M.D. Chief Clinical Officer and Medical Oncologist (GU), City of Hope Phoenix
What happens in our lab doesn’t stay in our lab. We bring our cancer discoveries to you.
With cancer, speed matters. Our cancer discoveries move from our lab to your life, delivering leading‑edge treatments directly to you. In the hands of one of the nation’s largest and most advanced cancer research and treatment organizations, we are outpacing cancer with the urgency every diagnosis deserves.
Pursuing cancer cures at the speed of life. Make an appointment now. cityofhope.org/phoenix
Most Admired Companies 2025
Desert Financial Credit Union
Top Arizona executive: Jeffrey Meshey, CEO
What it does: Desert Financial Credit Union provides financial services to its members.
Workplace culture: Desert Financial is committed to cultivating diversity, equity, inclusion and accessibility, also known as DEIA. According to an internal employee survey, 95% of employees believe the organization promotes this culture of inclusion and diversity. Desert Financial offers Employee Resource Groups (ERG), including Mental Wellness Advocates, Multicultural and Professional Development. Each group has initiatives that give employees an opportunity to share their stories, learn from others and break down barriers. In 2024, the ERGs had over 300 employees participating.
Donor Network of Arizona
Top Arizona executive: Kathy Mills, president and CEO
What it does: Donor Network of Arizona coordinates organ and tissue donation.
Leadership excellence: Donor Network of Arizona (DNA) has long been guided by a dedicated executive leadership team, consistently steering the organization through periods of growth, transformation and innovation. This new chapter of change is marked by the advancement of President and CEO Kathy Mills, who brings a renewed commitment to furthering DNA’s mission with greater efficiency and impact. As Mills shares, “I have made donation in Arizona my life’s work.”
Enterprise Bank & Trust
Top Arizona executive: Brian Crisp, president, Arizona Region
What it does: Enterprise Bank & Trust is a growing financial services partner.
Community impact: Workplace culture: At Enterprise, workplace culture reflects its team of engaged professionals who are passionate about building meaningful client relationships and promoting financial literacy for all, particularly among small businesses and business leaders from historically underserved demographics and regions. With a collaborative approach to positioning clients to achieve their financial goals, Enterprise’s team consists of diverse and inclusive individuals who bring a wide array of understanding to both clients and colleagues.
Most Admired Companies 2025
Evolve PR & Marketing
Top Arizona executive: Jennifer Kaplan, founder
What it does: Evolve PR & Marketing is Arizona’s largest public relations firm.
Customer opinion: “Evolve’s public relations team has been nothing short of transformative for TruWest Credit Union,” says a TruWest Credit Union spokesperson. “Their strategic approach and unwavering dedication have propelled our brand to new heights, expanding our reach and impact within the community. Through their innovative PR campaigns and media outreach efforts, Evolve has provided invaluable avenues for us to not only showcase our products and services but also educate the public on financial literacy.”
FirstBank
Top Arizona executive: Joel Johnson, East Valley market president
What it does: FirstBank began providing banking services in 1963.
Workplace culture: FirstBank prioritizes the well-being of employees, customerscand communities. FirstBank fosters a supportive work environment where employees advance through clear internal promotion paths and flexible scheduling that helps balance work with family needs and education. This approach creates opportunities for talent development while acknowledging employees’ responsibilities. They also offer several professional development opportunities, ranging from its Elevate Leadership Program to tuition reimbursement, which has supplied nearly $7 million in education support for employees to promote personal and professional goals.
Fiesta Sports Foundation
Top Arizona executive: Erik Moses, executive director and CEO
What it does: The Fiesta Sports Foundation creates unforgettable experiences through world-class sporting events and life-changing community impact.
Community impact: The Fiesta Sports Foundation has donated $32 million directly into Arizona communities over the last 14 years through impactful, statewide giving initiatives in youth, sports and education. A flagship of the Foundation is the Palo Verde Fiesta Sports Foundation Wishes for Teachers program, Arizona’s largest and most robust annual teacher support initiative, marking its 10th year in 2025. Since 2016, the program has donated $8.25 million to more than 2,600 teachers.
Most Admired Companies 2025
City of Hope Phoenix
Top Arizona Executive: Alan Bryce, MD
What it Does: Comprehensive cancer hospital in Goodyear, with outpatient locations in Gilbert, North Phoenix, and Scottsdale.
Innovative Trait: City of Hope has partnered with the Translational Genomics Research Institute (TGen) in Arizona to accelerate the pace at which scientific discoveries are translated into patient treatments. Together, they are focused on creating the cures of tomorrow for the patients who need them today. City of Hope is a leader in bone marrow transplantation, hematologic malignancies, select solid tumors and diabetes care.
Clayco
Top Arizona executive: Ryan Abbott, president, Southwest Region
What it does: Clayco is a full-service, turnkey real estate, architecture, engineering, design-build and construction firm.
Workplace culture: The workplace culture at Clayco’s Phoenix office is innovative, high-energy, and growth oriented, future facing. What sets Clayco apart is its unwavering commitment to investing in its people, recognizing that they are the driving force behind the company’s success. Clayco understands that a thriving workplace culture is essential for attracting and retaining top talent, fostering creativity, and achieving sustainable growth.
Cohere
Top Arizona executive: Todd Hornback, CEO
What it does: Cohere is a placemaking and community management firm.
Leadership excellence: Cohere is led by two deeply empathetic, purpose-driven leaders: CEO Todd Hornback and Chief Experience Office Jennifer A. Barefoot. Together, they share a deep belief that in today’s increasingly disconnected world, neighborhoods can, and should, serve as the antidote to loneliness. Both Hornback and Barefoot are united in a mission to foster human connection, one masterplanned community at a time. They believe that vibrant neighborhoods don’t just happen, they’re built with intention and nurtured through thoughtful leadership.
Concord General Contracting
Top Arizona executive: Greene Martacho, CEO
What it does: Concord is a general contractor.
Leadership excellence: With offices in Mesa, Tucson and Lake Havasu City, Concord’s Arizona-based leaders are boots-on-theground visionaries who bring decades of experience and heart to everything they do. The leadership is committed to transparency, mentorship and empowering every employee-owner to have a voice. They are hands-on mentors who lead with intention, challenge with care, and model our core values in every decision. From the CEO to project managers, Concord’s leaders are unified in cultivating a culture that’s collaborative, trusting and purpose-driven.
Most Admired Companies 2025
Greenberg Traurig
Top Arizona executives: Nicole Goodwin and Jeremy Zangara, co-managing shareholder
What it does: Greenberg Traurig delivers high-quality, costeffective legal services.
Community impact:
Workplace culture: You might say that GT Phoenix loves its competition. The annual cornhole tournament coincides with the NFL playoffs with the final game held the Friday before Super Bowl weekend. The popular festivities include a chili cook-off contest, while everyone sports their favorite football jerseys, and waits for the declaration of the cornhole tournament winner. GT Phoenix continues its competitive streak with an annual themed summer bowling night — an event attorneys and staff look forward to every year.
Haydon
Top Arizona executive: Katie Haydon, president and CEO
What it does: Hayden offers all-in-one construction solutions.
Leadership excellence: At Haydon, strong leadership is the foundation of how it turns clients’ goals into reality. Haydon’s management approach is built on proactive planning, direct communication and empowered decision-making. Owners are actively involved and equipped to make timely, effective decisions, ensuring a high level of responsiveness while leveraging the full resources, stability, and expertise of the organization. This allows Haydon to maintain the agility of a smaller firm without compromising on capability. Haydon’s leadership views people as its greatest asset.
Habitat for Humanity Central Arizona
Top Arizona executive: Todd Rogers, CEO
What it does: Habitat for Humanity Central Arizona is a nonprofit organization dedicated to building safe, decent, and affordable homes.
Social responsibility: Engagement is at the heart of Habitat’s mission. As a recognized leader in corporate and social responsibility, Habitat seeks to inspire and engage others in efforts that result in substantial positive impacts on the community, firmly establishing the organization’s role in building a stronger Arizona. Through this collaborative spirit, Habitat empowers others to join in our mission, ensuring that our collective efforts lead to long-lasting change.
Most Admired Companies 2025
KUBRA
Top Arizona executive: Rick Watkin, president and CEO
What it does: KUBRA delivers customer communications solutions to some of the largest utility, insurance, and government entities across North America.
Workplace culture: KUBRA’s dynamic workplace is complemented by physical workplace amenities such as sit-stand desks, open lunchrooms, training rooms and areas for collaboration and creativity. Employee-driven programs like Tech Guilds promote knowledge-sharing among teams to adapt to emerging technologies, while recognition programs like the peer-nominated Donut Award and executive-selected Gold Standard Awards celebrate employee achievements and positive contributions. Additionally, employee-led cultural celebrations paired with an annual Great Place to Work event, strengthen connections.
Kovach Enclosure Systems
Top Arizona executive: Brad Wright, president
What it does: Kovach designs, manufactures and installs high-performance panel and glazing systems for commercial building enclosures.
Leadership excellence: Kovach’s leadership in Arizona exemplifies the power of vision-driven management, sustained excellence, and an unwavering commitment to people. For over 55 years, Kovach has thrived under a leadership team that understands growth is not just about expansion, but about investing in people, quality, and innovation. This philosophy has propelled the company to over $107 million in sales in 2024 and supported the growth of 125,000 square feet of manufacturing space — an indicator of their operational and strategic strength.
LAVIDGE
Top Arizona executive: Bill Lavidge, CEO
What it does: LAVIDGE, a full-service advertising, marketing, public relations and digital agency.
Leadership excellence: LAVIDGE’s transparent leadership model has led to a positive company culture and successful results for clients. At the head of the organization is Bill Lavidge, CEO, who released majority of his ownership in 2017 to create an ESOP where LAVIDGE employees owned 51% of the company. As a leader, Lavidge had the foresight to grant employee ownership and empowered all staff to take stake in the success of the organization. Now, in 2025, LAVIDGE is 100% employee owned strengthening that mission even further.
Most Admired Companies 2025
CopperPoint Insurance Companies
Top Arizona Executive: Marc Schmittlein, CEO and executive chair
What It Does: CopperPoint is a specialty insurance company.
Leadership Excellence: In 2016, CopperPoint’s leadership set a bold vision: to redefine what great insurance looks like and to deliver that elevated experience to more communities. This vision has driven significant transformation and growth, including the development of an innovative platform and the acquisition and integration of PacificComp in 2017 and Alaska National in 2019. CopperPoint has expanded its capabilities to better serve policyholders while bringing culturally aligned organizations into the CopperPoint family.
Cresa
Top Arizona Executive: Scott Maxwell, managing principal
What It Does: Cresa is the world’s largest commercial real estate advisory firm exclusively representing occupiers.
Customer Focus: Cresa’s culture is built on the belief that employee satisfaction directly drives client success. By fostering a positive, collaborative, and values-driven workplace, Cresa empowers its teams to deliver exceptional client service. The firm prioritizes consistent, transparent communication—both internally and externally—allowing it to anticipate challenges and proactively minimize disruptions in service delivery.
DP Electric
Top Arizona Executive: Danielle Puente, president
What it does: DP Electric is a premier commercial electrical contractor.
Leadership excellence: DP Electric’s leadership in Arizona is defined by vision, integrity, and a deep-rooted commitment to our people. President Danielle Puente leads the company with a forward-thinking mindset, driving innovation while preserving the core values that have guided DP Electric since its founding in 1990. Under her leadership, the company has experienced exponential growth, expanded into new markets, and continued to cultivate a strong internal culture.
Delta Dental of Arizona
Top Arizona Executive: Michael Jones, president and CEO
What it does: Delta Dental of Arizona provides affordable dental and vision benefits to individuals, families and businesses.
Workplace culture: In 2025, Delta Dental of Arizona earned the Healthy Arizona Worksites Program Award for the ninth consecutive year, a testament to its unwavering commitment to employee well-being, their families and the broader community. Plus, the company achieved the Platinum Award, which is awarded to businesses that contribute to address health challenges within their workplaces and throughout Arizona communities.
Most Admired Companies 2025
Lerner and Rowe Injury Attorneys
Top Arizona executive: Kevin Rowe, founding attorney
What it does: Lerner and Rowe is a personal injury law firm.
Community impact: The firm’s commitment to giving back is formalized through the Lerner and Rowe Gives Back foundation, which supports hundreds of nonprofit organizations across Arizona. From sponsoring food drives and back-to-school events to funding grants, feeding thousands annually with Thanksgiving meal giveaways, and providing support to military and first responders, Lerner and Rowe is deeply engaged in improving lives. The firm participates in dozens of community events annually and provides volunteer hours for community initiatives throughout the year.
Lokahi
Top Arizona executive: Jamie Ann Blakeman, founder
What it does: Lōkahi is a civil and traffic engineering firm focused on enhancing community mobility and connectivity.
Leadership excellence: Lōkahi holds the belief that people do their best work when they’re connected to purpose. That belief shapes how executives at Lōkahi lead—within its team, with its partners and across every project. Lōkahi’s leadership approach is rooted in creating a culture where curiosity, creativity and growth are encouraged. Lōkahi empowers individuals to bring their full selves to the work, take initiative and explore new ideas. This leads to stronger collaboration, greater innovation and more meaningful results.
Marsh McLennan Agency Arizona
Top Arizona executive: Jody Sarchett, president and CEO
What it does: Marsh McLennan Agency (MMA) provides business insurance, risk management solutions, alternative risk financing, bonds and surety services, and employee benefits.
Innovative trait: To address the growing threat of cyberattacks, MMA developed a comprehensive Cyber Resilience service that goes beyond traditional insurance coverage. This offering evaluates an organization’s full spectrum of cyber risks— including network security, data privacy, software, and technology—and delivers a tailored, actionable plan. By taking a holistic approach, MMA equips businesses with the tools and strategies they need to effectively mitigate cyber risks.
Most Admired Companies 2025
Mortenson
Top Arizona executive: Ben Goetter, vice president and general manager
What it does: Mortenson is a builder and developer.
Workplace culture: A critical component of Mortenson’s culture has been the implementation of a company-wide LeadBLU program, a comprehensive and inclusive approach to leadership development designed to support Mortenson’s professional growth culture for every single team member. Locally, the importance of coaching and career development is a priority. Some tools Mortenson uses to maximize career growth and workplace culture include performance workshops, mid-year career development discussions, career sponsors, mentors and discovery insights/ high[performing teams programs.
Nox Group
Top Arizona executive: Justin Martin, CEO
What it does: Nox Group is a construction enterprise managing the full lifecycle of large-scale industrial projects.
Leadership excellence: Nox Group emerged from Corbins, an Arizonabased electrical contractor with a 50-year legacy in data centers and semiconductors. CEO Justin Martin, who joined in 2012 and became CEO in 2018, has driven rapid growth through innovation and a values-based leadership style. Known as a “culture warrior,” Martin has prioritized workplace development. Nox Group supports employees through initiatives like its Elevate Leadership Program and tuition reimbursement, investing nearly $7 million in education assistance to help team members achieve personal and professional goals.
Northern Trust
Top Arizona executive: Mike O’Grady, chairman and CEO
What it does: Northern Trust is a financial institution that has been in continuous operation since 1889.
Community impact: At Northern Trust, its team prides itself on their societal contributions and the impact Northern Trust makes in the community. Northern Trust’s reach goes well across the state of Arizona, supporting the foundations for multiple universities, veterans and more. Being able to have its partners get involved and having the company support this effort through two days of volunteer time off shows that Northern Trust truly believes what it says.
Most Admired Companies 2025
Creation
Top Arizona Executives: David Sellers and Bob Agahi, founders
What it does: Creation is a forward-thinking real estate development company.
Customer opinion: The firm’s Arizona projects consistently garner praise. Midway Commerce Center was a 2025 RED Award finalist for Best Industrial Project, while Airpark Logistics Center earned a 2024 RED Award finalist nod in the same category. Tell Your Friends, Creation’s standout cocktail bar, was named a 2025 RED Award finalist for Best Restaurant Project. Additionally, Creation’s leadership has been recognized nationally with inclusion in GlobeSt.’s 2024 list of Best CRE Bosses.
LGE Design Build
Top Arizona Executive: David Sellers, CEO
What it does: LGE Design Build is a design-build construction firm.
Leadership excellence: Sellers’ commitment to pushing boundaries has led to high-profile collaborations with municipalities such as the City of Phoenix, City of Scottsdale, Town of Gilbert, Town of Queen Creek and City of Tempe, among others, with notable projects including Heritage Park in Gilbert, The Switchyard in Queen Creek, Source Business Center in Tempe, Park Algodon in Phoenix, Thunderbird Commerce Park in Scottsdale and more. His dedication to excellence has made LGE synonymous with quality and reliability in the built environment.
Most Admired Companies 2025
OneAZ Credit Union
Top Arizona Executive: Mike Boden, interim CEO
What it does: OneAZ has been recognized as one of the best financial institutions in the state by Forbes and Newsweek.
Community impact: OneAZ serves as a catalyst for positive changes in diverse communities across the state. In 2024, OneAZ strengthened Arizona’s economy and made Arizonans’ dreams come true by providing over $130 million in loans to Latino families and $113 million in new loans for small businesses. OneAZ also provided over $230,000 in donations to Arizona nonprofit organizations.
Workplace culture: OneAZ was nameds the nation’s No. 1 Healthiest Workplace by Healthiest Employers.
Plexus Worldwide
Top Arizona Executive: Tarl Robinson, co-founder and CEO
What it does: Plexus Worldwide is a pioneer in the gut health space, providing products that support whole-body wellness from the inside out.
Community impact: Plexus is deeply committed to fostering hope, health and happiness through impactful philanthropy that reaches local, national and global communities. Through initiatives like the Nourish One program— providing over 44 million meals globally in partnership with Feeding America — and campaigns like the annual Pima Center Community Walk supporting Phoenix Children’s Hospital, Plexus empowers customers and team members alike to give back to the communities it serves.
Most Admired Companies 2025
Rafi Law Group
Top Arizona executive: Brandon B. Rafi, founder
What it does: Rafi Law Group is one of Arizona’s premier personal injury law firms.
Community impact: Rafi Law Group has served more than 50,000 Arizonans with trusted legal care. The firm’s mission is rooted in service, both in and out of the office. Its values of compassion, excellence and respect shape every client interaction and guide internal culture. Through Rafi’s Hope, the firm has donated over $248,000 and volunteered more than 700 hours in 2025 alone. These efforts support children, families, and schools across the state.
Small Giants
Top Arizona executive: Danielle Feroleto, president and CEO
What it does: Small Giants is a full-service creative marketing agency serving the AEC and CRE industries.
Leadership excellence: Small Giants is a Certified WomanOwned Business and Feroleto is involved in various industry and professional organizations. Small Giants is a leader in its industry, helping clients build their brand worth. The company also invests in education and training — including its work with The Academy for Construction Excellence. Small Giants launched The Academy last year, offering high-quality trainings on topics ranging from technical skills, interview preparation and leadership development for companies of all sizes.its greatest asset.
SSC Underground
Top Arizona executive: Arvid Veidmark III, president
What it does: Specialized Services Company (SSC) Underground is one of Arizona’s leading underground construction companies.
Leadership excellence: President Arvid Veidmark III has more than 30 years of hands-on experience designing, estimating, and managing trenchless underground construction projects for large municipalities, as well as private and public corporations. His success in business has been recognized with SSC receiving several awards, including Equipment World’s “Contractor of the Year,” he was the recipient of the Ruben P. Orona Damage Prevention Ambassador Award and is current director of the Arizona Chapter of National Utility Contractors Association.
Most Admired Companies 2025
Spencer Fane
Top Arizona executive: David E. Funkhouser, office managing partner
What it does: Spencer Fane offers legal services geared toward excelling in workplace culture, as well as protecting and advancing business and personal interests.
Workplace culture: In an environment often driven by the billable hour, Spencer Fane layers the structural components of a progressive, high-functioning practice with the individual personalities and strengths of each legal professional. This mentality propels the culture to thrive across a national footprint not from heavy-handed mandates from leadership but rather through naturally shared values and a commitment to delivering results for clients in an efficient and effective manner.
Sundt Construction
Top Arizona executive: Mike Hoover, chairman and CEO
What it does: Sundt Construction is one of the country’s largest and most respected general contractors.
Workplace culture: In addition to being a leader in training and craft workforce development, Sundt is one of the top 30 employee-owned companies in the country out of more than 6,500 overall. Unlike most, Sundt is 100 percent employeeowned – from the company’s skilled craft professionals to its administrative staff. Because everyone at Sundt is a part owner, the company’s people are deeply invested in their work, and everyone has a voice.development opportunities, ranging from its Elevate Leadership Program to tuition reimbursement, which has supplied nearly $7 million in education support for employees to promote personal and professional goals.
StrataTech
Education Group
Top Arizona executive: Mary Kelly, CEO
What it does: StrataTech Education Group focuses on the education, growth and development of specialized career education schools, particularly skilled-trade programs. Innovative trait: Focused on filling the country’s growing labor shortage, StrataTech offers dozens of programs designed to meet skilled trade employers’ latest and greatest demands. Most recently, StrataTech is launching two new programs in Houston and one new program in Jacksonville. The Associate of Occupational Studies (AOS) in Welding Technology and Associate in Applied Science (AAS) in Welding Inspection and Quality Management will be available for students to generate more opportunities in the skilled trades.
Local Knowledge – National Reach
Spencer Fane Phoenix is honored to be named a finalist in the 2025 Most Admired Companies in Arizona Awards.
With a team of more than 70 local attorneys and business professionals, and more than 600 attorneys in 30 locations nationally, Spencer Fane is positioned to advise clients on a wide range of legal issues. Whether you’re in the courtroom, boardroom, or living room, we’re here to protect what matters most.
To us value is a simple proposition. We add it every day in all we do.
Most Admired Companies 2025
Toro Insurance Group
Top Arizona executive: Mike Gallaugher, owner and president
What it does: Toro Insurance Group is committed to protecting and empowering clients through personalized insurance solutions.
Leadership excellence: Since founding Toro Insurance Group in 2018, Gallaugher has led with a vision centered on innovation, operational excellence and a deep commitment to people—Toro’s clients, Toro’s team and the community Toro serves. With over a decade of experience in the insurance industry, Gallaugher has worked to reimagine the independent agency model by blending technology with personalized service to create a modern, clientfocused experience.
Total Care Connections
Top Arizona executive: Daniel Stringer, CEO
What it does: Total Care Connections is a home care provider — and much more.
Leadership excellence: Daniel Stringer founded Total Care Connections in 2009 and has since built one of Arizona’s most respected home care organizations. Under his visionary leadership, the company has received numerous accolades, including the Copper Cactus Small Business Leader of the Year and Business Growth Award. The company was on the Inc. 5000 list for seven consecutive years. In addition, Director of Nursing Danielle Stringer is known as Arizona’s youngest nurse practitioner—earning her master’s in nursing at just 18.
TriWest Healthcare Alliance
Top Arizona executive: David J. McIntyre Jr., CEO
What it does: TriWest Healthcare Alliance administers health care services for the nation’s military and veteran communities.
Leadership excellence: Many of TriWest’s leaders are former service members or come from military families, bringing firsthand understanding, empathy, and a deep commitment to those who serve. This shared background fosters a leadership culture rooted in humility, service-before-self, and mission-driven focus. Throughout the organization, leadership emphasizes empowering employees, fostering teamwork, and maintaining a strong sense of purpose in support of military and veteran communities.
Most Admired Companies 2025
TruWest Credit Union
Top
Arizona executive: Chris Kearney, president and CEO
What it does: TruWest Credit Union is a member-owned cooperative committed to providing financial solutions that empower individuals and businesses to achieve their goals.
Community impact: A cornerstone of TruWest’s community outreach is its longstanding partnership with Mesa Community College. Since 2019, TruWest has contributed over $135,000 to the college’s First Year Experience (FYE) program, which supports first-generation college students through scholarships, stipends, and leadership development opportunities. TruWest also provides financial literacy workshops to students and their families, equipping them with practical tools for lifelong financial well-being.
Willmeng Construction
Top Arizona executive: James Murphy, CEO
What it does: Willmeng is an Arizona-based commercial general contractor.
Community impact: Willmeng has made a tremendous impact on the economy, contributing to growth in industries such as industrial, aerospace, and municipal project capital improvements in Arizona. The company reported revenue from completed projects reaching over $1 billion in 2023 and $734.7 million in 2024. Impact on employees includes investing in culture, development (like The Willmeng Academy), diversity initiatives such as sponsoring international employees, and having a workforce that is 24% women, more than double the national construction industry average.
Tutera Medical and Sottopelle
Top Arizona executive: CarolAnn Tutera, CEO, president and co-founder
What it does: Tutera Medical offers a proprietary method of bioidentical hormone replacement pellet therapy (BHRT) for men and women, as part of the SottoPelle Method.
Innovative trait: The SottoPelle Method paved the way for pellet practices. Backed by 87 years of science, the SottoPelle Method expands the best practices in natural hormonal balance to benefit human health, with innovative protocols in disease prevention and age-management medicine. It aims to continue breaking new ground in brain health, mental wellness, and graceful aging as the leader in this field.
ENERGIZING ARIZONA BUSINESSES
SRP’s Business Demand Response Program helps prevent power outages during the busiest time of year and lowers operating costs for Arizona businesses
By ERIN THORBURN
There is a reason the saying “When one of us wins, we all win,” has withstood the test of time. In most cases it’s true, and Salt River Project’s (SRP) Business Demand Response Program was designed with this adage in mind. This initiative endeavors to simultaneously prevent power outages during the busiest time of year and lower operating costs for Arizona businesses. The result of organizations enrolling? A win-win (for everyone!), and no one knows this more than Grace Klawitter, strategic business account manager for SRP.
No cost with customizable options
A major plus of the SRP Business Demand Response Program — besides being cost-free — is its eligibility versatility. Commercial, institutional, industrial, educational, and municipal organizations are all eligible to sign up.
“The program essentially coordinates with these large customers across the Valley to curtail their load during the summer months when we have exceptionally high load on our grid,” Klawitter says.
Klawitter explains that notifications go out to all enrolled in the Business Demand Response Program from SRP’s partner Enel. Correspondence comes through via email,
Grace Klawitter
phone or SMS, depending on company preferences.
Once companies receive word it’s a good time to reduce their energy use, they can do so by eliminating areas such as nonessential lighting, modifying manufacturing processes, adjusting HVAC equipment and more.
Another benefit of the program; it’s not a one-size-fits-all option.
“We have different options like partial enrollment, full summer enrollment, or even testing the program out for one or two months,” Klawitter says, adding, “We continue to evolve programs to fit our customers’ needs.”
Valuable energy usage insights
To ensure business consumers are getting the most out of the Business Demand
Response Program, SRP and Enel X collaborate to deliver helpful and insightful tools.
“Depending on the program that [customers] are involved in, they get free, real-time energy use analytics,” Klawitter notes. “This allows them to dive in hour by hour to understand how machines or processes are working and how this equates to what energy is being used.”
Sustainability and savings
Ultimately, this knowledge empowers businesses to make smarter decisions and further work toward their sustainability goals.
“Customers that may feel like there are not a lot of avenues for them to engage in sustainability initiatives, find that this [program] is fantastic because everybody uses electricity — the greenest energy is the energy you don’t use,” Klawitter explains. Additionally, each participating business is assigned a dedicated, strategic energy manager (SEM).
“They are such a fantastic resource and can really help, especially if you have any sort of doubts or obstacles that you might see your facility facing,” Klawitter says.
To learn more about how the SRP Business Demand Response Program works and benefits business customers, visit SRP.net/ BDR.
RECOGNIZING SUCCESS
12 ways companies can utilize awards and accolades as powerful marketing tools and boost their bottom lines
By MICHAEL GOSSIE
You’ve done the work, you’ve submitted the nomination and you’ve gotten the good news that you are one of Arizona’s Most Admired Companies of 2025 — or you earned a different accolade. Congratulations! Now what?
“Don’t just put the award on the shelf to collect dust, incorporate the award recognition into your organization’s marketing and communications efforts,” says Abbie S. Fink, president of HMA Public Relations. “Include the information on your organization’s website, update your marketing materials, send out a news release announcing the recognition, and add it to your email signature. To be recognized by your industry
peers, professional associations and the media is a significant achievement, and you should capitalize on that accomplishment wherever possible.”
It’s not boastful or bragging when it is well-deserved, Fink says. Experts say highlighting achievements reinforces expertise, attracts new customers and strengthens loyalty among existing ones—ultimately boosting visibility and reputation.
Here is advice from Arizona’s most brilliant marketing minds on how businesses can leverage professional awards and accolades to boost their business and build toward even more future success:
JENNIFER ADLER, founder and CEO, Adler Public Relations:
“Winning a professional award like Most Admired Companies is not only a huge honor, but an opportunity that can be leveraged to build credibility. Companies and business leaders should promote accolades across their social media platforms, e-newsletters, and their website’s homepage and press section to maximize visibility. When permitted, issuing a press release also can generate valuable publicity and additional reach for the recognition, especially for national and high-profile awards that are particularly newsworthy. Additionally, leaders can spotlight wins in their bios, email signatures, pitch decks, and proposals to reinforce trust with prospects and partners. Like earned media coverage, awards are a form of third-party validation, so strategically and tastefully sharing them helps build brand equity and open doors to future opportunities.”
ABBIE FINK, president of HMA Public Relations
MELISSA DIGIANFILIPPO, founder and CEO, Proof Publicity:
“With 20 years of PR experience under my belt, I’ve seen firsthand how awards can open doors. Don’t just post once about the win and move on; Use the accolade as a launchpad to tell a bigger story about your culture, values, and why you stand out in your industry. Incorporate it into pitches, proposals, and even recruiting efforts. Recognition like this builds credibility, sparks conversation, and gives people a reason to pay attention - and that kind of buzz is invaluable for longterm success.”
ROBIN GRABER, PR director, The McRae Agency:
“The key is to view professional awards and accolades as part of a broader strategy to establish credibility and stand out in a crowded marketplace. We help our clients strategically integrate award wins across multiple channels to maximize their impact. This can include a press release, social media spotlights, website and email badges and incorporating the recognition into pitch decks and business proposals. These moments offer a chance to celebrate, reflect on what’s working, set new goals and keep building momentum. In short, an award win shouldn’t be seen as the finish line, but as a launchpad for what’s next.”
JENNIFER KAPLAN, CEO and president, evolve pr and marketing:
“Companies and business leaders can leverage professional awards by featuring them in marketing materials, social media, and various press to build credibility and trust with clients and stakeholders. Awards signal excellence, differentiate a brand from competitors, and enhance employee morale. Sharing the story behind the win can further humanize the brand and highlight company values. Strategically using accolades in pitches and proposals also helps attract clients, which can foster for future company growth.”
ANDREA AKER, CEO and president, Aker Ink:
“A fundamental component of PR strategies, awards provide thirdparty validation of a company’s innovation, service and thought leadership. Far more than trophies decorating a shelf, they’re an endorsement of achievement that attracts new business, top-tier talent and community partnerships. To gain a competitive advantage, companies should prominently showcase badges and news on all owned marketing channels – website, email and social media – and integrate into strategic communications, such as sales decks, capability overviews and recruitment packets. It’s important for leaders to understand the greater PR picture – it’s not just about personal recognition; it’s about positioning the entire organization for growth, reputational excellence and market influence.”
CHRISTINA KOLOMITZ, director of public relations, The James Agency:
“Don’t downplay your wins when they can work hard for your brand. Professional accolades are powerful tools to build credibility, increase visibility and support business growth. Share the news through thoughtful PR outreach, highlight the win on your website and keep the momentum going with engaging social media content — on LinkedIn and your company’s brandaligned platforms. Fold wins into sales materials, investor decks and recruiting efforts to strengthen your competitive edge. Take time to celebrate with your team and reinforce a strong, success-driven culture. Publicly, position the recognition as a clear signal of your brand’s quality, leadership and upward trajectory. Awards are assets, so don’t forget to treat them like they matter.”
MARKETING
ANGELA MENNINGER, CEO and founder, Flutter Public Relations:
“Earning recognition for outstanding work that reflects your company’s mission is an authentic moment to shine. There are dozens of tactical ways to tout a win, but the biggest impact comes from the storytelling around the award. Go ahead and mention it on your website or in your presentation deck – across all your marketing channels, for that matter. But don’t stop there. Explain why the award matters and how it exemplifies your company’s performance. Offering insight into what an award means in the context of your business is the real secret to leveraging hard-earned accolades to open doors and build your brand’s reputation.”
JULIET STRAKER, principal and chief strategist, marketingworx:
“Professional awards and accolades are great for building business credibility and showing what a company or business leader cares about. Begin by celebrating and sharing the news. Recognize wins with your team to help boost morale and show appreciation. Let clients, vendors, and trade partners know. To fully leverage, add honors to the company website, feature in email signatures, marketing materials, and announce on social media platforms. A press release helps spread the word further and can open doors to new opportunities. Awards offer a chance to tell your story, to stand out from competitors and generate future success.”
ROBYN PATTERSON, founder and president, Mack
“Professional awards and accolades can be a great way to grow your business when leveraged strategically. Instead of treating them like one-off announcements, think of them as part of your bigger brand story. You can work them into your website copy, sales decks, case studies, and social media posts. They instantly boost your credibility. When businesses consistently go after awards and back it up with great work, it creates a ripple effect: more recognition leads to more buzz, which leads to more opportunities. Just make sure the awards you’re aiming for make sense for your target audience and business goals.”
MELISSA A. SWADER, president and CEO, Ruby Red Media:
“This is one of the most overlooked opportunities in business. Awards and professional recognition are more than just shiny plaques. They are the hidden gems that position you for growth and future recognition. It can significantly enhance a company’s reputation, credibility, and market positioning by “telling your story” behind the win! By sharing this on as many public and social media platforms, it creates an emotional and authentic connection with your friends and colleagues.You can also use this in your business marketing, presentations, boost company and employee morale and most of all, use it to position yourself for ongoing business opportunities. What I tell many people today - A plaque on the wall is just decoration—until you share the story behind it. That’s when it becomes a legacy.”
JOSH WEISS, president, 10 to 1 Public Relations:
“Awards offer powerful thirdparty validation, boosting customer confidence and employee morale while attracting top talent. Leverage this recognition strategically and loudly. Announce your finalist status quickly with a press release, social media posts, and in newsletters. If you win, make a second announcement. If not, you’ve still gained your desired recognition.
Add award logos to your website and marketing materials even if you list ‘finalist’ underneath. Integrate accolades into future company announcements, branding yourself as an ‘award-winning company.’ This continuous promotion extends the award’s value beyond the event, reinforcing your industry leadership and credibility year-round.”
HOLLY MORGAN, chief
storyteller, Holly Morgan
Media:
“Most companies treat awards like decoration. Smart leaders treat them like rocket fuel. An accolade isn’t just recognition, it’s a credibility accelerator. Use it to drive headlines, build trust instantly, and open doors that were previously closed. The key? Don’t just announce it — activate it. Tie it to a trend, make it part of your origin story, and lead every pitch with it. Awards don’t sit on shelves, they close deals.”
RISK DEMANDS READINESS
What every leader needs to know about risk, cost and coverage in business insurance
By LUX BUTLER
From cyberattacks and climate events to workforce shifts and AI disruption, in 2025, business leaders face a fastchanging landscape of risks. Insurance is evolving to meet these new challenges, but rising premiums and more complex underwriting mean companies must be more proactive than ever. Experts say understanding this changing risk environment, adapting to digital-first tools, and avoiding common coverage mistakes are
key to protecting your bottom line.
“There’s a lot going on in the world,” says James Jorgensen, principal and executive vice president of business insurance at Marsh McLennan Agency in Arizona. “And I think a lot of business leaders are wondering how they can continue to invest and grow their business and take care of their colleagues and employees. Insurance is generally a very key component to that.”
The cybersecurity wake-up call
Cyber liability coverage is no longer optional for most businesses—it’s crucial. With ransomware, phishing, and data theft on the rise, companies are investing heavily in both preventive security and insurance that can help them respond when things go wrong.
“Cyber comes up almost every single day, every single article, every single periodical,” says Jorgensen. “You buy insurance hoping to never use it, but buy it when you don’t need it, because you want to have it when you need it.”
Bad actors can come from a number of places that many tech users don’t even realize—a weird email, a pop-up on a website, virtually anywhere. Business owners are saddled with the responsibility of educating their employees but also preparing for the worst. Mastercard recently reported that 46% of small and medium-sized businesses have experienced a cyberattack.
Aaron Parker, senior vice president of commercial insurance for MJ Insurance, echoes that sentiment. “Now they go into an industry event, or they read the news, or they’ve personally been impacted. They understand and appreciate—this risk is everywhere.”
Given the frequency and severity of cyber incidents, many businesses face total data loss or find their critical systems held hostage by hackers demanding ransoms well into six figures.
TOP 10
Insurers have taken notice and are increasingly hesitant to offer coverage for such high-stakes risks.
“Our largest claims right now are cyber,” says Jack Bennett, president and founder of Bennett & Porter Wealth Management and Insurance. “And I think in the future it will be uninsurable.”
He adds, “The difficulty for a lot of these companies is even knowing they’ve been hacked. They’re sitting in your servers, they’ve already copied all your data, and then maybe they threaten you.”
AI-driven underwriting and automation
Artificial intelligence is shaking up how policies are quoted, priced, and even serviced. From satellite imaging for property inspections to automated quoting for small businesses, AI is making insurance faster—but at the same time, also less personal.
“The largest trend is the integration of AI into the model for quoting and rates from the insurance companies,” says Bennett. “We’ll see this trend with all the insurance companies. AI will be able to do all of it very, very quickly.”
There’s a trade-off with every great invention, and AI underwriting is no exception.
INSURANCE BROKERS IN ARIZONA
Here are the Top 10 insurance brokers in Arizona, based on public voting for the 2025 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll.
Traditionally, business owners could call their broker and negotiate a deal. Brokers were part salesperson, part advocate, working to balance the client’s needs with the insurer’s priorities. 1 3 2
Navigating the business insurance landscape will require more than just good coverage for today’s business leader.”
With AI-driven underwriting, that human element disappears. Algorithms don’t bargain, and flexibility at the negotiation table turns into rigid, data-driven decisionmaking.
Parker notes that AI also introduces risk in how decisions are made. “Where some folks have opportunities to grow, develop, learn, they are now in an environment where they’re either being required to rely on the AI tools or risk missing context.”
Remote work and new exposures
The pandemic upended traditional work structures, and the insurance industry is still catching up to hybrid and remote realities. This shift affects everything from workers’ compensation to cyber risk.
“We found that there was a real difference between companies that couldn’t work remotely or had to find a way to work remotely very, very quickly,” Jorgensen says. “Cyber exposures did go through the roof.”
Of the many obstacles businesses had to navigate during the pandemic, the silent killer continues to be cyberattacks. The pandemic put workers in every industry, no matter the security level, in new working environments. These new settings did not have the barriers and protections business owners and insurers had structured around traditional workspaces.
Home Wi-Fi networks and unsecured devices became gateways for bad actors, leaving businesses vulnerable in ways they
hadn’t anticipated. According to the FBI, reported cybercrimes surged by 300% during this period, underscoring the scale of the threat.
“Coverage isn’t moving fast enough to address remote work,” says Bennett. “The heartbeat of America is small business owners, and they don’t have the knowledge, they don’t have the manpower, and they don’t have the capital that it takes to really do it the right way.”
Climate change, catastrophes and cost
While Arizona is relatively insulated from many major weather-related disasters, wildfire and extreme heat still pose growing risks, and climate-related costs are affecting business insurance rates across the board.
“We’re seeing significant terms and conditions changes related to weather trends,” says Parker. “Favorable terms and conditions have become far less able to be obtained over time.”
Similar to cyber liability, insurers are recognizing the unpredictability of the environment and don’t feel they can recover the funds they are spending to repair businesses that are the most affected. As a result, more and more institutions are charging more and covering less.
“You’re going to find insurance companies making adjustments,” explains Bennett. “It used to be that if you had a loss on a roof, they replaced the roof. Now there’s a deductible, or it’s ACV (actual cash value) only and not replacement cost.”
When insurers can’t take adequate rate increases, they pull out. “California is a great example,” says Bennett. “Most insurance companies don’t want to do business there. They’re pulling out because they can’t get enough on rates.”
ESG and climate-aligned coverage
wAnother growing trend is insurers aligning their policies and investments with Environmental, Social, and Governance (ESG) values. That can mean limiting coverage for high-emission industries.
“We’re seeing insurance carriers steer clear from things like coal power plants,” says Parker. “Where their partnership or support could go counter to their internal ESG position.”
In other words, insurers are factoring in reputational and sustainability concerns when evaluating clients. Companies tied to high-emission industries may find it harder—or more expensive—to secure coverage, as carriers prioritize climate responsibility and long-term environmental risk mitigation.
At the same time, clean energy businesses present new and evolving insurance needs. “With solar and with wind, we’ve got businesses today that have those and need to insure those from a first-party property perspective,” explains Parker.
That includes everything from insuring solar panels and wind turbines to developing tailored coverage for the manufacturers, installers, and service
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BUSINESS INSURANCE
providers that support renewable energy infrastructure. As ESG continues to gain momentum, insurers are not only adjusting where they draw the line but also where they choose to invest and innovate.
Usage-based and parametric products
In an era of advanced data collection and real-time analytics, insurers are moving toward more personalized, performancebased models. Two major innovations gaining traction are usage-based insurance and parametric insurance, both designed to reflect actual risk more efficiently.
Usage-based insurance relies on devices or software that track driving behavior, including speed, braking habits, and mileage. These systems are being seen in commercial fleets and personal vehicles, allowing insurers to adjust premiums based on how safely someone drives rather than relying solely on static factors like age or location.
“If you’re driving safely, you’re going to be rewarded,” says Parker. “The inverse is true as well.”
Parametric insurance takes a different approach. Rather than assessing damage after the fact, these policies are triggered by specific, measurable events like wind speed, temperature, rainfall, or even seismic activity. If a defined limit is met, the policy pays out automatically, reducing delays and disputes over claims.
“Parametric is a really sexy way of building out an insurance product,” says Jorgensen. “For example, if the wind speed
hits a certain speed at a certain address, then the insurance product would perform.”
The simplicity and speed of the model appeal to both the insured and insurers. It avoids long claims investigations and can offer quicker financial relief during events disruptive for businesses. In regions like Arizona, where natural catastrophe risk is lower than in coastal or storm-prone areas, there are far fewer insurance companies offering parametric plans.
“I’ve not seen that utilized in Arizona,” Jorgensen adds. “But we have clients that are based here with buildings, people, assets, facilities, in otherwise natural catastrophe-exposed areas.”
As businesses expand and climate risk increases, parametric and usage-based insurance are on deck to become powerful tools in risk management—especially for companies seeking more data-driven solutions.
Common mistakes and missed opportunities
One of the most common mistakes businesses make? Assuming that a lower premium automatically means a better deal.
“You’re buying a contract and paying for it,” warns Bennett. “If you don’t understand what’s in the contract, you don’t know what you’re getting. There’s a reason why the insurance premium is less.”
He explains how this short-sighted approach can backfire as risk levels rise. “As we continue having larger losses, you’re
going to find that coverage will reduce and premiums will go up. Then inevitably, insurance companies will pull out.”
This makes education and awareness especially important for small and midsized businesses, many of which lack dedicated risk managers or internal insurance expertise. Remote work, for example, brought sweeping changes that many companies still haven’t addressed fully—even five years later.
“I don’t think it’s something we addressed,” says Bennett. “And I think it’s right along with everybody thinking inflation was going to be transient or working from home would be temporary. It’s not.”
In 2025, the insurance conversation is no longer just about compliance or checking a box. It’s about building a comprehensive risk strategy—one that plans for evolving threats, emerging technologies, and an increasingly volatile world.
“Insurance is such an embedded part of business continuity,” says Jorgensen. “It plays a critical role, sometimes in the worst times of need.”
Aaron Parker agrees: “The more insight and information there is available, the harder it is to obtain favorable terms and conditions.”
Navigating the business insurance landscape will require more than just good coverage for today’s business leader. It demands precision, proactive planning, and the support of knowledgeable advisors.
Aaron Parker
James Jorgensen
Jack Bennett
YEARS OF IMPACT
A look at the past, present and future of CopperPoint Insurance Companies
opperPoint Insurance Companies, founded as the State Compensation Fund in Phoenix, is celebrating its 100th anniversary in Arizona. Over the past century, it has grown alongside Arizona’s business community and is now an A-rated insurer operating across 26 states. For as long as Route 66 has stretched across Arizona’s high desert, CopperPoint has been insuring the dreams that drive it.
After steering CopperPoint for nearly a decade, CEO Marc Schmittlein is transitioning into the role of executive board chair, handing the leadership wheel to Kellen Booher in early 2026. Since becoming CEO in 2016, Schmittlein has led CopperPoint through significant expansion, a broader portfolio of insurance products, and a continued company culture grounded in both excellence and camaraderie.
AZ Business magazine sat down with Schmittlein to discuss the centennial celebration, CopperPoint’s evolution and what lies ahead for one of Arizona’s foundational businesses.
LEADING THE WAY: Since joining CopperPoint Insurance Companies in 2016, Marc Schmittlein has overseen organizational transformation, taking the company from $255 million in Gross Written Premium and $3.6 billion in total assets in 2016 to $715 million in Gross Written Premium and $5.2 billion in total assets in 2023. (AZ Big Media photo)
You want people to feel valued, to have fun, to feel proud of what they’re building.” “
Az Business: What does reaching 100 years mean to CopperPoint?
Marc Schmittlein: “There aren’t many businesses in the country that reach 100 years. It means longevity. Stability. But more than that, it means we’ve been able to adapt, and that’s what got us here.”
AB: How has the company evolved from its beginnings as the State Compensation Fund?
MS: “When I joined in 2016, we were one-state strong. The board had a vision to grow—not just in Arizona, but regionally and nationally. In 2017, we acquired PacificComp in California. Then in 2019, Alaska National joined the CopperPoint family. That changed everything—new states, new lines of business. It turned us into a multi-line, multi-state insurer.”
AB: What’s different about your approach to mergers and acquisitions?
MS: “We don’t call them acquisitions. We call them partnerships. We don’t just bring companies in and force them to play our way. We integrate. We keep their leaders. We let them shape us, too.”
AB: What lines of insurance does CopperPoint offer today?
MS: “We’re still very much a workers’ comp company—about 80% of our business. But now we also write property, liability, commercial auto, and umbrella coverage. By 2026, we’ll be rolling out those lines across our full footprint.”
AB: How does CopperPoint approach workplace safety in 2025?
MS: “We’ve got loss control reps in every state. They’re out there meeting with policyholders, looking at risk, preventing
injuries. We’re even experimenting with AI, using cameras to monitor posture and prevent back strain. We want fewer injuries to begin with.”
AB: What makes CopperPoint’s culture unique?
MS: “There’s a lot in that one. You can go out and try to create a culture, but I think culture is really the sum of our parts. We’ve acquired two other companies, PacificComp and Alaska National, so I’d say it’s an amalgamation of all three. Arizona is our foundation, our brand. Then you’ve got the excellence and discipline of Alaska National, and the energy and edge that PacificComp brought.”
AB: How would you describe the organization’s workplace culture?
MS: “It’s professional. Ethical. Hardworking. But it’s also fun. We celebrate wins. We respect each other. We innovate. That’s baked in.”
AB: How did you celebrate 100 years as an organization?
MS: “We had celebrations and swag in every office—Alaska, Seattle, Arizona. And people are proud. You walk through the offices and see that centennial logo everywhere, on shirts, in cubes, in break rooms. Everyone wears it like a badge of honor. That tells you something.”
MS: How does CopperPoint give back to the Arizona community?
Answer: “We call ourselves the hometown team for a reason. Our headquarters are in Phoenix, and we’ve been named a Best Place to Work here more than once. But more than that, we
give back. A lot. Not just in Arizona, but especially here. That’s what a good company does.”
AB: How do you want CopperPoint to be remembered 100 years from now?
MS: “I hope people say we were one of the premier work comp carriers in the country. That we expanded smartly. That we balanced our product lines. And that people still loved working here,” he says. “At the end of the day, we’re helping people put their lives back together. That’s worth doing well.”
AB: What are you proudest of as CEO?
MS: “Our people. Even when they leave, they recommend us to their friends. That says everything. You want people to feel valued, to have fun, to feel proud of what they’re building.”
AB: What’s next for CopperPoint and for you?
MS: “I’ll be stepping down as CEO in early 2026 and transitioning to executive board chair. Kellen Booher is stepping in. He actually joined us back in March, so we’re doing a full year of overlap. That’s intentional — it’s rare to get that kind of transition time.
“We didn’t go through an executive search. Kellen is someone I’ve known for a long time. We worked together more than a decade ago. When it came time to think about succession, I sat down with my wife and said, ‘Who really fits our culture? Who’s hardworking, who sees the future the way I do?’ And it was Kellen. He’ll do things differently, sure. But the core principles that make this company what it is? He believes in them, too.”
4
WORKFORCE TRENDS TO WATCH
Arizona’s job market is booming — but the rules of hiring are changing
By LUX BUTLER
The verdict is in: Arizona’s job market in 2025 is booming. From high-tech chip manufacturing to healthcare and logistics, employers are hiring fast — and fighting even harder to keep top talent. But behind the momentum, the state’s workforce is undergoing a major transformation.
Artificial intelligence is reshaping how we work. Hybrid schedules are redefining office culture. And immigration and compliance pressures are complicating the hiring process. Experts agree: These shifts won’t slow in 2026 — they’ll likely accelerate.
The University of Arizona’s Eller College of
Management projects job growth to rebound to 2.1% in 2025, up from a slowdown to 1.3% in 2024, after hitting 2.6% in 2023. Unemployment remains low at around 4%, signaling strong demand across industries.
As Arizona’s economy gains steam, employers are under pressure to adapt. New technology, evolving work models, regulatory scrutiny, and fierce competition for talent are rewriting the rules of hiring — and keeping it.
AzBusiness magazine unpacks four key workforce trends shaping Arizona in 2025 — and what leaders should prepare for in 2026.
1. The battle for talent is heating up
“All across the board, there are just so many companies hiring — and not enough people,” says Matt Walsh, CEO of Blue Signal Search.
That shortage is most acute in fields like construction management, logistics, and advanced manufacturing. With TSMC and Intel ramping up chip production in Greater Phoenix, demand for engineers and skilled technicians is rising fast. Meanwhile, Arizona’s growing population and infrastructure investments are fueling longterm demand in construction and healthcare.
Arizona’s labor shortage in the trades isn’t new — but the urgency has grown. “The construction sector is still hungry for talent, and there just aren’t enough workers to go around,” Walsh says. “The challenge now is finding more creative ways to solve it.”
Many companies are investing in internal talent pipelines — training and mentoring people earlier in their careers. “You can’t just go out and poach someone anymore,” Walsh explains. “To get the right talent, you have to build it.”
And when you do find top talent? Be ready to pay. Salaries for in-demand roles are climbing fast, and employers that don’t offer a compelling package — compensation, culture, and career path — risk losing candidates to competitors within days.
2. AI isn’t taking over — but it’s taking over tasks
One of the most disruptive forces in Arizona’s workforce is AI — and it’s changing how we work more than who works.
“AI isn’t going to replace you,” says Adrian D’Amico, director of emerging technology at Fennemore. “But someone who knows how to use it might.”
The firm has embraced AI in a traditionally conservative industry, using
it for e-discovery, pricing analysis, and workflow automation. But it doesn’t just hand out tools — every employee must be trained in both AI usage and risk management before gaining access.
“We’re very honest with people: their jobs will change,” says Dean Savino, chief enterprise officer at Fennemore. “But if AI can take away 80% of the tedious work and let professionals focus on higher-value tasks, that’s a win.”
Still, concerns remain. In unregulated fields like AI, privacy, security, and data contamination are serious risks — especially in law and healthcare. “You shouldn’t use public AI tools with sensitive data,” D’Amico warns. “And that’s no longer just smart — it’s becoming a legal and ethical requirement.”
3. Hybrid work isn’t a perk — it’s an expectation
Some companies are calling workers back. Others are doubling down on flexibility as a competitive edge.
At Fennemore, the “Fennemore Forward” program embraces hybrid and remote work nationwide. “We don’t have to be in the office five days a week to collaborate effectively,” Savino says. “Instead, we invest in team-building retreats, virtual etiquette, and real connection.”
Walsh sees it too: “Top talent wants hybrid. They want the energy of collaboration — but also autonomy.”
In the post-pandemic landscape, job seekers have learned what works for them. Some thrive on face time and culture. Others perform best independently. But no matter the model, one thing is clear: transparency is key. Companies must clearly communicate expectations to attract and retain the right fit.
Rick Hermanns, CEO of HireQuest adds remote work only works when it’s part of a strategy. “If you bring in someone remotely just because you’re desperate, you risk resentment from the rest of the team.”
4. Hiring — and getting hired — has evolved AI is streamlining recruiting — but also complicating it. Resumes now mirror job descriptions, and software helps screen candidates before a human even sees them.
“We’ve seen resumes that look perfect — and then realize the candidate forgot to delete the AI prompt at the bottom,” Walsh laughs.
Still, automation isn’t replacing the human element. It’s making it more valuable. Today’s hiring decisions focus more on mission alignment, values, and emotional intelligence than ever before.
“You need to build careers, not just fill roles,” Walsh says. “That means showing people a five-year plan, offering real growth, and understanding what drives them.”
That shift goes both ways. Candidates now need to show up with purpose. “You have to treat every interview like a pitch,” Hermanns says. “Know the company. Know their values. Show why you belong — not just that you’re qualified.”
Looking ahead to 2026
Arizona’s workforce will continue evolving around the same core themes shaping 2025: talent scarcity, AI transformation, and hybrid work as the norm.
Sectors to watch include:
• Healthcare, as Arizona’s aging population grows.
• Construction, especially if immigration enforcement tightens.
• Technology and electric vehicle manufacturing, fueled by continued semiconductor and clean energy investment.
• Logistics and warehousing, leveraging Arizona’s strategic location.
As Hermanns puts it: “You owe your employees a ladder, not just a paycheck. That’s what separates companies that thrive from those that fall behind.”
Matt Walsh
Dean Savino
Rick Hermanns
Adrian D’Amico
EVERY DOLLAR COUNTS
Desert Financial offers experience-backed tools to help members plan wisely during National Financial Planning Month
By ERIN THORBURN
According to “Empower,” 38% of people say daily money-related thoughts interfere with their ability to focus. Additionally, nearly half of Americans (47%) feel they’ll never achieve the level of success they’re seeking. Financial planning
can help reduce the hours spent worrying about financial well-being and build confidence. National Financial Planning Month in October is an opportune time to assess current finances and create a future financial roadmap, before the start of a new year.
Why October? There’s still time to adjust …
Many people embark on financial planning and budgeting alongside their New Year’s resolutions. While there’s nothing wrong with lumping in finances with other New Year goals (like fitness,
family, fun, etc.), there may be an even better time to evaluate and craft a financial outlook. National Financial Planning Month in October offers a chance to reflect on the previous year’s finances and consider new goals heading into a new year — before
the holidays hit, and while changes can still be made.
“I think October is the perfect time of the year to evaluate finances,” says Josh Fadel, managing director at Desert Financial Wealth Management. “You still have time to reassess and say, ‘Okay, what have I done? What have I not done?’ And it’s not like the year’s over. You can still make some adjustments. It’s also a time to sit down and look at how the plan is going and what to change for next year.”
Where to begin: Think about financial planning holistically
Holistic financial planning accounts for the big picture. Instead of viewing household budgeting, insurance, wealth management and estate planning separately, holistic planning brings them together, aligning finances with personal values, goals and overall well-being.
“I think a lot of people think about financial planning from the perspective of a wealth advisor only,” Fadel says. “They’re thinking about the idea that they need to save for retirement — put some money away for the long-term. But they’re not thinking about the holistic picture of their financial plan.”
It’s not uncommon for individuals to overlook gaps in financial planning. A Northwestern Mutual survey revealed that 87% of people in the U.S. know they have at least one gap in their financial plans. But, they may not always be able to recognize the missing link — or links — in their budget.
“Financial planning isn’t always fun,” Fadel admits. “No one wakes up excited to talk about insurance, estate planning or what happens when they’re gone. But real progress comes when you identify the gaps and work with specialists to make sure every part of your plan is supporting your bigger goals.”
Holistic financial planning can help:
• Adapt to life changes: Having a comprehensive understanding and full inventory of your finances helps account for unexpected events like job loss, illness or changes in family dynamics.
• Align finances with values: A macro view of finances helps connect financial decisions with personal values, such as ethical investing or supporting causes.
• Create tailored strategies: Holistic planning provides personalized financial strategies that are unique to each person’s individual circumstances, goals and risk tolerance.
¶ Improved Decision-Making: With a holistic perspective, individuals gain a clearer understanding of the potential impact of financial choices, leading to more informed and rational decisions.
Financial blind spots are different for everyone (but there are some common culprits)
Financial planning “gaps” vary depending on individual circumstances. However, Fadel says certain roadblocks are more common than others.
“People will forget about insurance and healthcare costs,” he says. “They forget about making sure they have the appropriate emergency savings and how they’re planning for those situations.”
Other common overlooked financial planning pieces can include:
• Long-term care: 54% of Americans don’t have a plan for long-term care.
• Seasonal costs: Holiday gifting, travel
spending, etc., can easily exceed budgets.
• Missed opportunities: Failing to invest wisely or letting cash sit in low-yield accounts can diminish purchasing power over time.
Added to personal finance blind spots are small business faux pas and missed opportunities. Currently, more than 36% of Americans have a side job. In the age of “the side hustle,” it’s not uncommon for people to overlook associated financial impacts — such as taxes and added expenses.
“I was talking to someone the other day who has what she calls ‘just a little side thing,’” Fadel says. “But I’m sitting there saying, ‘Hold on a second, this is a business and you’re spending your money that you’re getting from your job. Yes, you’re making money on this side, but why aren’t you writing off any of these expenses?’”
This scenario is one that Fadel says is common, along with business owners neglecting to take the proper deductions. This oversight could mean missing out on hundreds or even thousands of potential tax savings each year. Understanding what qualifies as a deductible business expense — such as mileage, supplies, software or a home office — can drastically change how much money stays in your pocket.
“So often, we work with business owners, and it’s not just helping them set up a financial plan,” Fadel notes. “It’s so much bigger than that. It’s learning how to separate the personal from the business and understanding those two funnels and that tax planning is done appropriately.”
Is it too late to plan smart?
Most financial advisors recommend establishing a comprehensive financial plan from the moment an individual has their first job. According to Yahoo Finance, a survey revealed that most people in the U.S. don’t take finances seriously until around the age of 28.
What happens when financial planning isn’t pursued until even later in life?
Financial planning can be challenging the longer it’s put off. “People can feel a sense of hopelessness and futility, thinking, ‘How am I ever going to catch up?’ Sometimes it can paralyze people and put them in a position where they freeze,” Fadel explains, while stressing that it’s never too late to begin.
“Start today,” he says. “Even if it’s starting small.”
Consulting with an advisor can ease the feeling of helplessness and establish a reasonable way to sort out finances.
“The key is to sit down with a professional and figure out the first place to start,” Fadel says. For those starting later, he recommends meeting a minimum of twice a year. “This ensures we stay on track and continue to execute the best plan.”
Key to effective financial planning: Every dollar has a purpose
Accounting for every dollar may seem obvious, but Fadel explains that people are not necessarily focusing on where their money is really going.
“Every dollar has a purpose,” he says, “and it’s important to make the most of your planning timeline.”
Many people Fadel works with are waiting for the ideal situation before they start. Rather than holding out for the perfect scenario, one of the best approaches is to start chipping away wherever you are. “You’ve got to just start somewhere,” he says.
Helping account for every dollar
As Fadel stated earlier, financial planning doesn’t always feel fun, but it doesn’t have to be daunting either. That’s where financial planners come in. They serve as a source of support and assist in making what feels like the impossible possible.
“One of the things that I love about the
Currently, more than 36% of Americans have a side job. In the age of “the side hustle,” it’s not uncommon for people to overlook associated financial impacts — such as taxes and added expenses. ”
way Desert Financial approaches financial planning,” Fadel notes, “is that we have an approach that focuses on a personal, holistic view for each person.”
Financial planning is never one-sizefits-all, especially when considering a wide range of life stages, generational wants and needs and personal goals that clients bring to the table.
“We help clients build personalized plans that align with their unique circumstances and long-term objectives,” Fadel says. Members also have access to:
• Subject-matter financial planning specialists: Members can consult with professionals in insurance, Medicare, estate planning, mortgages, business and consumer banking.
• LLC formation guidance: Specialists can aid members seeking to formalize a business structure.
• Interactive financial planning portals: Secure online dashboards allow members to track their net worth, set financial goals and monitor progress in real time.
• Retirement calculators and planning tools: Digital tools model different retirement scenarios, estimate savings needs and project income over time.
• Budgeting and cash flow tools: Desert Financial’s integrated apps and platforms help manage spending, set savings goals and optimize monthly cash flow.
• On-demand webinars and workshops: Topics like retirement readiness, estate planning basics, college savings strategies and tax-efficient investing are regularly accessible via webinars and workshops.
• Live virtual events: Members can ask questions and get advice directly from planners, investment professionals and estate specialists.
• Financial wellness courses: Online modules and courses are available to walk members through major financial milestones, from buying a first home to exiting a business.
“We want to sit alongside the people that we work with and provide them the tools, resources and the specialists within our group to make sure that we’re not only helping them execute on a good financial plan,” Fadel says, “but we also want to make sure that there’s something that they’re getting out of it for themselves from a financial literacy and financial education perspective.”
EDITOR’S NOTE: Desert Financial and its affiliates do not provide tax, legal, or accounting advice. You should consult your personal tax, legal, and accounting advisors for advice related to your specific tax situation.
Josh Fadel
BEYOND BORDERS
Elvira’s DC Ranch creates an elevated and exceptional Mexican food experience
By MICHAEL GOSSIE
We all have a favorite hole-in-thewall Mexican restaurant for those moments when we crave street tacos that only that go-to spot can satisfy. And we all have our favorite upscale Mexican restaurant for those times we want to treat ourselves. Then there’s Elvira’s DC Ranch, which stands alone as a one-of-akind, can’t-miss dining extravaganza.
Imagine stepping into a restaurant where elegance and artistry collide — above you, dazzling chandeliers adorned with cascading purple glass shimmer like amethyst waterfalls, casting a warm, romantic glow over the room. The ambiance is both luxurious and inviting, blending modern sophistication with a hint of ethereal magic. Every detail—from the ambient lighting to the curated décor — creates a dining experience that feels indulgent, unforgettable and beautifully transportive. That is the essence of Elvira’s DC Ranch.
Elvira’s DC Ranch is the ultimate elevated Mexican culinary experience, blending bold, authentic flavors with refined presentation and ambiance. Handcrafted cocktails, regional ingredients, artful plating and modern twists on traditional dishes create a sensory journey that makes each meal unforgettable. Warm hospitality, upscale décor and vibrant cuisine complete the experience — sophisticated, soulful and extraordinary with every bite.
The menu at Elvira’s DC Ranch features signature moles with up to 28 ingredients,
seafood, dry-aged beef and the finest products sourced from local and Mexican farmers. From house-made tortillas — pressed and cooked to order — to exceptional desserts, every dish is a testament to the highly trained team’s dedication to perfection. Every item on the menu is a home run, but must-try dishes include:
• Chips and Salsa: A staple in nearly every Mexican restaurant, but Elvira’s DC Ranch elevates even this classic. Their version will leave you fantasizing about its deliciousness long after you’ve left the table.
• Surf & Turf Molcajete: Featuring grilled flank steak, an eight-ounce Maine lobster tail, salsa Veracruz, panela cheese, jalapeño and corn tortillas. It’s one of the most visually stunning dishes you’ll ever see, but the true brilliance lies in the flavor explosion with every bite.
• Chilean Sea Bass Veracruz: Served with heirloom tomatoes, white onion, jalapeño, green olives, capers, and Anaheim chile, this gluten-free masterpiece is so perfectly cooked and masterfully blended it becomes a true work of culinary art.
• Drinks and dessert: The cocktail selection features the finest wines, premium tequilas, mezcals, clever takes on margaritas, mojitos and martinis made with fresh ingredients — some native to
Flan Custard, a must-experience dessert.
Don’t miss the chance to savor an experience that goes far beyond the plate. Elvira’s DC Ranch offers rich tradition reimagined. It’s not just a meal—it’s a celebration of culture, creativity and culinary artistry you won’t forget.
Information: Elvira’s DC Ranch is located at 20825 N. Pima Rd. in Scottsdale. The telephone number is 480-350-7131 and the website is elvirasdcranch.com.
DINE. DRINK. DAZZLE.
Three Thirty Three is a destination where creativity and culinary craft intersect
By MICHAEL GOSSIE
From the moment you walk in, Three Thirty Three delivers sensory overload in all the right ways.
Located at The Watermark in Tempe, Three Thirty Three is more than a restaurant—it’s an immersive journey that transforms a night out into a bold, unforgettable experience. Step through its doors and into a vibrant, theatrical world where upscale dining and immersive art collide. Towering LED walls pulse with surreal digital visuals—floating jellyfish, blooming cherry blossoms, and more—setting a dynamic backdrop unlike anything else in Arizona’s dining scene.
The atmosphere brims with energy and imagination. Faux cherry trees blossom overhead, glowing dragon sculptures spark intrigue, and the lighting shifts in harmony with the evolving music. A curated mix of soul, R&B, and high-energy DJ sets fills the space with a club-like vibe that never loses its sophistication. Whether seated in the buzzing main hall, the plush lounge, or a sleek private room, each space offers a distinct mood, making every visit feel personalized.
The culinary offerings are as dramatic as the setting. Small plates like whipped edamame with chili oil and prawn chips offer flavor-forward innovation, while Shigoku oysters with yuzu-kosho mignonette or spicy kimchi sambal bring refined intensity. The smoked bluefin tuna crudo—topped with yuzu pearls, scallion foam, and microgreens—is both a visual and gustatory standout. The steaks are among the finest in Metro Phoenix: expertly seared, richly marbled, and infused with bold flavors that turn each bite into a culinary event. The menu spans Asian-inspired creations with global flair, designed to complement both the food and conversation.
The beverage program is a star in its own right. Cocktails are crafted with the same care as the dishes, blending quality spirits with fresh aromatics, striking garnishes, and imaginative presentation. Whether it’s a smoky mezcal blend or a floral gin concoction, every sip feels curated for the moment.
As weekend nights deepen, the vibe shifts—soulful R&B gives way to electronic beats, and dining becomes a full sensory performance. The space is as versatile as it is visually stunning: dine under electric visuals in the main hall, unwind in the moody lounge, or host a private celebration in an exclusive room.
Three Thirty Three is a destination for those craving the extraordinary. It’s where celebration, creativity, and culinary craft intersect—perfect for a night out with friends, a romantic escape, or a special occasion worth remembering.
Information: Visit Three Thirty Three at The Watermark in Tempe, 430 N. Scottsdale Rd., Suite 101. Learn more at threethirtythreerestaurants.com.
THE 50 MOST POWERFUL PEOPLE IN ARIZONA BUSINESS
By MICHAEL GOSSIE
Don’t even think about bringing your phone into a meeting with Pam Kehaly.
“I have a weekly huddle with my team that runs four to six hours,” says the president and CEO of Blue Cross Blue Shield of Arizona. “I don’t allow multitasking because I believe if we’re dedicating that much time together, we have to really listen, understand and learn from one another.”
From Kehaly’s perspective, the most important thing about leading is listening.
“People often say they’re listening, but many times they’re not,” Kehaly says. “They’re thinking about the next thing they want to say, or they’re multitasking — which is one of my pet peeves. Truly listening — hearing, processing and considering what others say — is critical to being an effective leader.”
And when Kehaly speaks, people should listen. As one of the 50 Most Powerful People in Arizona Business for 2025 — as chosen by the Az Business magazine editorial board in consultation with business leaders from a broad spectrum of industries — Kehaly
embodies leadership greatness. Being one of the most powerful business leaders in Arizona requires vision, resilience and the ability to inspire others. These leaders navigate complex challenges with confidence, drive innovation that fuels growth and cultivate strong relationships across industries and communities. They champion bold ideas, adapt to changing markets and remain grounded in integrity and purpose. Their influence extends beyond boardrooms — they shape economic policy, foster inclusive workplace cultures and mentor the next generation. With a deep commitment to Arizona’s prosperity, these 50 men and women lead with passion, strategic insight and a relentless focus on results that elevate both their organizations and the region as a whole.
“Leaders today must be adaptable and comfortable operating in uncertainty,” says Brian Lee, president and CEO at Arizona Central Credit Union and one of the 50 Most Powerful People in Arizona Business for 2025. “It’s critical to be able to make informed decisions even when the outcome isn’t clear. Many people can succeed when there’s a playbook, but the true test of leadership is making confident
decisions in the gray areas — especially in times of change.”
Despite their success in business, many of the Most Powerful People in Arizona Business says humility is a key trait for those wanting to gain power in business.
“We all have a lot to learn, no matter how far we are in our careers,” says Susan Anable, Phoenix market vice president for Cox Communications, West Region, and another of the 50 Most Powerful People in Arizona Business for 2025. “Humility allows you to keep learning. Resilience is also huge. The best leaders I know are those who’ve managed through incredible change and challenges and have continued to grow and be respected.”
Openness is also important, Anable says. “We all have different life experiences. As a leader, I’ve learned that not everyone has had the same experiences I have and I haven’t had their’s. Being able to meet and understand each other allows us to work effectively together and bring out the best in people.”
The 50 Most Powerful People in Arizona Business for 2025 also agree that they could not succeed by themselves. Powerful business
leaders say they rely on effective teams to execute vision, drive innovation and ensure operational excellence across all levels of an organization. A strong team not only multiplies a leader’s impact, but also provides diverse insights, accountability and resilience in an ever-changing business landscape.
“First and foremost, every leader needs a really strong team around them,” says Wendy Cohen, CEO of Kitchell and one of the 50 Most Powerful People in Arizona Business. “We don’t know everything, so having qualified leaders to support us is critical. Curiosity is equally important — it’s about acknowledging what you don’t know and asking a lot of questions. Together, collaboration and curiosity create a dynamic that supports a team environment and helps move the company forward.”
But one thing a leader has to have in order to gain an upperhand in business, Cohen says, is tenacity.
“Today’s successful leaders must have grit,” Cohen says. “Being a leader isn’t always easy and grit helps push through the hard times.”
Meet the 50 Most Powerful People in Arizona Business.
Join AZ Big Media vice president and publisher Amy Lindsey and editor in chief Michael Gossie on the AZ BIG Podcast.
Each week, an intriguing guest lends their expertise and industry knowledge to our listeners, providing thought-provoking and insightful conversations on a wide variety of timely business and industry topics.
Amy and Michael craft their guest conversations to extract all the compelling business information that conveniently fi ts into a 15-minute podcast!
The AZ BIG Podcast is sponsored by Burch & Cracchiolo and available anywhere you listen to podcasts.
50 MOST POWERFUL BUSINESS LEADERS
SUSAN ANABLE
PHOENIX MARKET VICE PRESIDENT // Cox Communications
Background: Anable has been with Cox in various roles since 2001. Prior to joining Cox, Anable spent 10 years on the Arizona State Senate research staff, serving as staff director and Natural Resources, Agriculture and Environment analyst.
Secret to success: “I was raised in a family where gender and career limitations weren’t a thing. Accountability and integrity were strong values growing up and I try to live by those today. I’m not afraid to admit mistakes — and I admire leaders who do the same. Mistakes are opportunities to grow.”
Adaptability: “Technology has been the catalyst for a lot of the change—business operations, workforce, customer needs. Being good at navigating high change has helped. Before Cox, I worked at the Arizona Legislature. Every day brought a new challenge, whether it was policy or process-related. Being fueled by change and challenge has helped me stay relevant in a fast-changing industry.”
Source of pride: “Mid-career, we challenged outdated local licensing that burdened our customers with unnecessary costs. We had a public disagreement with a city, then went to the legislature and passed the Cable Customer Tax Relief Act. It reduced customer bills by 5–7%. I’m proud we modernized the law and helped our customers.”
Evolution of leadership style: “I’ve had to learn how to lead people from different generations and backgrounds. It’s made me think differently about how I grow and help others grow. I try to embrace new technology, even though I’m old school about some things. But I believe in learning from younger generations and staying open-minded. Leaders have to be lifelong learners.”
Arizona outlook: “There’s tremendous opportunity — especially in high-tech manufacturing, chips, data centers and AI. Arizona’s climate, location and economic environment are ideal. But we need to be mindful of limited resources—power, water, land, housing. Those will be the challenges we have to navigate. Still, I wouldn’t want to be anywhere else.”
LEADERSHIP STYLE: “I would describe my leadership style as low-structure, very supportive, but with high expectations,” says Susan Anable, Phoenix market vice president for Cox Communications. “I’m fortunate to have clear values and performance expectations, but I also try to be understanding of what’s happening in people’s lives at any given moment.” (Photo by Mike Mertes, Az Business, a publication of AZ Big Media)
CHARLEY FREERICKS, president of the Phoenix Region, Howard Hughes: Freericks leads the massive Teravalis master-planned community in the West Valley. With over 40 years of development experience, he drives large-scale planning, sustainability, and civic engagement across Arizona.
WALT BROWN, JR., founder, CEO and designated broker, Diversified Partners: Brown is leading transformative projects like the redevelopment of Metrocenter Mall and Mesa’s Revel Surf Park. With over $4 billion in planned transactions through 2026, he continues to shape the real estate landscape.
BARRY CHASSE, founder and president, CHASSE
Building Team: Chasse grew the firm from 10 employees in 2007 to over 225 across Phoenix and Tucson. He oversees hundreds of millions in construction annually and has led the company in contributing over $4 million to child-focused community programs.
MICHAEL CROW, president of ASU: Crow has transformed ASU into a national model of innovation and inclusivity. Under his leadership, the university has expanded enrollment, launched over 30 transdisciplinary schools, grown research funding, and joined the AAU, making Crow a powerful force in Arizona’s economic growth.
DR. JOSÉ LUIS CRUZ RIVERA, president, Northern Arizona University: He has championed initiatives like Access2Excellence and expanded admissions access. His leadership has increased instate enrollment, attracted $190 million in private investment and strengthened education-workforce partnerships.
JIM CURRIER, president and CEO, Honeywell Aerospace Technologies: Currier leads a global aerospace innovator based in Phoenix. A 17-year Honeywell veteran, Currier is known for people-first leadership and advancing workforce development through efforts like the Future48 Aerospace & Defense Accelerator.
ERNEST GARCIA III, co-founder and CEO, Carvana: Garcia revolutionized used car buying with a digital, customer-first platform. Headquartered in Tempe, Carvana has become one of Arizona’s most valuable tech companies, helping elevate the state’s role in e-commerce and innovation.
We are honored to celebrate Susan Anable, Phoenix Market Vice President for being recognized as one of the 50 Most Powerful Business Leaders in Arizona!
At Cox, we applaud Susan’s positive leadership and steadfast commitment to the communities we serve.
more at cox.com/community
WILLIAM (BILL) C. BOOR
PRESIDENT AND CEO // Cavco Industries, Inc.
Background: Boor is president and CEO of Cavco Industries, Inc., a leading builder of manufactured homes. With diverse leadership experience across industries, he emphasizes adaptability, authenticity and team-driven success. Boor champions innovative, high-quality housing solutions, including affordable homeownership initiatives, and guides Cavco’s growth through strategic vision, operational excellence and a deep commitment to people.
Manufactured housing evolution: “Today’s homes match site-built quality, ranging from entry-level to multi-million-dollar properties. We’ve innovated with urban-friendly duplexes and are removing outdated requirements to allow for multistory designs. Quality and flexibility are at an all-time high, and innovation continues to drive the industry forward.”
Qualities leaders must have to succeed: “Adaptability is key. You must be a learner and a true listener — really paying attention, not just going through the motions. In leading a large organization like mine, with 7,000 employees across the country, you can’t directly reach everyone. My influence comes through my leadership team, so I need a clear philosophy of what the company should be and ensure that vision cascades through them. Communication matters, but it’s more than talking — it’s embedding that philosophy into programs, initiatives, and everyday decisions so it naturally shapes the organization.”
Leadership style: “I focus on designing and fine-tuning the organization for long-term success, not just chasing short-term results. I want a team that shares the vision, operates without constant direction, and thrives on contributing as part of a highperforming group.”
Defining moment: “About 15 years ago, I led a mining project in remote Northern Ontario among First Nations communities. I learned that success comes from caring more about the people you affect than just delivering business results. That mindset — focusing on people’s needs first — still drives my approach, especially in affordable housing.”
LEADER: “When you value team alignment and distributed decision-making, you attract confident leaders who don’t need the limelight but want to make an impact,” says William (Bill) C. Boor, president and CEO of Cavco Industries, Inc. (Photo by Mike Mertes, Az Business, a publication of AZ Big Media)
50 MOST POWERFUL BUSINESS LEADERS
WENDY COHEN
PRESIDENT AND CEO // Kitchell Corporation
Background: As president and CEO, Cohen leads the Kitchell Corporation, the holding enterprise of four independent operating companies, Kitchell Contractors Inc., Kitchell CEM, Kitchell Development Company and American Refrigeration Supplies. Cohen is passionate about developing a strategy and culture that allows for innovation and change in the construction industry. With nearly 30 years in the building industry, Cohen has worked in many aspects of the construction business; as a general contractor, construction manager, consultant and owner.
Leadership style: “Collaborative and inclusive. I strive to make sure we listen to our employees and clients to make sound decisions. But decisiveness is just as important — you have to be able to make quick, informed decisions. Curiosity is also key. Leaders don’t have to know everything themselves. I believe in bringing in consultants, subject-matter experts and team members with specialized knowledge. That all speaks to humility — acknowledging what you don’t know and filling those gaps thoughtfully.”
Evolution of leadership style: “After three decades in my career, I’ve had to evolve. Leadership skills build over time, especially through the hard moments. When I moved from California to Arizona, curiosity became even more important — understanding what makes this market tick and how I could bring the most value. It’s about being mindful of where and how to make an impact.”
Defining moment: “The most impactful experiences have been watching leaders I’ve mentored grow into their own roles and make meaningful contributions to the company and industry. That’s incredibly rewarding. Ten years ago, my ‘why’ was building great buildings. Now, it’s about building great leaders for the future. That’s powerful — leadership is really about developing others.”
Arizona outlook: “Arizona is diversifying at an incredible rate — tech, infrastructure, education. We have major investment happening across the board. The big question is: ‘How do we attract and support the best people and businesses?’ Infrastructure is critical — roads, water, power — without it, we won’t sustain this growth.”
STRIKING A BALANCE: “You can’t be so curious that nothing gets done, or so decisive that you shut out ideas,” says Wendy Cohen, president and CEO of Kitchell Corporation. “There’s a balance. I think that’s what sets great leaders apart from average ones — knowing when to lead with curiosity and when to be decisive.” (Photo by Mike Mertes, Az Business, a publication of AZ Big Media)
SHARON HARPER, chairman and CEO, Plaza Companies: Harper is a trailblazing real estate developer and civic leader. Known for impactful healthcare, bioscience and senior living projects, she has helped shape the Valley’s built environment. Her publicprivate leadership continues to influence economic development statewide.
TOMAS GORNY, founder and CEO, Nextiva: Gorny built one of the nation’s leading business communications platforms. A serial entrepreneur, he has driven Arizona’s tech evolution by championing cloud-based solutions, workplace culture and innovation, positioning Nextiva as a major force in the state’s fastgrowing software ecosystem.
JOSEPH HOGAN, president and CEO, Align Technology: Hogan leads one of Arizona’s most innovative healthtech companies, known for Invisalign clear aligners. Based in Tempe, Align has expanded globally under his leadership, combining digital dentistry with advanced manufacturing and elevating Arizona’s status in medtech.
DAVID JACOFSKY, MD, chairman and CEO of HOPCo and The CORE Institute: Dr. Jacofsky is a nationally recognized orthopedic surgeon and entrepreneur. He built a data-driven healthcare platform focused on outcomes and cost efficiency. His leadership bridges clinical excellence and business strategy.
HEIDI JANNENGA, co-founder and chief clinical officer, WebPT: Dr. Jannenga revolutionized outpatient rehab with an innovative electronic medical records platform. A physical therapist turned entrepreneur, she is a prominent voice for healthtech, women in business and Arizona startups.
OLEG KHAYKIN, president and CEO, Viavi Solutions: Khaykin leads a global innovator in network testing and optical tech with key Arizona operations. He is advancing Viavi’s leadership in 5G, aerospace and defense, strengthening the state’s high-tech and connectivity sectors.
GEORGE KURTZ, founder and CEO of Crowdstrike and FalconEye Ventures: Kurtz heads one of the world’s top cybersecurity firms. With a strong presence in Arizona, his leadership spans AI, national defense, and digital security, reinforcing the state’s role in cyber innovation.
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50 MOST POWERFUL BUSINESS LEADERS
MARY FEDEWA
PRESIDENT, CEO, DIRECTOR AND CO-FOUNDER // STORE Capital
Background: Known throughout the industry for her business acumen and solutions-oriented charisma, Fedewa co-founded STORE Capital in 2011. She was appointed president in September 2020 and ascended to CEO in April 2021.
Leadership style: “I lead by example — with energy, integrity and a commitment to inclusion and collaboration. I work to empower my team to make informed, confident decisions, creating an environment where they can excel. I have found that diverse empowered teams consistently deliver the strongest results — and STORE’s success is proof of that.”
How to evolve: “If there’s one constant in business, it’s change. My approach has always been to embrace change as an opportunity to adapt, innovate and strengthen the organization.”
Defining moment: “Leading STORE through its 2023 privatization —partnering with Blue Owl and GIC — has been a defining moment of my career. Valued at nearly $15 billion, it was one of the largest M&A transactions in the U.S. real estate market and the second largest in Arizona’s history. This partnership gives STORE exceptional access to long-term capital, strengthening our ability to provide long-term tailored real estate solutions to businesses nationwide.”
Opportunities ahead: “I see robust infrastructure investment and continued workforce development as Arizona’s biggest opportunities over the next several years. By strengthening our infrastructure and investing in talent, we can build on the State’s strong business culture and position Arizona as an even more attractive place for companies to grow and innovate.”
Business advice: “With the rapid growth of computing power and artificial intelligence, it’s more important than ever to stay grounded in the fundamentals. Prioritize employee well-being, build strong relationships, and focus on serving the customer –those are the actions that create long-term business value. The best advice I’ve ever received — and would pass along — is this: Trust the journey. Everything, regardless of the outcome, offers a lesson. Learn from each one.”
KEY TO SUCCESS: “Success today requires leaders to be adaptable and open, but also decisive and grounded,” says Mary Fedewa, president, CEO, director and co-founder of STORE Capital. “You have to be willing to adjust when circumstances change, listen to different perspectives and still have the confidence to make the right call. For me, it is about staying flexible without losing focus on what matters most to the business and our people.” (Provided photo)
JEFF MESHEY, president and CEO, Desert Financial Credit Union: Meshey has helped transformed Desert Financial Credit Union since joining in 1994 and becoming CEO in 2017. Under his leadership, Desert Financial became Arizona’s largest credit union and grew assets twelvefold.
KEN KENDRICK, managing partner, Arizona
Diamondbacks: Kendrick has helped shape Arizona’s sports and philanthropic landscape. A successful businessman and passionate baseball executive, he’s driven community outreach and charitable investment while positioning the D-backs as a key player in the state’s economic and cultural identity.
TODD LAPORTE, CEO, HonorHealth: LaPorte leads one of Arizona’s largest healthcare systems with a focus on patientcentered innovation, workforce development and community health. Under his guidance, HonorHealth has expanded services, improved outcomes and played a vital role in shaping the state’s healthcare landscape.
KARLA LEWIS, CEO, Reliance Steel & Aluminum Company: Lewis oversees one of North America’s largest metal service centers, with a strong presence in Arizona. Her strategic leadership in manufacturing and distribution has positioned Reliance as a key contributor to Arizona’s industrial economy.
PHILLIPE LORD, CEO, Meritage Homes: Lord leads one of the nation’s top homebuilders headquartered in Scottsdale. Under his direction, Meritage has emphasized energy-efficient, affordable housing and smart technology integration—making him a key influencer in Arizona’s housing market.
CHRIS LYNNE, president, University of Phoenix: Lynne guides one of the country’s largest online education providers from its Phoenix headquarters. He focuses on workforce-aligned learning and accessibility, positioning the university as a leader in adult education and a major contributor to Arizona’s talent development pipeline.
JOYCE MULLEN, president and CEO, Insight Enterprises: Mullen leads a $10.4 billion global solutions integrator. Since assuming the top role in 2022, she has accelerated digital transformation across 19 countries, reinforcing Arizona’s tech leadership and earning recognition as one of the state’s most influential women.
PHIL GALLAGHER
CEO // Avnet
Background: A 40-plus Avnet veteran with a passion for serving customers, Gallagher was named CEO of Avnet in November 2020. Previously, he served as global president of Electronic Components, where he was responsible for leading the company’s massive broadline components distribution business worldwide. He recently was awarded the AccountabillT Lifetime Achievement Award from the Arizona Technology Council and the Arizona Commerce Authority. He also received the Lee T. Hanley Community Leadership Award from the Arizona Diamondbacks.
Essential leadership qualities: “The most important qualities in a leader today are empathy, humility and self awareness. I have seen infinitely more careers end because of bad attitudes, negativity and just overall poor ability to work with others than actual business mistakes or lack of intelligence. These qualities reflect a higher level of emotional intelligence (EQ), which today is essential to any leader’s success.”
Leadership style: “I just believe in people. I want my team to walk into my office with good news—and run in with bad news. We’re all going to make mistakes and it’s OK to say, ‘I messed this up.’ As a leader, it’s also important to say, ‘Hey, what do you think?’ and actually listen to the answers. The further up you go, the more you tend to think you know everything. In reality, you need to trust your team to know more than you do.”
Defining moment: “Early in my career in sales, when I was around 22 years old, I was working to get in with a customer in Philadelphia. I tried for months but never got past the receptionist, whose name was Yvonne. I made a point to get to know her and learned she had some grandkids, so since I couldn’t get in to the decision maker, I gave her some of our marketing giveaways for them. One day she told me to come with her, then walked me into her boss’ office. She introduced me and insisted that he meet with me because I was nice to her. I ultimately earned their business, and we ended up becoming their top supplier within 18 months. More importantly I learned a lesson that’s been foundational to my career: be kind to others. People watch you more than they listen to you, and you always need to understand where the influencers are—it’s usually not the boss.”
COMMUNITY
IMPACT:
“One of the big moves I made when I became CEO was to get Avnet even more involved in the Arizona community,” says Phil Gallagher, CEO of Avnet. “With so much changing, it’s important to understand the centers of influence and the trending patterns within our state.” (Provided photo)
50 MOST POWERFUL BUSINESS LEADERS
JAMES GOODNOW
CEO AND PRESIDENT // Fennemore
Background: Nearly two decades after starting his career at the firm as a file clerk, Goodnow became the youngest known CEO of a major law firm in U.S. history when he started in his current role in 2018. He earned his J.D. at Harvard Law School, a master’s degree in entrepreneurship at the University of Cambridge Business School (U.K.) and a B.S. from Santa Clara University, where he graduated first in his class.
Qualities needed to succeed: “I think lawyers need to be entrepreneurial. They have to be forward-thinking, agile, and ready to adjust quickly. Interestingly, that’s the opposite of what you learn in law school, where the focus is on looking backward — what courts have done in the past to decide what to do in the future. That playbook works in the legal world, but not in the business world. At Fennemore, we spend a lot of time training our lawyers to retrain their thinking and adapt to today’s business realities.”
Differentiator for Fennemore: “At Fennemore, we’re fortunate to have a remarkable team of leaders across all of our offices. About seven years ago, we implemented a C-suite structure with dedicated business professionals focused on the business of law. Some have J.D.s, but most are not lawyers. They bring business fundamentals and entrepreneurial thinking to the table, which has transformed the firm.”
Trend to watch: “Law firms that embrace technology and new models will succeed; those that don’t will fall behind. We’re not just competing with other firms anymore — we’re competing with technology companies offering legal services.”
Outlook for Fennemore: “Growth will continue, both in headcount and geographic footprint, particularly in the western U.S. and fast-growth states like Texas and Idaho. But the biggest change will come from technology — especially AI. We’ve developed our own AI platform, DOT, which allows us to work faster and more efficiently. This will fundamentally change pricing models in law and we’re even launching a subsidiary focused on flat-fee legal services.”
LEADING THE WAY: “Leadership is a team sport,” says James Goodnow, CEO at Fennemore. “I focus on building the best possible leadership team and drawing on their expertise.” (Photo by Mike Mertes, Az Business, a publication of AZ Big Media)
50 MOST POWERFUL BUSINESS LEADERS
KATIE HAYDON
CEO AND PARTNER // Haydon
Background: Haydon attended Xavier College Prep for high school, ASU for a her bachelor’s in accountancy and Thunderbird for her MBA in Global Management. Upon graduation from ASU, Katie accepted an accounting position at a large publicly held corporation before eventually taking over the business her father founded.
Leadership style: “I’m not a micromanager. I really believe in trusting my team. I don’t need to be in every meeting or part of every decision. I want everyone to feel ownership over their work and know that I trust them to do what they say they’ll do.”
Evolution of leadership style: “The generation before me set an example of needing to be in every room, make every decision and manage every detail. I tried that early on, but it’s not who I am. I’d rather spend time getting to know my people — their families, their goals — than diving into schedules and budget reviews with 10 other people. I’ve shifted my focus to relationships, vision, and making sure our people and clients are thriving. That’s what drives sustainable success.”
Company culture: “We’ve always made culture a top priority. Back in 2017 or 2018, we had an entire division focused solely on culture. We even had someone whose title was ‘Culture QB’ —she held us accountable, showed up in the field and made sure we walked the talk. When she moved into a director role, our leaders said, ‘Who’s going to be the next Culture QB?’ The answer: All of us. Everyone at Haydon is now a culture ambassador. That’s what sets us apart — our people choose Haydon and they bring that culture into everything they do. One of the things I’m most proud of is seeing how our culture lives in every crew and team. You’ll see foremen barbecuing with their teams on weekends, families spending time together. It’s more than a job — it’s a community.”
Future outlook: “Arizona is booming, and construction is no longer a commodity — it’s a necessity. There’s more work than people to do it, which gives us the opportunity to be selective and build stronger, more meaningful partnerships with clients and trade partners. The result is better outcomes for our people, our company and our communities.”
EMPOWERMENT: “One of the most important things a leader can do today is trust and empower their team,” says Katie Haydon, CEO and partner at Haydon. “Delegation alone isn’t enough. It’s about ownership and trusting your team to make the right decisions.” (Photo by Mike Mertes, Az Business, a publication of AZ Big Media)
50 MOST POWERFUL BUSINESS LEADERS
AMY HYSELL
PRESIDENT AND CEO // Arizona Financial Credit Union
Background: Hysell leads Arizona Financial Credit Union, serving more than 175,000 members across Arizona. With nearly 30 years of service to Arizona Financial that helped shape the credit union’s business operations and culture, Hysell took the helm as president and CEO in January 2023. She was one of Az Business magazine’s Most Influential Women in Arizona in 2023.
Qualities leaders must have to succeed: “Emotional intelligence — now and always. Leaders must authentically connect with employees, recognizing that what someone says may not reflect what they’re truly feeling. Understanding those unspoken needs fosters trust, collaboration and mutual care. You can’t fake authenticity — your team will know. When employees feel genuinely understood, they’re more willing to share, contribute, and engage.”
Leadership style: “I’m a servant leader who’s also highly accountable — both to myself and my team. I prefer to say I hold people ‘capable.’ I give them meaningful work and ensure they have what they need to succeed. My role is to support them, not the other way around.”
Evolution of leadership style: “Early in my career, I was a top-down leader, focused on output over people. A leadership coach once illustrated my habit of racing ahead — literally leaving her behind on a walk. That moment changed me. I realized I was moving too fast without bringing others along. Since then, I’ve prioritized emotional intelligence, connection, and authentic leadership — and found much more joy in my work.”
Value of longevity: “I’ve held over 20 roles at Arizona Financial Credit Union, so every few years brought new challenges and opportunities. I know the organization inside and out, which allows me to lead with deep understanding across all areas.”
Industry outlook: “More consolidation is inevitable. Twenty years ago, there were over 10,000 credit unions — today there are about 4,000. Smaller institutions face challenges in meeting regulatory and technology demands, so joining forces will become more common. But with smart cooperation, the industry can continue to grow and serve members effectively.”
GROWTH MODE: “Growth here is exponential,” says Amy Hysell, president and CEO of Arizona Financial Credit Union. “For my organization, that means expanding our community impact, especially with nonprofits. There’s so much opportunity to grow alongside the Valley.” (Photo by Mike Mertes, Az Business, a publication of AZ Big Media)
VICKY PEACEY, president and general manager, Resolution Copper: Peacey leads one of Arizona’s most significant mining projects. With a focus on sustainability, innovation, and stakeholder engagement, she is guiding the development of a world-class copper resource while balancing economic impact, environmental stewardship, and community partnerships in the region.
SHERYL PALMER, chair and CEO, Taylor Morrison: Palmer has led Taylor Morrison into the top ranks of America’s largest public homebuilders as a Fortune 500 company. Palmer has used her position as the only female chairman of a publicly traded homebuilder to expand opportunities for women in construction.
BOB PARSONS, founder of GoDaddy, PXG (Parsons Xtreme Golf), YAM Worldwide: Parsons is a serial entrepreneur whose ventures span domains from web hosting to luxury golf equipment. His business success and philanthropic investments have long influenced Arizona’s entrepreneurial ecosystem.
AMY PERRY, CEO, Banner Health: Perry has been named to Modern Healthcare’s lists of the Top 25 Women Leaders and Top 100 Most Influential People in Healthcare. She is leaning into the growth and development of Banner’s clinically integrated network and health plan coverage.
JIM PRATT, general manager and CEO, Salt River Project (SRP): Pratt leads one of Arizona’s largest utilities, serving millions with reliable water and power. With decades of experience, he champions sustainability, infrastructure modernization and strategic planning to support Arizona’s growth and resource management.
KATHLEEN L. QUIRK, president and CEO, FreeportMcMoRan: Quirk leads Freeport-McMoRan Inc., a Fortune 500 mining company headquartered in Phoenix. In her role, she oversees global operations and strategic execution at one of the world’s top copper producers.
TARL ROBINSON, CEO and founder, Plexus Worldwide: Robinson built the Scottsdale-based health and wellness company into a global direct-selling powerhouse. His entrepreneurial leadership and commitment to innovation and customer well-being have positioned Plexus as a major force in the wellness industry.
50 MOST POWERFUL BUSINESS LEADERS
PAM KEHALY
PRESIDENT AND CEO // Blue Cross Blue Shield of Arizona
Background: Kehaly is the president and CEO of Blue Cross Blue Shield of Arizona, where she leads the state’s largest locally based health insurer. With decades of experience in the healthcare industry, she is known for driving innovation, improving care access and championing community health initiatives. Under her leadership, AZ Blue focuses on affordability, quality and wholeperson wellness to improve the health of all Arizonans.
Leadership style: “I don’t believe customer satisfaction can ever exceed employee satisfaction. If your employees are miserable or don’t understand how their work fits into the bigger picture, it will affect your outcomes and customer interactions. So, my focus as a leader is on employee engagement and purpose. We’re a healthcare company — we help people manage their health, which is their most valuable asset. That’s meaningful work. We start every meeting with a ‘mission moment,’ sharing a story about a member we’ve helped. We also tie employee bonuses to outcomes that improve public health in Arizona—like lowering suicide rates or reducing opioid deaths. Everyone contributes, whether through their daily work or volunteering. When people feel purpose and see how they fit into the mission, it drives powerful results.”
Evolution of leadership style: “Over the past five years, agility and speed have become more important. During COVID, we had to pivot fast. I spoke with a doctor who had a 12-month plan to launch telehealth. When the pandemic hit, they did it in two weeks. That showed me how quickly we can move when needed— and in today’s tech-driven world, we have to.”
Defining moment: “One of the most meaningful was launching our Prosano clinics. Historically, we’ve been a health insurance company, but now we also deliver care. We employ primary care doctors across Maricopa County and Tucson. The tension between insurance companies and healthcare providers has always been a challenge — controls are put in place to catch bad actors, but they frustrate the majority who are doing the right thing. By integrating care and insurance under one roof, we eliminate that tension. Our Prosano clinics have 30% lower costs, 24% fewer ER visits, and 20% fewer hospitalizations compared to similar populations. It’s been a career highlight to to be able to roll these out and see these results.”
LOOKING AHEAD: “Arizona is booming in sectors like microchips, bioscience and fintech,” says Pam Kehaly, president and CEO of Blue Cross Blue Shield of Arizona. “But we’re also facing limitations— water, energy, workforce. The opportunity is figuring out how to continue growing while managing scarce resources. If we don’t, those industries will go elsewhere and the momentum could stall.”
(Photo by Mike Mertes, Az Business, a publication of AZ Big Media)
50 MOST POWERFUL BUSINESS LEADERS
BRIAN LEE
PRESIDENT AND CEO // Arizona Central Credit Union
Background: Lee began his credit union career as a principal examiner with the National Credit Union Administration in July 2010, ensuring the safety and soundness of the credit union system. In June 2014, Lee joined Landings Credit Union as the CFO and in January 2020 was promoted to Landings’ president and CEO. He was named president and CEO of Arizona Central Credit Union in April.
Leadership style: “I really lean into servant leadership. Even though I may sit at the top of the organizational chart, I see myself as accountable to our members — more than 50,000 of them — and to our employees. My job is to make sure they have the tools and support they need to succeed. If I can do that, I’ve done my job as a leader.”
Servant leadership in practice: “For me, it means getting to know people personally, understanding their strengths, and helping them shine. It’s not just about being willing to help—it’s about giving of yourself so that others can be successful. That creates a stronger organization with 170 empowered leaders, not just one at the top.”
Defining moment: “I stepped into my first CEO role in January 2020—just before the pandemic hit. I had big plans, but within months, we had to pivot. That experience taught me the importance of focusing on our mission: take care of our members, our employees and our community. It shaped the way I lead today.”
Evolution of leadership style: “Over the past five years, agility and speed have become more important. During COVID, we had to pivot fast. I spoke with a doctor who had a 12-month plan to launch telehealth. When the pandemic hit, they did it in two weeks. That showed me how quickly we can move when needed— and in today’s tech-driven world, we have to.”
Industry outlook: “There are real challenges ahead — rising debt levels, interest rate fluctuations and affordability issues — but also a lot of opportunity. Credit unions can play a key role in helping people access financial tools, save for the future, and achieve their goals. We need to be innovative, supportive, and always focused on doing what’s best for our members.”
FRONT-ROW SEAT: “As someone born and raised in Arizona, I’ve watched this market grow and diversify,” says Brian Lee, president and CEO of Arizona Central Credit Union. “Each community across the state — from Tucson to Flagstaff — has different needs. Our job is to stay in tune with those communities and help new residents and businesses thrive. It’s a dynamic environment and we’re proud to be a part of it.”
(Photo
by Mike Mertes, Az Business, a publication of AZ Big Media)
CHET SAMUELSON, Arizona market president, BOK Financial: Samuelson leads regional banking and client service excellence. Under his leadership, the firm has earned prestigious state accolades, advancing Arizona’s financial prosperity through tailored, community-focused solutions.
GIEL RUTTEN, president and CEO, Amkor: Rutten leads the Tempe-based global semiconductor packaging leader, spearheading a $2 billion advanced packaging facility in Peoria. His leadership strengthens Arizona’s semiconductor ecosystem and promotes domestic tech innovation and job creation.
TIM SCHANTZ, CEO, Troon: Schantz leads the world’s largest golf course management company headquartered in Scottsdale. He has expanded Arizona’s global presence in golf hospitality, tourism, and sports lifestyle sectors through innovative course operations and upscale service leadership.
MARC SCHMITTLEIN, executive board chair, CopperPoint Insurance Companies: Schmittlein leads the Phoenix-based workers’ compensation insurer. He reinforces Arizona’s business resilience and workplace safety through tailored insurance solutions and trusted local leadership.
DAVID SELLERS, CEO, LGE Design Build and Creation Equity: Sellers drives large-scale architectural and real estate development across Arizona — and the nation. His leadership in integrated design-build services shapes the region’s evolving commercial and urban landscape.
EDWARD J. “JOE” SHOEN, president, chairman, and CEO, U-Haul Holding Company: Shoen oversees one of the nation’s leading moving and storage brands. He influences national logistics trends while contributing significantly to Arizona’s economic identity and employment.
JACK SINCLAIR, CEO, Sprouts Farmers Market: Sinclair leads Sprouts Farmers Market, the Arizona-founded organic retail chain. Sinclair has guided national expansion while maintaining brand roots in healthy, community-focused grocery, enhancing Arizona’s prominence in wellness retail.
75 YEARS
OF SHAPING ARIZONA
For 75 years, Kitchell has built spaces where Arizonans live their stories, pursue dreams, and connect with one another. From iconic landmarks to everyday places, our commitment to innovation, local industry, and community continues to shape Arizona’s future.
Background: Mulhern brings more than 30 years of commercial real estate experience, leadership expertise and unparalleled relationships to his role at Transwestern. Prior to joining Transwestern, he was senior managing director at Colliers, where he led a team of more than 120 brokers and staff in Phoenix and Scottsdale. A committed member of the Phoenix community, Mulhern is a trustee of his alma mater, Arizona State University, and currently serves as the president of the ASU Alumni Association Board of Directors. He is a founder and governing board chairman of Great Hearts Arizona, a leading provider of classical education to elementary, middle school and high school learners.
Qualities leaders need to succeed: “I think the most important quality is magnanimity — the ability to see greatness in people and opportunities and to draw that out of them. That requires courage, because achieving great things often means pushing against the grain. It also takes self-mastery — knowing who you are and blocking out the noise, especially when others try to discourage you.”
Building a winning team: “I grew up in a big family — I was No. 8 of 12 kids — and my wife and I have nine of our own. I’ve learned that people want to be recognized as individuals, not compared to the person next to them. Instead of asking what they can do for me, I ask what they need to excel and advance. I focus on running a virtuous business, with honesty and integrity at the top. That builds trust, and when people trust you, they’re willing to listen and make good decisions.”
Leadership style: “Virtuous leadership. My role is to recognize people’s talents and provide what they need to succeed — not dictate what’s best for them. The most talented people today want the tools they ask for, high expectations and the freedom to do great things.”
Arizona outlook: “Arizona is truly a land of opportunity. We have a top-tier university, a business-friendly climate, and strong economic development organizations. When major companies like TSMC move here, they attract others. Combine that with good education options and a collaborative business culture, and it’s hard to think of a better place to run a business.”
OUTLOOK FOR 2026: “I’m bullish,” says Bob Mulhern. managing director-Arizona market leader for Transwestern. “Industrial, retail and hospitality are strong; multifamily and office are rebounding; and new sectors like data centers are growing. Arizona is competing nationally for major projects and the scale and scope of what’s happening here is unlike anything in the past.” (Photo by Mike Mertes, Az Business, a publication of AZ Big Media)
SANDRA WATSON, president and CEO, Arizona Commerce Authority: Watson leads the state’s economic development agency and has helped the ACA successfully land 1,369 companies that have committed to creating more than 314,000 quality jobs and investing more than $196 billion in new capital in the state.
RICK SMITH, founder and CEO, Axon Enterprise: Smith transformed a garage-based startup into a global leader in public safety technology, pioneering TASER devices, body-worn cameras, and digital evidence systems—redefining law enforcement tools while anchoring Arizona’s deep tech and innovation ecosystem.
BRADLEY L. SOULTZ, CEO, WillScot: Soultz leads the Scottsdale-headquartered modular space and storage company. His strategic leadership in mergers, operations, and corporate governance strengthens Arizona’s presence in national infrastructure and industrial services.
TODD STEFFEN, president, CORE Construction Arizona: Steffen oversees major design-build and construction projects across the state. His leadership drives infrastructure growth, urban development, and innovation in commercial building, reinforcing CORE’s critical role in shaping Arizona’s built environment.
JON VANDER ARK, president and CEO, Republic Services: Vander Ark leads the Arizona-based national leader in waste collection and recycling. His emphasis on sustainability and operational excellence supports environmental stewardship and economic growth across Arizona’s communities.
KENNETH A. VECCHIONE, president and CEO, Western Alliance Bancorporation: Vecchione guides innovative banking services that empower small businesses, commercial development, and community prosperity—strengthening Arizona’s financial infrastructure and economic resilience.
GREG VOGEL, founder, Land Advisors Organization: Vogel leads the Arizona-based land brokerage and advisory firm specializing in land use strategy and development. His expertise shapes urban planning and growth trajectories, influencing commercial and residential development across Arizona.
DESIGN DESIGN
“Transwestern
is much more than a brokerage and management company. We are a family of businesses, with development,
~Bob Mulhern Managing Director & Arizona Market Leader
2501 E Camelback Rd, Suite 1 Phoenix, AZ 85016
www.transwestern.com
LinkedIn: TW Phoenix
50 MOST POWERFUL BUSINESS LEADERS
MICHAEL POLLACK
PRESIDENT AND FOUNDER // Pollack Investments
Background: Pollack is a renowned Arizona real estate developer, entrepreneur and philanthropist with more than five decades of experience revitalizing communities. As president of Pollack Investments, he has developed or redeveloped over 12 million square feet of commercial projects. Known for integrity, innovation and community impact, Pollack is also deeply committed to charitable causes.
Key to success: “I think adaptability is key. Part of my success has come from being willing to turn right or left when necessary. That’s why there’s a turn signal on a steering wheel — you have to be ready to change direction. Flexibility is critical for leadership today.
Succeeding in real estate: “Success comes from being careful on the buy. Too many people think the money is made on the sale, but it’s really made on the purchase. If you overpay, you’ll struggle to catch up. I’ve always looked at the downside first: What’s the most I can lose? And I never bet the farm on a single deal. I’d rather hit a lot of singles and doubles than risk everything on a home run.”
Leadership style: “I’m a big-picture person. I don’t like details and I try not to micromanage —though my son, Robert, accuses me of it often. Sometimes I’m tempted to get into the weeds, but I work hard to let people share their thoughts and approaches. Giving people the ability to communicate is essential.”
Defining moment: “In 2006 and 2007, I decided the market was overheated. I sold almost every project I had — even those I’d already pulled permits for. That move gave us the liquidity to survive the 2008–2011 downturn without renegotiating a single loan or contract. It wasn’t easy, but it was the right call. That decision, along with my commitment to charitable work, stands out as a defining moment in my career.”
Quality needed to succeed: “Integrity has always been No. 1. I don’t believe in quick wins or short-term scores. I want everyone at the table to walk away feeling they were treated fairly and with respect. That’s how I like to be treated, and that’s how I do business.”
CHANGING THE LANDSCAPE: “I’ve always believed in the redevelopment of urban America,” says Michael Pollack, president and founder of Pollack Investments. “I take on tough projects because I know we can make them better than they were originally built.” (Photo by Mike Mertes, Az Business, a publication of AZ Big Media)
BRANDON B. RAFI
FOUNDER // Rafi Law Group and Rafi’s Hope
Background: Rafi, raised in Arizona, exemplifies the virtues of hard work and dedication instilled in him by his immigrant parents. He has channeled these values into a decade-long career in law, focusing on personal injury and community welfare. Educated at Brophy College Preparatory, the University of Arizona and Phoenix School of Law, Rafi has consistently aimed to serve and uplift others. Under his leadership, Rafi Law Group has grown into Arizona’s premier personal injury firm, with eight offices across Phoenix, Tucson and Yuma, and a team of over 250 dedicated professionals.
Qualities needed to succeed: “Empathy, clarity, and consistency. You have to listen to your team, your clients, and your community. Leadership today means showing up, being transparent, and following through. People want to know you’re real, and that you stand for something beyond just business.”
Leadership style: “I lead with heart and hard work. I’m hands-on, and I try to lead by example. I also believe in trusting people to do what they do best. That mindset has helped build a culture where people take pride in their work and feel ownership in our success.”
Evolution of leadership: “Arizona is growing fast. That means staying flexible, staying ahead, and never getting too comfortable. I’ve had to grow as a leader by embracing change and making sure our team and our brand stay connected to the community. We keep our eyes on what’s next, but we never lose sight of who we’re here to serve.”
Defining moment: “We hosted a free community event and saw families lined up before we even opened the doors. That kind of turnout wasn’t because of promotion, it was because people trust us. That moment reminded me what this is really about. If you stay connected to the people around you, success becomes something much bigger than business.”
Advice for future leaders: “Start now. You don’t need a perfect plan or a fancy title to make an impact. If you see a need, step up. Build something real and let your values lead the way. And as you grow, reach back and help others do the same.”
ARIZONA OUTLOOK: “There’s real momentum in Arizona,” says Brandon Rafi, founder of Rafi Law Group. “I think the biggest opportunity is to grow with intention. That means creating jobs and building businesses that lift up every part of Arizona. If we keep investing in people, the economy will take care of itself.”
(Photo provided by Rafi Studios)
ARIZONA HISPANIC CHAMBER
RISING UP
Monica Villalobos and the Arizona Hispanic Chamber of Commerce empower minority-owned businesses through data and policy
By LUX BUTLER
rizona’s Hispanic community continues to drive population growth, entrepreneurship, and consumer spending. At the heart of this momentum is the Arizona Hispanic Chamber of Commerce (AZHCC), a 75-year-old organization dedicated to advancing minority-owned businesses and shaping the state’s economic future. Through advocacy, market intelligence, and programs that strengthen small businesses, the Chamber has become a trusted voice for Arizona’s diverse business community.
Under the leadership of President and CEO Monica Villalobos, the Chamber has earned a reputation as a reliable source of market intelligence and a tireless advocate for minority-owned businesses. Its flagship research publication, DATOS: The State of Arizona’s Hispanic Market—now in its 30th year— serves as a critical tool for businesses, policymakers, and community leaders to understand demographic trends and economic opportunities.
In this conversation, Villalobos shares how the Chamber’s work is evolving, why reliable data matters more than ever, and how businesses and lawmakers can use that information to build a more inclusive and prosperous Arizona.
LIFTING A COMMUNITY: Monica Villalobos exemplifies innovative leadership through her data-driven approach to advocacy and her unwavering commitment to empowering minority-owned businesses. By transforming the Arizona Hispanic Chamber of Commerce into a hub for market intelligence and actionable insights, she’s reshaping economic narratives and building inclusive pathways for growth across Arizona. (AZ Big Media file photo)
Az Business: The Chamber has been producing DATOS for nearly 30 years. What has kept it relevant over time?
Monica Villalobos: “DATOS has always been an opportunity for us to own our narrative and not have it hijacked by other agendas. It started as a 20-page report released to about 100 people, and now it’s a 10-month process involving over 30 subject matter experts and 100 data sources. We’ve evolved from printed books to fully digital dashboards. Rather than just a 400-page book, the dashboards let people filter data by year, population, or zip code, so it becomes much more self-help. Only about 25% of the data we collect makes it into the book, but with the dashboards, everyone can access the full range of data, which we believe supports an open marketplace of ideas. And I always say what you can count on us for is responsible, reliable, and relevant data.”
Az Business: Why do you feel data like this is so important for Arizona’s Hispanic business community?
MV: “We constantly fight myths with data—like the myth that Latinos take more from the economy than they put back. The truth, backed by census data and other federal sources, is that Latino consumer spending actually helped keep the economy going during downturns. Even the undocumented contribute through taxes they can’t reclaim, and that money stays in the economy and drives growth. Minority-owned businesses are small and vulnerable, but also small and nimble, which means they can pivot and change direction when needed. During the pandemic, many Latino businesses shifted strategies—like restaurants turning into catering companies or focusing on takeout—showing how adaptable they really are.”
Az Business: Beyond publishing the data, how does the Chamber help people use it?
MV: “A few years ago, we partnered with the Vitalyst Health Foundation to bring in a national best practice called the ‘Elements of a Healthy Community.’ That gave us a lens to make the data actionable. The social determinants they identify—like transportation, affordable food, housing, and education—help frame conversations differently. For example, instead of just sponsoring cultural events, we can now approach food retail partners with data showing which zip codes are food deserts and actually need access to fresh fruits and vegetables. That shifts the conversation from sponsorships to solving real problems—and that’s a much more powerful conversation.”
Az Business: What are some concrete ways small businesses or corporate partners apply this data?
MV: “Small businesses use DATOS to decide what kind of business to start, where to start it, and what industries are growing. Corporations use it for marketing strategies, product development, and understanding evolving demographics.
AZHCC 2025 BUSINESS DIVERSITY SUMMIT
WHAT: The Arizona Hispanic Chamber of Commerce (AZHCC) will host its annual Business Diversity Summit to take a deep dive into the procurement process, best practices for engaging with corporate and government buyers, and how businesses can effectively prepare for matchmaking opportunities. Designed as a focused, insightful program, the Summit brings together supplier diversity professionals, procurement officers, and certified minority- and women-owned businesses for a strategic conversation around access, preparation, and meaningful partnerships. Hosted in collaboration with the Phoenix MBDA Business Center, the Business Diversity Summit is part of AZHCC’s larger mission to support diverse businesses through capacity-building, education, and access to opportunity. By fostering dialogue between suppliers and buyers, the Summit creates space for shared learning and long-term impact. Attendance is limited. The focus remains on creating a curated environment where meaningful, procurement-focused conversations can take place—with intention and purpose.
WHEN: The event begins Thursday, October 9, 2025, with registration and continental breakfast at 9:30 a.m., followed by the live-to-tape program starting at 10:00 a.m. The taping wraps by 11:15 a.m., with the event concluding at 11:30 a.m. The concise schedule is built to deliver actionable insights while respecting the time of busy professionals and business owners.
WHERE: STN Studios, 920 E. Madison St., Unit 170, Phoenix
LEARN MORE: azhcc.com
ARIZONA HISPANIC CHAMBER
We show that Latino businesses are mostly family-owned, with a big need for succession planning, and highlight areas like education and economic opportunity where policy change could have a huge impact.
” “
Legislators use briefs we provide from DATOS when debating bills on topics like immigration, education, and economic opportunity. Our corporate partners—we have over 100—tell us it’s their most important reference when looking at Arizona’s marketplace. The data shows that Latinos are 30% of the state, 40% of metro Phoenix, and 50% of K–12 students, and that changes how businesses and policymakers see the future.”
Az Business: Outside of research, what else does the Chamber do to support Hispanic-owned businesses?
MV: “We operate on five key pillars: economic development, market intelligence, capacity building, advocacy, and education. On the economic development side, we’ve had a federal grant at the Arizona Minority Business Development Agency for about 30 years. We’re measured by access to contracts, financing, and job creation. For example, if a member secures a $35 million contract or a $1 million business loan, we get credit for facilitating that. We also host 50 to 60 events every year—almost one a week—where members can network and grow. We’ve kept membership dues affordable; only 5% of our revenue comes from dues. About 30% comes from grants, another 30% from corporate partners, and the rest from events, so we’re not depending on our members to fund the organization. We also have a foundation that has given over $600,000 in scholarships to students since 1991, which helps strengthen the talent pipeline in Arizona.”
Az Business: How do you see DATOS and the Chamber’s work changing the narrative?
MV: “It helps us challenge misconceptions with facts. For example, the idea that Latinos don’t want to learn English is completely untrue. Arizona remains the only state in the country with an English-only law in public instruction, yet families in places like Scottsdale pay for bilingual immersion schools. People understand multilingualism is an asset in a global marketplace. We also show that Latino businesses are mostly family-owned, with a big need for succession planning, and highlight areas like education and economic opportunity where policy change could have a huge impact. These conversations become stronger when backed by data—and that’s why it matters so much.”
Az Business: How do you hope people use the newest data?
MV: “We want it to be actionable. Our goal is that small businesses use it to grow, corporations use it to refine products and services, and legislators use it to create policy that makes a real difference. At the end of the day, Arizona’s future is linked to its Hispanic community. Investing in these communities isn’t charity—it’s smart economic policy. And our data helps make that clear. The future of Arizona depends on understanding and investing in these demographics, and that’s what DATOS and our other research publications are all about. We believe that good data leads to good decisions, and that’s the role we’re proud to play.”
In partnership with the State Bar of Arizona, and the Association of Corporate Counsel, Az Business magazine will host the 2026 Excellence in Law Awards (formerly the ACC Awards) to recognize the important and vital role that in-house counsel and Arizona’s legal sector plays in the success of Arizona’s economy. Finalists represent the most innovative and influential legal minds in Arizona.
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2025-2026
ARIZONA BIOINDUSTRY
Transforming healthcare and economic opportunities
Welcome to the 2025 AZBio Magazine, highlighting Arizona’s vibrant life sciences community and a look ahead at the bold steps we’re taking to elevate our impact even further. As you turn the pages, you’ll discover how innovation, collaboration, and leadership are transforming health outcomes and economic opportunity across the state.
Arizona has emerged as a nationally recognized bioscience hub, thanks to the collective efforts of industry leaders, academic institutions, government agencies, and community organizations. Together, we’ve built a thriving ecosystem. Now, we must think even bigger.
One of AZBio’s strategic priorities is expanding and diversifying our membership. By welcoming more of Arizona’s life science community members - particularly large industry members, health systems, and life science companies unique to each region of the state - we not only grow the organization’s capacity but also strengthen our ability to serve as the unified, statewide voice of the biosciences. This is not just a goal for AZBio’s staff and board - it’s an ecosystem-wide priority that can elevate the entire sector.
This year’s magazine highlights many of our community’s achievements, including the 2025 AZBio Award winners, whose groundbreaking contributions represent the very best of what our industry offers.
We also spotlight the newly released third edition of Arizona’s Bioscience Roadmap, created with support from the Flinn Foundation. The Roadmap outlines critical next steps for growth, including new crosssector initiatives in workforce development and communications, where AZBio will play a key role.
AZBio continues to lead in advocacy, education, and collaboration. Our policy work, from legislative briefings to Capitol showcase days and industry events, helps raise the profile of Arizona’s bioindustry and advances the priorities that matter most
to our members and communities. With a broader base and stronger statewide presence, we can expand this impact even further.
The industry is also fueling job growth, offering diverse career pathways in research, development, manufacturing, and clinical trials. As we align workforce strategies and communicate opportunities more clearly, we can ensure that more Arizonans benefit from fulfilling, wellpaying roles in this growing sector.
We are proud of the progress made and energized by the path ahead. As we scale up, our focus remains clear: support innovation, grow opportunity, and serve patients.
To our 2025 awardees, I would like to express my heartfelt congratulations. Your achievements exemplify the excellence and innovation that define our community. And your work inspires us all!
To our partners and readers - thank you. Your dedication is driving real change across Arizona and beyond. We invite you to engage, collaborate, and help shape the future of bioscience in our state.
Together, we are building a stronger, healthier, and more connected Arizona.
Kevin Parker Chairman of the Board of Directors Arizona Bioindustry
Association, Inc.
ACCELERATING HEALTH INNOVATION
By JOAN KOERBER-WALKER
Once upon a time, there was a community that was beginning to grow rapidly. People were attracted to sunny skies, available land, and people who were collaborative and welcoming. It was a land of opportunity, and people embraced it.
This may sound like a fairytale. It is not. It’s a key part of Arizona’s story — a journey that began in 1997 when leaders were watching the signs and looking toward the future.
Arizona’s population has grown significantly since 1997. In 1997, Arizona’s population was around 4.7 million people. By 2024, Arizona had surpassed the 7.5 million population mark.
In 1997, the City of Phoenix had risen to be the 9th largest city in the country. By 2017, the city was the 5th largest in the United States and has held that position ever since.
Growth brings opportunities. It also brings challenges. How will we educate all these new people? How will we care for them? Where will they live? What careers will provide the greatest opportunities? How will our community, our state, and our people benefit?
These were the questions raised by Arizona leaders in 1997
and are the same challenges we work to develop solutions for today. The solutions continue to evolve, and as they do, the opportunities and benefits for Arizonans have increased.
In 1997, Arizona leaders embarked on a new vision for growth focused on advanced manufacturing industries including semiconductors, automotive, aerospace and defense, optics, and the biosciences. The goal was to create more high-quality, highpaying jobs by making Arizona a place where innovation and innovators would thrive. They succeeded.
The biosciences: An Arizona success story that continues to amaze
Over $33 billion of public and private funds have been invested to create the life science and healthcare ecosystem that exists in Arizona today. The return on investment is impressive. In 2016, the bioscience sector (not including hospitals) generated a singleyear economic impact of $23.16 billion. By 2023, the economic impact from Arizona’s bioscience sector had grown to $43.64 billion in a single year.
Our capacity to train the physicians that our growing
community needs has grown significantly. In 1997, Arizona had one medical school. Today, Arizona is home to six medical schools, with three more in the planning stages.
Our hospital systems have expanded to support the growing population. They have also developed into world-class research centers. In 2024, Arizona ranked 8th in the nation for clinical trials. These trials move science forward. They provide Arizonans with opportunities to be part of the research process and to potentially benefit from health innovations that would not otherwise be available to them.
Arizona diagnostic companies provide the products and services to help us manage our health, detect disease, and guide treatment at almost 1,200 locations across the state. One of these companies, Sonora Quest — a joint venture between what is today Banner Health and Quest Diagnostics — was formed in 1997. Today, almost 3,900 Sonora Quest team members perform more than 100 million diagnostic tests per year. In Southern Arizona, Roche Tissue Diagnostics has become a global leader in cancer diagnostics, providing a wide range of tests and
instruments that impacted the lives of over 41 million people in 2024 alone.
Over 10,000 Arizonans work in our medical device companies. They design, develop, and manufacture implantable devices, such as cardiac pacemakers and defibrillators, devices that help patients with diabetes manage their insulin levels safely and effectively, spinal cord stimulators for pain management, and deep brain stimulators that address movement disorders. Arizona medical device companies are also creating and delivering devices that healthcare workers use to administer medicines, provide medical devices that can replace parts of our bodies that no longer work as they should, and other tools that help us when we need to recover.
Over 5,000 Arizonans are working to develop and deliver pharmaceutical products — from global leaders like Abbott and Bristol Myers Squibb to emerging manufacturing leaders like Bright Path Labs and exciting young companies that got their start in Arizona universities.
The Arizona Bioscience Cluster, a group of resolute volunteers, came together to support this vision of building a vibrant bioscience community in 1997. It evolved to become the Arizona Bioindustry Association (AZBio). Today, almost 300 AZBio member organizations employ over 365,000 Arizonans, plus many more across the country and around the world. As AZBio continues to grow, so does our ecosystem and its impact.
AZBio’s membership includes more than life science and healthcare organizations. The organization welcomes every entity committed to growing this industry in Arizona, including — but not limited to — construction and real estate developers, educational institutions, family offices, financial institutions, foundations, human resource and workforce professionals, investment firms, legal experts, risk managers and insurers, technology companies, nonprofits, patient advocacy groups, public utilities, supply chain and logistics experts, and more.
Accelerating health innovation and economic impact
Arizona’s life science industry includes a wide range of health innovation technologies including medicines, medical devices, diagnostics, instrumentation, software, and various health technologies. Artificial intelligence (AI) is also being employed by Arizona health innovators to accelerate their efforts.
Arizona’s life science sector ranked No. 2 in the nation for job growth on an annual percentage basis over 10 years (5.4%), behind Massachusetts at 5.6%. This sounds impressive until you consider that in real numbers, with 2023 as the employment baseline, Arizona would create around 2,200 net new jobs per year, while Massachusetts would create around 8,300 jobs.
Employment and wages are key drivers of economic impact. Arizona’s life science sector (not including hospitals) delivered $43.64 billion in economic impact in 2023, compared to Massachusetts’ $298.58 billion.
As economic impact grows, so does the tax base and the overall economy of the state. That means more money for education, roads, and initiatives to make life better for people across Arizona.
AZBio has set a goal for Arizona’s life science sector to reach $77 billion in economic impact by 2033, when AZBio will celebrate 30 years of impact. Arizona can reach this goal — or exceed it — if our community comes together to make it happen. You are invited to join us!
Arizona’s bioscience industry employed 40,399 people in 2023 across 3,652 state business establishments, representing a rapid 24.6 percent increase in employment since 2019 and placing the state among the leaders in employment growth. The average wage in the bioscience industry was $102,161—53 percent higher than the state’s private sector average. (The 2025 jobs data is expected in late 2026.)
Arizona’s life science workforce in 2023
Agricultural and industrial biosciences
18 Firms 690 Jobs
Bioscience-related distribution
Firms
Jobs
Editor’s note: Firms, also known as establishments, can include multiple locations of one organization.
Job postings give us a picture of where the jobs are and what future jobs to prepare our workforce for.
The Life Sciences Workforce Collaborative (LSWC) is a national nonprofit coalition of state and regional bioscience associations and institutes working together to build a competitive, comprehensive, and future-ready life sciences workforce. (lifesciencesworkforce.org) Originally founded in 2012 as the Coalition of State Bioscience Institutes (CSBI), LSWC connects industry, academia, and government partners through data-driven insights, best practice sharing, and collaborative programs. AZBio was a founding member of CSBI in 2012. AZBio is a founding member of LSWC and AZBio president & CEO Joan Koerber Walker serves on both the LSWC Board of Directors and its executive committee.
The LSWC/TEConomy Life Sciences Workforce Trends report presents summary information on industry job postings nationally and for Arizona. The following charts present the data from the latest four years of unique (non-duplicative) job postings across the life sciences industry and its five major subsectors— agricultural feedstock and industrial biosciences; bioscience-related distribution; medical devices and equipment; pharmaceuticals; and research, testing, and medical laboratories. From January 2021 through December 2024, Arizona life sciences companies posted a total of 54,503 unique job opportunities.
Education and experience requirements in Arizona life sciences industry job postings, 2021-2024
Share of industry job postings in Arizona by major life sciences subsector, 2021-2024
Leading technical and production-related job titles/groupings for Arizona life sciences hiring over the last four years
Get to know Arizona’s life science community
Arizona’s life science community works together to support innovation, grow opportunity, and serve patients. They are discovering, developing, and delivering products and services that help us stay healthy, detect, and treat disease, and create a wide range of career opportunities.
As the voice of Arizona’s life science community, a key priority of AZBio and our members is to spread the word about the amazing work and significant impact our life science sector delivers. AZBio serves as a resource to the media, amplifies the news that our members create, and brings the community together to engage, collaborate and build relationships that are accelerating growth.
Hearing about the amazing things that are happening in Arizona, or reading about it in publications like this one, can help you get to know Arizona’s life science community, but there is an even better way.
Arizona Bioscience Week (AZBW)
Since 2016, Arizona’s governors have proclaimed one week each year as Arizona Bioscience Week. It is a time when Arizonans come together to celebrate the Biosciences and the industry’s impact with activities spanning the state. In 2025, AZBW is October 13th to 17th.
Organized by AZBio, Arizona Bioscience Week is presented with support from the Arizona Commerce Authority, the City of Phoenix, the Flinn Foundation, and a wide range of academic and industry partners.
In-person and online events showcase research and health innovation, highlight life science companies and career opportunities, connect innovators and investors, and provide educational opportunities for students and teachers.
The AZBio Awards takes place at the highpoint of AZBW and since 2005 has been the largest annual life science event in the state. It is an opportunity for the community to learn about and meet life science leaders, celebrate success, and get a glimpse of the future while connecting with talented Arizona students.
Companies participating in investor conferences and summits held during AZBW have gone on to raise over $3 billion in investments and audiences have been introduced to local and national thought leaders.
And, if you want to be inspired, join us on Friday for Voice of the Patient – an event where patients tell their stories, and our community is again reminded of why we do what we do.
We hope to see you during Arizona Bioscience Week.
YOUR SUPPORT!
People across Arizona wear the pin to show that they are part of a community of Arizonans committed to growing our life science industry. When you see the pin, ask them about it and they will share how they are helping to support health innovation and grow our economy.
2025 AZBio PIONEER AWARD FOR LIFETIME ACHIEVEMENT: Eric Reiman, MD
From Arizona to the world: The race to prevent Alzheimer’s
Dr. Eric Reiman is a pioneer in brain imaging, neuroscientific research, the fight against Alzheimer’s disease, and the development of new models for collaboration and resource sharing. He and his colleagues aim to find the first effective Alzheimer’s prevention therapy within 1–2 years, transform the evaluation and care of cognitively impaired patients and their family caregivers, fulfill the promise of emerging Alzheimer’s blood tests, and extend these efforts to other age-related brain diseases.
He received his undergraduate and medical education at Duke University and completed his psychiatry residency at Duke and Washington University in St. Louis. In the laboratory that invented PET, he introduced the idea of aligning and averaging brain images from different people to reveal subtle biological changes and identify regions linked to normal and abnormal behavior—an innovation that revolutionized brain mapping research.
In Arizona, Dr. Reiman established a leading brain imaging research program at Samaritan Health System, which later became Banner Health, and developed close collaborations with top researchers across the state. In paradigm-shifting studies, they characterized brain regions involved in memory, emotion, appetite regulation, and pain.
Dr. Reiman also pioneered the use of brain imaging to detect and track Alzheimer’s long before symptoms appear in those at increased genetic risk, enabling earlier evaluation of prevention therapies. In 1996, he and his colleagues published a landmark article in The New England Journal of Medicine, laying the foundation
PIONEER: Dr. Eric Reiman serves as CEO of the Banner Alzheimer’s Institutes (BAI-Phoenix, BAI-Tucson and Banner Sun Health Research Institute) and director of the Arizona Alzheimer’s Consortium. (Provided photo)
for studying Alzheimer’s in healthy individuals and accelerating prevention research. Soon after, they founded the Arizona Alzheimer’s Consortium—an exemplary statewide collaboration in biomedical research and a hub in the fight against Alzheimer’s.
In 2006, Dr. Reiman and his team launched Banner Alzheimer’s Institute to develop the first effective Alzheimer’s prevention therapy within a generation, create a more comprehensive standard of care for cognitively impaired patients and their families, and foster new models of
biomedical collaboration. Their Alzheimer’s Prevention Initiative (API) ushered in a new era of prevention research. Its first trial—in Colombian members of the world’s largest early-onset Alzheimer’s kindred, including 1,200 people genetically destined to develop the disease—was named one of Scientific American’s “World Changing Ideas.”
Throughout his career, Dr. Reiman has led groundbreaking, multi-institutional collaborations with lasting scientific impact. These include the Arizona Alzheimer’s Consortium, the Alzheimer’s Disease Genetics Consortium (which has identified over 80 susceptibility genes), API’s Colombia partnership, and publicprivate initiatives. He and his collaborators have also made pioneering contributions to Alzheimer’s blood test development, advancing both research and clinical care.
Dr. Reiman serves as CEO of the Banner Alzheimer’s Institutes (BAI-Phoenix, BAITucson, and Banner Sun Health Research Institute) and director of the Arizona Alzheimer’s Consortium. He is also a professor of psychiatry at the University of Arizona, University Professor of Neuroscience at Arizona State University, a Senior Scientist at TGen, and Board Chair of the Flinn Foundation. He and his colleagues co-founded AlzPath, whose pTau217 antibody was named one of TIME magazine’s “Best Inventions” and has been licensed to several diagnostics companies. He is the author of over 800 publications, the inventor of several patents, the principal investigator on numerous NIH grants, and a recipient of the Potamkin Prize—widely regarded as the “Nobel Prize” in Alzheimer’s research.
BIOINDUSTRY ASSOCIATION
Arizona Bioscience COMPANY OF THE YEAR:
Roche Tissue Diagnostics
Global leader, local roots: Celebrating 40 years of impact
Forty years ago, Dr. Tom Grogan, a pathologist at the University of Arizona, had an idea that would change the way oncologists around the world help people facing a cancer diagnosis. That idea sparked the creation of Ventana Medical Systems, Inc. in 1985. The company’s journey included the launch of innovative products, an IPO in 1996, and its acquisition by Roche in 2008 for $3.4 billion.
Now, as Roche Tissue Diagnostics (RTD) celebrates its 40th anniversary, the company is recognized as a world leader in the field of tissue diagnostics. RTD has a portfolio of more than 250 cancer tests and associated instruments for use by hospitals and laboratories worldwide, including automated tissue slide-staining instruments and high-resolution digital scanners. In 2024, over 41 million people were impacted
by products and services delivered by this Arizona-based company. These tests help healthcare professionals determine whether patients have cancer, identify the specific type, and recommend the most effective treatments.
When doctors, patients, and their families are waiting for answers, time matters. Thanks to the innovations pioneered by the RTD team, tests can be performed efficiently and with high quality anywhere in the world—often within just a few hours.
Roche Tissue Diagnostics is headquartered on a 118-acre campus in Oro Valley, just north of Tucson, with additional facilities in Marana. The company employs more than 1,800 people, making it one of the largest nongovernment employers in southern Arizona. The Oro Valley site
serves as the global headquarters for Roche’s pathology business.
In 2023, RTD opened its 60,000-squarefoot Marana manufacturing building, powered entirely by local renewable electricity and featuring state-of-the-art production space. In 2025, the company cut the ribbon on a 112,500-square-foot building on 11.5 acres adjacent to its main Oro Valley campus, where teams focus on developing new tests to ensure the right treatment for each patient at the right time.
RTD’s Tucson-based colleagues work across research, product development, manufacturing, and delivery. The workforce includes pathologists, scientists, engineers, regulatory experts, marketing professionals, business leaders, supply chain specialists, and more—creating opportunities for individuals at every educational level, from certificate and associate degrees to doctoral programs.
Over the last four decades, the company has maintained strong relationships with Arizona’s educational institutions, sponsoring research projects, mentoring programs, internships, and other initiatives. RTD regularly hires from the local community, drawing talent from the University of Arizona, Arizona State University, Pima Community College, and other state schools.
What began as an idea 40 years ago has grown into a global leader, a committed community partner, and a trusted provider of the diagnostic tools healthcare teams need to deliver answers—when patients need them most.
ARIZONA BIOINDUSTRY ASSOCIATION
JON
W. MCGARITY ARIZONA BIOSCIENCE LEADER OF THE YEAR: David A. Dexter
Leading with purpose at Sonora Quest
Medical diagnostics are crucial for effective healthcare because they enable doctors to accurately identify diseases, monitor their progression, and determine the best course of treatment. They facilitate timely interventions, improve patient outcomes, and help prevent the spread of infectious diseases. With approximately 3,900 employees, Sonora Quest Laboratories is Arizona’s largest diagnostics company, with team members spread across more than 70 locations statewide.
At Sonora Quest Laboratories, strong leadership starts at the top. For more than two decades, President and CEO David Dexter has led Sonora Quest Laboratories—a joint venture between Quest Diagnostics and Banner Health—to become one of the nation’s most successful laboratory networks.
Under Dexter’s leadership, Sonora Quest Laboratories has grown fivefold, becoming the market share leader in clinical laboratory testing in Arizona and performing over 100 million diagnostic tests annually.
Dexter recognizes the critical role laboratory data plays in shaping healthcare decisions and improving patient outcomes. He challenges his leadership team to stay on the cutting edge of innovation to meet evolving healthcare needs.
When COVID-19 hit Arizona in 2020, innovation wasn’t optional—it was essential. That July, through a strategic collaboration with the Arizona Department of Health Services (ADHS) and PerkinElmer,
President and CEO David Dexter combines diagnostics, innovation and communit impact. (Provided photo)
Inc. (NYSE: PKI), Sonora Quest Laboratories launched Operation Catapult. The initiative aimed to significantly expand testing capacity to meet and exceed COVID-19 testing demand in Arizona. PerkinElmer’s comprehensive workflow solutions enabled Sonora Quest to rapidly process high volumes of COVID-19 PCR samples, ultimately reducing turnaround times at a critical moment.
In January 2023, Sonora Quest continued to respond to public health needs by offering 3-with-1 Respiratory Combination Testing for COVID-19, RSV, and Influenza. Faster results
helped reduce the spread of illness and protect public health.
Dexter may never have aspired to be a CEO, but he has always aspired to make a difference.
“I’ve always aspired to what I call higher ambition leadership. A CEO is supposed to create economic value for shareholders, employees, and customers—but I’ve always wanted to take it to a higher level,” said Dexter. “To me, that means we have a moral and ethical responsibility to create social value in the communities where we live and work.”
Dexter’s influence extends far beyond Sonora Quest. A dedicated advocate for public health, he serves on numerous boards, including the American Cancer Society’s CEOs Against Cancer, the Arizona Bioindustry Association, Breakthrough T1D’s Board of Chancellors, and the Executive Committee of Contexture. He also contributes to the eHealth Initiative’s National Leadership Council, Arizona’s Bioscience Roadmap Steering Committee, and Greater Phoenix Leadership. He has mentored countless CEOs, aspiring leaders, nonprofit professionals, and students.
Every member of Sonora Quest’s senior leadership team is required to lead a major charitable event and serve on the board of one of more than 40 charitable organizations supported by the company. For Dexter, this commitment is twofold: advancing community causes and developing stronger, more empathetic leaders.
“As I see it,” Dexter says, “when you invest in your team and your community, it all comes back in spades.”
IMPACT PLAYER: Sonora Quest
ARIZONA BIOINDUSTRY ASSOCIATION
2025 Arizona Bioscience RESEARCHER OF THE YEAR:
Melissa Herbst-Kralovetz, PhD
Innovating women’s healthcare
Women are unique—and so are their health needs. Biological differences, hormonal fluctuations, and social factors all play a role in how diseases manifest, progress, and respond to treatment in women. Research that focuses specifically on these differences is essential to improving diagnosis, treatment, and prevention strategies for conditions that disproportionately affect women.
A transformative leader in women’s health research, Melissa Herbst-Kralovetz, PhD, is tackling these disparities head-on. A tenured professor at the University of Arizona College of Medicine – Phoenix, she is the founding director of both the Women’s Health Microbiome Initiative and the Translational Women’s Health Research Program.
“What sets her apart is her relentless pursuit of translational solutions and innovations that directly address critical gaps in women’s healthcare, especially among underserved populations,” said Jennifer Barton, PhD, Interim Vice Provost for Health Programs at the University of Arizona.
Dr. Herbst-Kralovetz is an internationally recognized expert in translational women’s health. Her groundbreaking research on the vaginal microbiome and mucosal immunity is redefining early detection and prevention strategies for gynecologic diseases. She has built a cutting-edge research program focused on the role of host-microbe interactions in the female reproductive tract and their implications for gynecologic and oncologic health.
Her scholarly achievements include more than 80 peer-reviewed publications in top-
GROUNDBREAKER: Melissa HerbstKralovetz, PhD, is a transformative leader in women’s health research. (Provided photo)
tier journals such as Nature and Clinical Cancer Research. Her innovations have led to multiple patents and clinical trials— positioning Arizona as a national hub for non-invasive diagnostics and women’s health innovation.
“Dr. Herbst-Kralovetz is one of those transformative individuals whose work not only exemplifies scientific excellence but also directly translates into meaningful, scalable impact for the people of Arizona and beyond,” shared Vignesh Subbian, PhD, Interim Director of the BIO5 Institute at the University of Arizona.
She has led National Institutes of Health and foundation-funded studies to develop non-invasive, biomarker-based diagnostics
for conditions such as endometrial cancer, endometriosis, and adenomyosis—a painful condition where the inner lining of the uterus grows into the uterine wall.
Her research has brought her a profound understanding of the barriers women— especially in underserved communities— face in accessing diagnostic care. Invasive, painful, and anxiety-inducing methods often deter early detection. To solve this, Dr. Herbst-Kralovetz is developing an at-home testing system using non-invasive sampling techniques paired with advanced biomarker analysis. This work has earned her multiple funding awards, including a Flinn Seed Grant and support from the Arizona Biomedical Research Commission (ABRC).
“Beyond the science, what stands out most about Dr. Herbst-Kralovetz is her dedication to collaboration, mentorship, and equity,” added Barton. “She has built strong interdisciplinary teams, led multiinstitutional clinical studies, and mentored more than 45 students and trainees— many from historically marginalized backgrounds—who are now contributing meaningfully to research, medicine, and biotechnology. Her focus on communityengaged, culturally responsive research is a model for how science can serve people more effectively and equitably.”
Through cross-sector collaboration, innovative research, and a deep commitment to mentorship and health equity, Dr. Melissa Herbst-Kralovetz exemplifies the scientific excellence, translational vision, and statewide impact that defines Arizona’s leadership in bioscience.
ARIZONA BIOINDUSTRY ASSOCIATION
2025 Michael A. Cusanovich BIOSCIENCE EDUCATOR
OF
THE YEAR: Kim Rodgers
Powerhouse in bioscience education
Arizona is home to one of the fastestgrowing life science sectors in the United States—and the secret to that success? Our people. To sustain this momentum for generations to come, we must continue developing a future-ready workforce. That’s why Arizona educators are essential partners in this journey.
Kim Rodgers is a powerhouse in bioscience education, exemplifying excellence through visionary leadership, innovative teaching, and a deep, lasting impact on students and the statewide bioscience community. In a state where bioscience is a strategic economic pillar, educators like Rodgers are not just preparing students for careers—they’re building Arizona’s next generation of biomedical leaders.
Since joining Mountain Ridge High School in 2006, Rodgers has revolutionized biomedical education on campus and beyond. In 2012, she launched the Project Lead the Way (PLTW) Biomedical Sciences program, which now includes all four PLTW courses: Principles of Biomedical Science, Human Body Systems, Medical Interventions, and Biomedical Innovations. Under her leadership, the program has flourished and is now one of the most respected Career and Technical Education (CTE) bioscience pathways in the district and across the state. In 2025, the program was named a PLTW Distinguished High School, a reflection of her unwavering commitment to excellence and opportunity.
MAKING
THE GRADE: Kim Rodgers joined the Mountain Ridge staff in 2006 and teaches the Project Lead the Way Biomedical Sciences Program.
(Provided photo)
Rodgers is also one of only 41 PLTW Master Teachers nationwide for Principles of Biomedical Science and currently serves as the Lead Master Teacher, facilitating professional development for educators across the country and helping shape the national PLTW curriculum.
But her influence goes far beyond the classroom. Rodgers has forged impactful partnerships with top-tier institutions such as Midwestern University, TGen, Phoenix Children’s Hospital, and the Mayo Clinic, exposing students to real-world
healthcare careers and cutting-edge research. Through her leadership as a HOSA Future Health Professionals advisor, students have achieved success at both state and national levels. Her mentorship of capstone research projects, community presentations, and the Sports Medicine Club cultivates leadership, innovation, and critical real-world skills.
“You’ve made a lasting impact on me both academically and personally. Thank you for believing in me, supporting me, and always showing up. I’ll carry what I’ve learned from you into whatever comes next beyond high school,” said one bioscience student.
With Rodgers’ guidance, her students consistently reach extraordinary heights—many advancing to college and medical school with the confidence, knowledge, and passion sparked in her classroom. Her impact is evident in the talent pipeline that fuels Arizona’s bioscience ecosystem.
“I will take your teachings with me wherever I go. You are the most understanding teacher who truly cares about their students. Thank you for teaching me important life lessons,” said another bioscience student.
What truly sets Kim Rodgers apart is her ability to inspire, connect, and lead with innovation. She creates a dynamic, supportive learning environment where students explore bioscience with confidence, curiosity, and purpose. She brings science to life—making it rigorous, relevant, and profoundly human.
ARIZONA BIOINDUSTRY ASSOCIATION
2025 AZBio Fast Lane Honoree: Life365 Health
Innovating virtual care technology
Home healthcare is an essential component of modern medicine, offering a wide range of medical and non-medical services delivered directly to patients in their own homes. It not only enhances patient experience and outcomes but also plays a critical role in reducing healthcare costs. Coordinated care outside of hospital settings has become a key strategy in achieving greater efficiency and lowering the overall cost of care.
Life365 Health is at the forefront of this transformation. A leading developer of virtual care technology solutions, Life365 enables scalable, home-based healthcare delivery. The company’s platform addresses key challenges in care delivery by integrating solutions and managing logistics for enterprise healthcare organizations. This empowers providers, payers, and others to implement a “virtual-first” care model — remotely engaging and monitoring patients across a variety of conditions, from chronic disease management and post-discharge care to population health initiatives.
Each year, AZBio honors a select group of companies driving innovation and rapid progress—Life365 is proud to be among these Fast Lane honorees.
Led by a team of seasoned, industryrecognized leaders, Life365 holds numerous patents in wearable devices, sensors, and smart patches enhanced by machine learning and AI. The company is also a strategic partner of Microsoft Cloud for Healthcare and the U.S. Department of Veterans Affairs (VA), serving the largest veteran population in the world.
In 2023, Life365 was selected by Valor Healthcare to support the VA’s eight-year contract for Remote Patient Monitoring (RPM) and Home Telehealth (HT) services. RPM and telehealth have gained significant traction since the COVID-19 pandemic, which redefined how care is delivered. Since 2003, the VA’s Home Telehealth program has used remote technologies to manage chronic conditions. In 2023 alone, over 2.4 million unique veterans—approximately 40% of the VA’s patient population— received virtual care.
Life365 also made two strategic acquisitions in 2023 to further enhance its connected care offerings:
PillDrill, an award-winning smart medication tracking system, was integrated into the Life365 platform to help patients and caregivers ensure
medications are taken properly— with smart reminders, tracking, and notifications.
AffirmXH, known for advanced biometric data analytics and no-code digital treatment platforms, brought powerful new capabilities to Life365. Its technologies include a biosensor, drag-and-drop treatment builder, and a disposable, maintenance-free Continuous Temperature Sensor—capable of capturing over 50 temperature readings per hour.
In 2024, Life365 participated in a landmark health study published in The Joint Commission Journal on Quality and Patient Safety. The study, titled “A Quality Improvement-based Approach to Implementing a Remote Monitoring–Based Bundle in Transitional Care Patients for Heart Failure,” showcased how integrated technology, clinical services, and equity-centered design can significantly reduce hospital readmission rates for heart failure patients.
Life365 Health is accelerating innovation and delivering scalable, meaningful solutions that keep patients connected, monitored, and cared for— wherever they are.
ARIZONA BIOINDUSTRY ASSOCIATION
2025 AZBio
Fast Lane Honoree LifeSpan Digital Health
Boosting healthcare worker wellness
Burnout is a serious and increasingly prevalent problem in the healthcare industry. It goes beyond simple fatigue and represents a state of emotional, physical, and mental exhaustion stemming from prolonged or excessive workplace stress.
LifeSpan Digital Health, Inc. is an Arizona-based startup established to promote physician and healthcare worker wellness. It is built upon more than 20 years of research by Dr. Samuel Keim, Chair of the Department of Emergency Medicine at the University of Arizona, and intellectual property licensed through Tech Launch Arizona. The company’s goal is to leverage advances in predictive AI, wearable technology, and data-driven insights to transform healthcare work systems by creating positive environments that prevent and reduce burnout, foster professional well-being, and support quality care.
Founded in March 2024, LifeSpan Digital Health has made significant progress toward launching an industry-first predictive platform for physician wellness and clinical performance.
Arizona’s population has grown substantially in the last decade. Between 2010 and 2023, the state added more than 1 million residents—an increase of 16%. However, the healthcare workforce has not kept pace.
By 2025, nearly half of U.S. physicians
are projected to report symptoms of burnout, driven by administrative overload, lack of autonomy, and emotional fatigue. This trend is contributing to a projected shortage of 86,000 physicians by 2036, with 35% considering leaving the profession this year alone.
For LifeSpan Digital Health, this represents a strategic opportunity. By using predictive AI and wearable technology, early signs of burnout can be detected through biometric and behavioral data. These tools streamline workflows to reduce cognitive load and provide healthcare organizations with actionable insights for targeted wellness interventions—aligning directly with the company’s mission to enhance physician well-being and retention.
Burnout among healthcare workers is a system-wide challenge. LifeSpan Digital Health’s first product focuses on transforming mental health and wellness for resident physicians—a group facing crisis-level burnout, which affects both their well-being and the quality of patient care.
LifeSpan’s predictive AI tools serve as an early-warning system to identify burnout risks before they escalate. Through advanced data-driven insights and compassionate design, the platform proactively addresses mental health challenges. Resident physicians receive personalized tools to build resilience, while residency program directors gain access to
population-level insights that help improve program culture and well-being.
For these tools to be embraced and effective, they must be accessible and trusted by users.
“Whether we are supporting resident physicians and nurses, residency program directors, or medical institutions, our platform ensures privacy, autonomy, and accessibility,” said Jeff Cary, CEO of LifeSpan Digital Health.
In under two years, the team has:
• Negotiated an exclusive, worldwide IP licensing agreement with Tech Launch Arizona based on research in physician wellness and performance.
• Received a $100,000 Asset Development Fund grant to develop and launch its first product.
• Secured its initial seed funding from the Wildcat Philanthropic Seed Fund.
• LifeSpan has also formed collaborative partnerships with four leading U.S. medical systems, including the largest in the world, and is currently in discussions with Banner – University Medical Center.
Each year, AZBio recognizes a select group of companies that have achieved outstanding milestones and are accelerating health innovation. LifeSpan is wellpositioned to meet its 2026 revenue goals and continue its upward trajectory— making a powerful impact on the lives of those who care for others.
2025 AZBio Fast Lane Honoree: Reference Medicine
Redefining cancer research access
Cancer diagnostics play a critical role in the fight against cancer and are an essential component of the healthcare toolkit—from supporting early detection, which significantly improves the chances of successful treatment and survival, to guiding vital treatments as precisely and early in the disease process as possible. While many screening and diagnostic tests exist today, a new wave of innovations is emerging that holds the potential to improve accuracy, reduce costs, and ultimately enhance patient experiences and outcomes.
At the core of these advances are biological specimens—human tissue, blood, plasma, urine, and other fluids— that fuel discovery and test development. Despite their critical importance, working with biospecimens can be frustrating, unpredictable, and time-consuming. This is why standardized protocols and
rigorous quality control measures are essential to ensure the integrity and reliability of biospecimens for research. To maximize the scientific and clinical value of biospecimens in the fight against cancer, a robust biobanking infrastructure, standardized procedures, and adherence to ethical principles are paramount.
Founded in Phoenix in 2021, Reference Medicine is redefining the future of oncology specimen procurement. Built by scientists for scientists, the company provides highquality, richly annotated biospecimens to laboratories, biotech startups, academic researchers, and diagnostic developers— fueling breakthroughs that lead to earlier cancer detection, better treatments, and improved patient outcomes.
“Our mission is to elevate the status quo in biospecimen procurement so our clients can push the boundaries of cancer research and innovation,” said Reference Medicine Founder and CEO Inga Rose. “Together, we’re transforming the future of diagnostics, one specimen at a time.”
With a model built on trust, transparency, and customer care, Reference Medicine is setting a new efficiency standard in a historically inefficient industry. The company applies an “Uber-like” approach to biospecimen access—transparent pricing, real-time inventory visibility, rapid fulfillment, and responsive support.
“We don’t just fulfill sample requests—we anticipate needs, reduce costs and complexity for researchers, and ensure every patient’s sample donation is honored at every step,” Rose said. “That commitment to integrity and service has helped us become more than a vendor—we’re a trusted extension of our clients’ teams.”
AZBio annually recognizes select companies accelerating innovation. Reference Medicine was named one of its Fast Lane companies. In 2024, the company grew its team by more than 40% and plans another 50% increase in the next 12 months, fueled by continued revenue growth. It partners with national companies and Arizona innovators such as Robust Diagnostics, TGen, FAKnostics, Precision Epigenomics, and Clinical Studies of AZ. The team also collaborates on research papers and occasionally contributes specimens and expertise at no cost to advance important missions.
Headquartered in Phoenix’s bioscience corridor, Reference Medicine attracts top-tier talent nationwide.
“Our culture is centered on empowering people who are passionate about science and service,” said Rose. “We’re proud to support Arizona’s innovation pipeline by hiring local interns through programs like AZAdvances and volunteering with schools like Phoenix Bioscience High School to inspire the next generation of scientific leaders.”
ARIZONA BIOINDUSTRY ASSOCIATION
2025 AZBio PUBLIC SERVICE AWARD: Fred DuVal
Shaping Arizona’s education and healthcare landscape
Behind Arizona’s thriving public universities stands a dedicated team of volunteer leaders. The Arizona Board of Regents (ABOR), composed of eight citizen volunteers and two student representatives, is appointed by the Governor and confirmed by the Arizona Senate. Board members serve eight-year terms, providing strategic leadership, a unified voice on higher education policy, and driving initiatives grounded in evidence-based research.
Serving the people of Arizona, ABOR oversees the state’s public universities as they deliver bachelor’s and advanced degrees, advance human knowledge through research and creative expression, and contribute to economic development and community advancement statewide.
Regent Fred DuVal is serving his second term as a member of the Arizona Board of Regents. A respected public servant, business leader, and bipartisan bridgebuilder, DuVal has served at the highest levels of government and industry. He was the 2014 Democratic nominee for governor of Arizona and currently serves as president of DuVal and Associates, chairman of the board for Excelsior Mining (a publicly traded copper company), and a board member of Drive Time Auto Group.
Originally appointed in 2006 by Governor Janet Napolitano, DuVal served until 2012. In 2018, Gov. Doug Ducey reappointed him—making DuVal the first regent in Arizona history to be appointed by governors from both major political parties. That milestone speaks volumes
(Provided
about his bipartisan leadership and the mutual respect he inspires—even among former political opponents.
During his tenure, Regent DuVal has led several key initiatives that have shaped Arizona’s education and healthcare landscape. These include:
• The Arizona Teachers Academy, which covers tuition and fees for students who commit to teaching in Arizona public schools.
• The Regents’ Research and Community Grants, which connect university researchers with government agencies
and nonprofits to address longstanding challenges across the state.
• The AZ Healthy Tomorrow Initiative, a statewide effort to address Arizona’s healthcare workforce shortage. This includes creating a new medical school at Arizona State University and expanding the pipeline of doctors and nurses across the state.
He also chaired Getting AHEAD, a Lumina Foundation-funded initiative that established AZTransfer.com and strengthened collaboration between universities and community colleges.
In addition, he served on the National Governors Association’s “Compete to Complete” steering committee, focused on improving college completion rates.
In 2025, Regent DuVal is once again leading a transformative effort—this time to accelerate the path from university research to real-world impact. This new initiative aims to fast-track biomedical discoveries from Arizona’s public universities into market-ready devices, drugs, and therapies that can improve lives in Arizona and around the world.
The effort builds on Arizona’s significant research investments, including the Technology & Research Initiative Fund (TRIF)—which has contributed over $1.8 billion to university research since 2000— and more than $1.5 billion in university infrastructure investments since 2003.
With vision, integrity, and a commitment to public service, Regent Fred DuVal continues to elevate Arizona’s universities—and the lives they touch.
LEADING THE WAY: Regent Fred DuVal is serving his second term as a member of the Arizona Board of Regents.
photo)
ARIZONA BIOINDUSTRY ASSOCIATION
50 years of medical device innovation
By JOAN KOERBER-WALKER
Arizona’s largest medical device manufacturer is celebrating an important milestone.
W. L. Gore & Associates (Gore) marked 50 years in the medical device industry on August 25, 2025. Known for its innovation, Gore and its 4,300 Associates in Arizona work together to solve some of the most complex medical challenges with minimally invasive products for a wide range of patients.
In Arizona, Gore manufactures medical devices such as grafts and stents and actively recruits for various roles in the state, including positions in manufacturing, engineering, research and development, and clinical specialties.
With a significant presence in both Flagstaff and Phoenix, Gore plays a vital role in Arizona’s medical device industry, contributing to economic growth and employment in the region.
A history of innovation
Founded in 1958 in Newark, Del., Gore is a global materials science company spanning multiple industries. The company was initially focused on wire and cable, followed by industrial filtration products. Just over 10 years later, Gore began exploring a medical application for its innovative materials. This led to the sale of its first vascular graft, which launched Gore’s medical products business. In the 50 years since entering the
IN THE BEGINNING:
medical device industry, Gore has identified other ways to bring value using its materials science capabilities, to the benefit of physicians and their patients.
Gore first established operations in Flagstaff, Ariz., nearly 60 years ago (in 1967) to help meet the electronics needs of the region’s computer, aerospace, and defense markets. Following the expanded focus on medical products, Gore formalized the medical products business in Flagstaff. Gore’s presence in Flagstaff has grown significantly, boasting 11 facilities and making it the largest private employer in Northern Arizona.
In 2008, Gore expanded its medical products manufacturing in Phoenix, where it continues today across five facilities.
In 2013, Gore was honored as the Arizona Bioscience Company of the Year.
A shared
promise and a people-focused culture
The company’s founders, Bill and Vieve Gore, believed in the natural human capacity to solve problems in creative ways. They also believed that, given the right work environment, people will achieve more than they otherwise dreamed possible.
Since the beginning, Gore has strived to foster a highly collaborative, team-based
work environment where innovation and creativity thrive. Gore team members are called “Associates,” and everyone in the company unites around a shared promise: Together, improving life. As a team, they channel their unique talents and diverse perspectives to solve their customers’ greatest challenges.
Gore Associates are shared owners of the company and are empowered to make decisions that drive their collective success. This has helped drive the company’s growth. Gore is among the 200 largest privately held U.S. companies and consistently appears on Fortune Magazine’s Great Place to Work® rankings.
As Gore celebrates 50 years in the medical device industry, its presence in Arizona extends beyond its role as a health innovator and major Arizona-based medical device manufacturer. The company and its Associates are committed to giving back and supporting the community through important initiatives like the Flagstaff Festival of Science, as well as organizations including, but not limited to, AZBio, the Valley of the Sun United Way, the Greater Phoenix Urban League, one-nten, Big Brothers Big Sisters, and numerous Science, Technology, Engineering, and Math grants through the Arizona Community Foundation.
Bill Gore and Pete Cooper at the Flagstaff plant in 1969. (Photo provided by W. L. Gore & Associates)
ARIZONA BIOINDUSTRY ASSOCIATION
The value of research
Treatments and cures. We talk about them. We work to discover them, develop them, and ultimately deliver them. When we need them, we want them.
The MalaCards human disease database has an anatomical disease section that includes 18 major categories with more than 26,000 diseases representing all areas of the body, including blood, bone, immune, muscle, and reproductive diseases. It is estimated that about 4,000 have approved treatments. Cures — treatments that make a health problem go away and not ever come back — are exceedingly rare. Vaccines that teach our bodies how to recognize a disease and help our immune system fight it off, often before we experience symptoms, are more common and a key part of the public health toolkit.
In FY 2024, U.S. federal government spending on health programs and services, which include treatment for diseases, totaled $1.9 trillion, or 27% of all federal outlays, and was the largest category of federal spending.
The U.S. federal government’s investment in health research in FY 2024 totaled approximately $48.6 billion.
In Arizona, everyone who has paid even a penny of sales tax since 2001
has contributed to research at our state universities through the Technology and Research Initiative Fund (TRIF) that was funded by Prop. 301 in 2000 and extended through 2041 by Governor Ducey and the Arizona Legislature as part of the Prop. 301 extension in 2018. TRIF provides muchneeded funding to promote university research, development, and technology transfer. TRIF funding has totaled over $1.8 billion since its inception and has been leveraged by our universities to attract billions more.
In addition to TRIF, the Arizona Biomedical Research Centre (ABRC) was created by Arizona citizens who had the foresight to set aside tobacco and lottery revenue to identify and support innovative biomedical research to improve the health of all Arizonans. ABRC provides direct grants to biomedical researchers and also supports researchers to become successful and globally competitive through workshops, conferences, and other educational activities.
Health research extends across a continuum — from basic research that explores the fundamental mechanisms of life and disease, to translational research that applies basic science discoveries
and begins the process of developing them into practical tools and therapies, and clinical research where diseases and treatments are studied, often through clinical trials, to evaluate their effectiveness and safety before they can be approved, manufactured, and commercially delivered.
While basic research and some translational research are heavily funded by governments and philanthropists, the majority of translational research and clinical research is funded by the private sector. Total private sector investment related to health care research and development (R&D) is estimated at least $159.9 billion annually. This includes pharmaceutical companies, venture capital firms, and impact investors.
Without research, the treatments and cures that people are waiting for will not arrive. When we cut back on research funding, the process of developing and delivering health innovations slows down.
Value is a simple equation of benefit minus cost. As nations, as states, and across the private sector, it is important that we do the math and consider all the potential benefits of investing in health research before we start arbitrarily cutting costs.
ANCHORS OF INNOVATION: The Translational Genomic Research Institute, part of City of Hope, and the Health Sciences Education Building were early anchors on the Phoenix Bioscience Core. (Provided photo)
BIOSCIENCE HUBS DRIVE THE ARIZONA ECONOMY
Arizona’s life science and healthcare ecosystem is growing rapidly. The growth creates the need for places where talent is developed, research happens, and life science companies have room to grow.
Across the state, specialized real estate developments and geographic hubs are organized and purpose-built to foster research, collaboration, and growth within the life sciences industry.
These geographic clusters bring together academic institutions, research facilities, biotech and medtech companies, and investors with a unified goal to foster innovation.
The Phoenix Bioscience Core, an Arizona success story, came out of a re-visioning process after the City of Phoenix lost its bid to be the new home of the Arizona Cardinals in 2002. Originally named the Phoenix Biomedical Campus (PBC), this 30-acre urban medical and bioscience campus in downtown Phoenix was established in 2004. Today, all three state universities have a presence on the PBC and work to expand medical education and support
collaborative research initiatives. The PBC is part of a larger healthcare cluster in Phoenix, which includes hospitals and research institutes. The PBC also includes specialized facilities that provide startups and early-stage companies with access to essential resources, expertise, and shared equipment.
What started as a single communitybased plan envisioned to revitalize downtown Phoenix, with the PBC as a catalyst, has grown to an economic development plan that spans what is now the fifth-largest city in the United States. Phoenix now has five bioscience hubs: the PBC, the Cotton Center, the Medical Quarter, Mayo Clinic’s Discovery Oasis, and Halo Vista. From 2019 to 2025, these hubs represent over $6.7 billion in capital investments, over 8 million square feet of real estate developments, and over 14,000 new life science and healthcare jobs— earning Phoenix the #1 ranking for life science job creation.
The Greater Phoenix area also includes concentrations of life science companies in the cities of Mesa, Scottsdale, and Tempe.
In Southern Arizona, the University of
Arizona is home to Tech Parks Arizona. Fostering a dynamic environment aligned with the University of Arizona’s research and goals, Tech Parks Arizona manages the UA Tech Park at Rita Road, UA Tech Park at The Bridges, and the University of Arizona Center for Innovation (UACI)—a startup incubator network with outposts across the Southern Arizona region and a mission to grow scalable startup ventures that fuel the Arizona economy. Commercial hubs also cluster around the Tucson airport, Innovation Park in Oro Valley, and Marana.
Flagstaff to the north is home to Northern Arizona University, the Moonshot Flagstaff Campus for incubation, and the Northern Arizona Technology Park that is planned near Flagstaff Pulliam Airport. The 31.45-acre, multi-phase development is designed to attract technology-focused industries and foster collaboration among research institutions, businesses, and innovators.
From north to south and points in between, Arizona’s life science sector is growing, and homes for innovation span the state—with even more coming soon.
ARIZONA: LEADING IN MEDICAL DEVICE INNOVATION
Medical device companies develop, manufacture, and distribute the devices, equipment, diagnostic tests, and imaging technology that are transforming health care through earlier disease detection, less invasive procedures, and more
Innovation and impact
Medical advancements, including medtech-enabled diagnoses and treatments, have increased life expectancy by more than five years from 1980 to 2019. Medical technologies (medtech) have helped reduce the duration of hospital stays by 38% since 1980. Medtech has helped reduce fatalities from heart disease and stroke by 49% since 1990. Screenings due to improved medtech, including advanced imaging, have helped reduce deaths from breast cancer by 43% since their peak in 1989; prostate cancer deaths by 53% since their peak in 1993; and cancer deaths overall by 32% since 1990.
Arizona has been a medical device leader for decades
INNOVATION:
BD’s Tempebased Peripheral Intervention business unit is focused on creating minimally invasive technologies. (Provided photo)
Beginning in 1973 as Medtronic Micro-Rel, the Medtronic Tempe campus began as a single manufacturing facility that had previously been owned by Motorola. The campus was expanded five times, helping it reach the level of scale and sophistication that it has today.
Medtronic Tempe is a vertically integrated manufacturing site and technology center for the world’s leading medical technology company and focuses on analog and mixed-signal integrated circuit design and fabrication with a focus on ultra-low power and power management devices to support Medtronic’s global life science portfolio.
In Arizona, over 1,000 Medtronic employees design, develop, manufacture, and test microelectronics solutions used in Medtronic implantable devices, such as cardiac pacemakers and defibrillators, devices that help patients with diabetes manage their insulin levels safely and effectively, spinal cord stimulators for pain management, and deep brain stimulators that address movement disorders. The world’s smallest pacemaker, the Micra™ Transcatheter Pacing System, and other products leveraging Medtronic’s expertise in miniaturization are also manufactured at the site.
BD Peripheral Intervention
Becton Dickinson (BD) is a global medtech leader. Its Tempe-based Peripheral Intervention business unit is focused on creating minimally invasive technologies and a Tucson-based hub supports the company’s supply chain.
BD Peripheral Intervention (BD PI), a global business unit of Becton Dickinson, offers a comprehensive range of medical products, devices, and services for the treatment of peripheral arterial and venous disease, cancer detection, and end-stage renal disease and maintenance. BD PI’s history in Arizona stretches back to 1974 with the founding of International Medical Prosthetics Research Associates, Inc. (IMPRA), a company that produced vascular grafts for blood-vessel replacement surgery. IMPRA was acquired by C. R. Bard, Inc. in late 1996 for $143 million. In 2017, BD acquired C. R. Bard for $24 billion. BD PI’s new headquarters on Tempe Town Lake opened in 2021.
Regenesis Medical
Regenesis Medical is a device company dedicated to improving human welfare through the research, design, manufacture, and sale of energy-based medical products and services that alleviate pain to improve quality of life. Founded as Regenesis Biomedical, Inc. in 1996, the company’s early development efforts focused on a medical device to fill the existing void in effective chronic wound healing. Today, the Reprieve by Regenesis® device is a trusted choice for effective, non-drug pain relief. The Reprieve devices utilize advanced shortwave diathermy technology to generate deep heating to target pain at its source, promoting pain relief. This innovative therapy is FDA-cleared, safe for home use, and tailored to meet the unique needs of patients seeking long-term solutions for chronic pain.
SynCardia, a subsidiary of Picard Medical, Inc.
SynCardia is a leader in the development of total artificial hearts. The company markets and sells the SynCardia Total Artificial Heart (“STAH”), which is the only U.S. Food and Drug Administration (FDA) and Health Canada-approved artificial heart. The STAH has been used by over 2,100 patients worldwide. Headquartered in Tucson, Arizona, the company was founded in 2001 by renowned cardiothoracic surgeon Jack G. Copeland, MD; biomedical engineer Richard G. Smith, MSEE, CCE; and interventional cardiologist Marvin J. Slepian, MD.
Today, SynCardia is a subsidiary of Picard Medical, Inc., which acquired SynCardia in September 2021. Picard Medical’s support has allowed SynCardia to continue to serve patients and hospitals around the world, develop new innovations, and pursue new indications to help more people suffering from end-stage heart failure.
More medtech
These are just some of the medtech companies that call Arizona home. Over 200 medtech facilities employ over 10,000 Arizona employees. W.L. Gore, with facilities in Flagstaff and Phoenix, is Arizona’s largest medtech employer. In 2017, Dexcom opened its first Arizona manufacturing facility in Mesa. By 2025, Dexcom’s footprint in Mesa exceeded 700,000 square feet, including manufacturing space, controlled environment rooms, and a regional distribution center. Dexcom employees in Arizona play a key role in producing Dexcom’s continuous glucose monitoring (CGM) systems for the U.S. market.
The next generation of Arizona medtech leaders includes companies like Anuncia Medical, with its FDA-cleared medical devices for people living with hydrocephalus; Delta Development Team, a developer of ruggedized refrigeration systems specializing in military applications; GT Medical Technologies, which pioneered new treatments to help patients with brain tumors; NeoLight, delivering important innovations to help care for babies; Macula Vision Systems, developing an automated computational microscopy solution; and Nextero, currently in clinical trials for a breakthrough treatment for abdominal aortic aneurysms.
Contract design and manufacturing services
Contract manufacturing services are crucial for the medical device industry.
Working with a contract manufacturer (CMO) allows companies to streamline operations, reduce costs, and focus on innovation. Arizona has a strong and growing presence in contract manufacturing.
Cinova Medical uses manual, semiautomated, and fully automated manufacturing work cells to produce highprecision injection molded and machined components and Class II sterile barrier finished medical devices. Cinova’s Phoenixbased team is driving medical device and life science manufacturing while leading the way in the digital transformation of medical injection molding.
Latham Industries offers high-quality printed circuit board (PCB) assembly for aerospace, medical, industrial, and security businesses at its Phoenix-based facility.
Phoenix Analysis and Design Technologies, Inc. (PADT) is an engineering
product and services company that focuses on helping customers who develop physical products by providing numerical simulation, product development, and 3D printing solutions headquartered in Tempe.
Poba Medical provides best-in-class balloon and catheter development technologies to customers across multiple continents. Based in Flagstaff, Poba solutions leverage deep engineering expertise in balloon design and development, device assembly, pilot manufacturing, and production.
Remedy Medical Manufacturing (RMM) supports startups and small medtech companies. RMM relocated to Phoenix in 2022 to join Arizona’s vibrant bioscience community and to provide quality medical products and cost-effective solutions in the evolving market.
Working together across the design, development, and manufacturing continuum, Arizona medical device companies are making an impact on our economy and on the lives of patients.
ARIZONA BIOINDUSTRY ASSOCIATION
Arizona: A diagnostics powerhouse
Our healthcare toolkit contains tools that help us screen for potential health issues, identify disease or its severity, and guide health professionals as they work to develop our best treatment pathway.
Some tools help us measure biomarkers — the clues we use to understand what is happening with our health. You probably have a tool to measure biomarkers in your home. A thermometer lets you see if your body temperature is normal or if you have a fever. It measures the biomarker. It can tell you if you have a fever; it does not tell you why.
Medical professionals use tests to answer health questions. Screening tests aim to identify potential health issues in individuals without symptoms. Basic tests for blood pressure or cholesterol levels can help us measure heart health and guide recommendations for improving health. Other, more complex screening tests — like mammograms, colon cancer tests, or skin cancer screenings — are designed to look for indications of disease before symptoms might raise our concerns.
Diagnostic tests are used to confirm or rule out a specific condition when symptoms are present or screening
identifies a possible issue. These are the tools health professionals use to determine what is happening to us and to help decide what the best course of treatment might be.
Arizona diagnostics pioneers
Dr. Thomas Grogan envisioned a way to improve cancer diagnostics for patients. The company he founded, Ventana Medical Systems, was acquired by Roche in 2008. Over 41 million people were impacted thanks to products and services delivered by Roche Tissue Diagnostics in 2024.
Dr. Jeffrey Trent embraced a vision where people could leverage genomics and research to improve patient outcomes and advance the field of precision medicine. Today, TGen team members work to unravel the genetic components of common and complex diseases, including cancer, neurological disorders, infectious disease, and rare childhood disorders. They are getting results.
A thriving ecosystem
Thanks to pioneers like these, Arizona has a thriving diagnostics industry with a focus on advancing innovative healthcare technologies that guide treatment. Over 11,000 Arizonans work in research, testing, and medical laboratories across the state.
Arizona diagnostic innovators
Here are just a few of the companies where Arizonans are developing and delivering health innovations that are shaping the future of diagnostics:
• Aces Diagnostics has developed a novel, early, and accurate diagnostic solution for Lyme disease.
• ALZpath is a leading developer of innovative diagnostic tools and solutions for Alzheimer’s disease and related dementias.
• Calviri is developing multi-cancer diagnostic tests to detect cancers at their earliest stage (stage 1) from a small amount of blood.
• Caris Life Sciences powers precision oncology through advanced laboratory testing, including tumor profiling and blood-based cancer diagnostics.
• Castle Biosciences performs proprietary laboratory-developed tests, which provide personalized, clinically actionable information that can help healthcare providers and patients make more informed disease management decisions.
• CND Life Sciences offers a suite of neurodiagnostic tests that provide clinicians with objective pathological insights on diseases that are often difficult to diagnose.
• Dexcom specializes in continuous glucose monitoring (CGM) systems for people with diabetes.
• Dx4Liver provides highly accurate diagnostic biomarker tests for liver diseases.
• Exact Sciences is a leading provider of cancer screening and diagnostic tests that help patients and healthcare providers make timely, informed decisions before, during, and after a cancer diagnosis.
• Metfora Diagnostics has developed a minimally invasive blood test that quickly analyzes metabolites in blood to determine what diseases are present.
• Precision Epigenomics has developed a cutting-edge multi-cancer detection (MCD) test that uses a simple blood draw to identify DNA changes linked to over 60 types of cancer.
THE ECONOMICS OF HEALTHCARE INNOVATION
The U.S. national debt is over $37 trillion as you read this.
The portion of the national debt owed to investors (i.e., individuals, businesses, foreign governments, and the Federal Reserve) was valued at $29.6 trillion, or approximately 100% of the U.S. GDP in July of 2025. The Congressional Budget Office (CBO) projects net interest payments will total $13.8 trillion from FY 2026 through 2035, rising from $1 trillion in 2026 to $1.8 trillion in 2035. The total U.S. debtto-GDP ratio surpassed 100% in 2013 and stood at 123% in 2024. This rapid increase is attributable to factors like increased government spending during the COVID-19 pandemic, tax cuts and other legislative responses, combined with a growing stress on the system from the growth in Social Security and Medicare enrollments.
This is a problem. Outsized levels of debt result in higher interest costs and reduced resources for essential spending or investment.
In 2025, federal healthcare spending is projected to reach $5.6 trillion, with hospitals accounting for the largest share at $1.8 trillion. This includes spending on programs like Medicare, Medicaid, and veterans’ health care, as well as funding for agencies like the National Institutes of Health (NIH) and the Centers for Disease Control and Prevention (CDC). Mandatory spending, including Medicare and Medicaid, makes up the majority of the HHS budget. Projections indicate that healthcare spending will continue to outpace GDP growth in the coming years, reaching 20.3% of GDP by 2033.
Reducing the debt
There are two proven strategies to reduce debt: use your assets/income to pay it down and/or reduce your spending. This is easy to say and harder to do. In the case of governments, spending less often means doing less for your people. Doing less can result in cuts to healthcare, education, infrastructure, research, and more. As we are hearing today, from town halls to state houses, and from traditional media to social media, when “doing less” impacts people directly, they are really not happy.
The four largest spending categories at the federal level in 2024 were health ($1.9 trillion), Social Security ($1.5 trillion), interest payments ($880 billion), and Defense ($842 billion).
Better, faster, cheaper Innovation is doing something in a new way that solves a problem or improves a condition. There are four primary types of innovation: Incremental Innovation, Architectural Innovation, Disruptive Innovation, and Radical Innovation. When evaluating the impact of innovation, it is not simply a measure of better, faster, or cheaper. We must also consider the intended impact and unintended consequences of the changes.
Health innovation can bend the health cost curve.
Incremental innovation: Incremental innovation is the process of making small, continuous improvements to existing products, services, or processes with a goal to enhance functionality, efficiency, or user experience without fundamentally changing the core concept. Making America Healthy Again (MAHA) is an example of multiple incremental innovations that could have a major impact on health spending if people embrace healthier behaviors. As we have seen with tobacco, changing behavior and reaping the benefits can take generations.
The U.S. healthcare system is the byproduct of incremental innovation and
change on top of change over decades. This has created a patchwork of processes and systems that are often conflicting and, because of these conflicts, not optimized for cost or efficiency. That does not mean that incremental innovations cannot make an impact. One opportunity is to expand the use of telehealth services, especially in rural communities with distributed populations like we see at the Veterans Administration (VA), or other situations where getting to a healthcare facility is challenging. Telehealth came into its own during the COVID-19 pandemic. Now, following significant investments by state and federal governments into improved broadband capability, increasing the use of telehealth tools could improve patient access to care and reduce costs when health challenges are addressed early and not at the later stages when treatment is more expensive.
Architectural innovation: Architectural innovation is when we take components of an existing product or system and rearrange them in a way that changes interactions and relationships while maintaining the core technology or service. For example, Medicare Advantage (MA) was expected to lower the government’s healthcare spending on Medicare beneficiaries. It was hoped that the MA model would result in the same or better coverage than traditional Medicare at an equal or lesser cost. It has not worked out that way. The Medicare Payment Advisory Commission (MedPAC) estimates that in 2025, the federal government will pay Medicare Advantage plans 20% more per person, or $84 billion more, than if the same beneficiaries were covered under traditional Medicare. In addition, as a growing number of healthcare providers have opted out of accepting MA patients and some insurers have pulled out, patient options have become more limited. As the federal government evaluates changes to MA, there is an opportunity to rearrange the pieces to build a better solution with lower cost and improved satisfaction across the system.
Disruptive innovation: Disruptive innovation, as defined by economist Clayton Christensen in the 1990s, refers to a process where a new product, service, or business model initially enters a market at the low end or in a niche, often offering
simpler, more affordable, or more accessible solutions compared to existing ones. Mandated changes in drug pricing are a system disruption. One example is the implementation of the Inflation Reduction Act (IRA) provisions that allow Medicare to negotiate the prices of a subset of medicines. The first year these negotiated prices take effect is 2026. The federal cost savings is estimated to be $6 billion and will grow over time. This “savings” comes out of the pockets, and R&D budgets, of the companies that develop and manufacture future health innovations. The reduced R&D budgets will mean fewer medicines will be developed, and opportunities to improve health and lower overall health costs could be missed.
Radical innovation: Radical innovation involves creating entirely new technologies, products, or business models that significantly alter industries and generate new markets. Radical innovation often comes with high risk and uncertainty and is frequently driven by technological breakthroughs.
The overall cost of cancer care in the U.S. is substantial, with estimates exceeding $245 billion by 2030. Deployment of a vaccine that could prevent cancer from starting or progressing would be a radical innovation that would save lives and massively reduce health costs. It would also radically change the industries that support cancer patients today. Investing in programs that could make a vaccine that could eradicate cancer is the type of investment that could significantly impact health costs. Artificial Intelligence (AI) is a tool that will cross all types of innovation. Still relatively new and definitely evolving, this technology has the potential to drive operational efficiencies, economic growth, and progress, but it also brings significant disruption. AI will change how we do things, who does them, and how they work. Health innovation is an economic imperative. Prevention strategies and treatments, combined with how healthcare is delivered and paid for, can help to decrease overall costs and improve health outcomes. We need to invest in bringing them to market and clear the way for the innovators to get the job done. If we do not, we will have some hard choices to face in the future.
Too many of us have lost loved ones or watched them struggle with a disease while their doctors search for answers. The answer may be in the lab of a researcher or developing at a local start-up.
Advancing research discoveries along the path to create commercially available products and services does not happen without investment.
While Arizona has made great strides in attracting world-class researchers and clinicians, the state lags significantly behind other high-growth life science states when it comes to the levels of venture capital investment that companies need to move health discoveries and promising young companies forward.
In 2025, the Arizona Board of Regents convened the community and initiated a study to look at how to move more of the patented technologies originating at the three state universities into commercial use.
Arizona’s Bioscience Roadmap has made increasing investment into Arizona’s startups and emerging growth companies a priority since the first iteration of the strategic plan in 2002. The third iteration of the roadmap was released in September of 2025. Increasing access to growth capital continues to rank as a strategic priority.
The Arizona Bioindustry Association
(AZBio) has been actively working on developing a solution since 2014. It began by engaging venture capitalists nationally and getting their assessment of Arizona’s potential, performing a three-year best practices study of life science ecosystems and funding models, receiving support from the U.S. Economic Development Agency to create a solution, working with state government to establish the structure, and partnering with a local 501(c)(3) public charity to build it. AZAdvances, an initiative of the Opportunity Through Entrepreneurship Foundation (OTEF), is now making an impact in Arizona’s life science ecosystem. As its financial capacity continues to grow, so will its impact.
AZAdvances works with Arizona researchers and early-stage companies to develop discoveries and advance health innovations by providing mentoring, support, and the seed funding needed to accelerate the process, while the AZAdvances Talent program creates opportunities for Arizona students to explore careers in this exciting and rewarding field.
In 2022, the State of Arizona created the Arizona Health Innovation Trust Fund (AHIT) as a permanent endowment, with the State Treasurer serving as trustee.
The goal is to build the balance of the endowment to $200 million through private donations and public appropriations. The treasurer’s office invests and manages the endowment. Annual distributions of 4% are designated to be distributed to an Arizona nonprofit for the purposes of developing the life science workforce, supporting the entrepreneurial ecosystem, and making the strategic investments that will help small Arizona life science companies move forward faster. OTEF was selected by the State of Arizona to be this Arizona nonprofit.
Arizonans now have the opportunity to come together to support this exciting initiative by donating to the Opportunity Through Entrepreneurship Foundation. Arizonans can also encourage our elected leaders to join us in advancing health innovation in Arizona by appropriating funds to the trust so that the endowment grows to reach its $200 million funding goal and begins making an impact that will continue to grow.
The AZAdvances Health Innovation Summit brings together local and national thought leaders with AZAdvances supporters for key discussions focused on advancing health innovation in Arizona. Learn more at AZAdvances.org.
NEVER ENOUGH
Each day we have with the people we love is precious, and there are never enough.
When someone we love lives with disease, we do what we can to help; and feel like it is never enough.
Every time as researchers, innovators, and healthcare teams we are not able to conquer a disease in time, we know that for all that we do, until we succeed, it is never enough.
So we keep loving, keep helping, keep working to find answers. For when we do, someday, it will be enough.
Thank you to all of the family members, friends, caregivers, researchers, innovators, investors, philanthropists, healthcare teams, and, most of all, to the patients who work together to get us to someday.
