GPEC’s Camacho departs for new role at Axon after 17 years driving economic development

Greater Phoenix Economic Council President and CEO Chris Camacho has accepted a new role at Taser maker Axon Enterprise Inc.

Camacho, who has spent 17 years driving economic development at GPEC, announced on LinkedIn June 26 that he has “made the tough decision to transition from GPEC and join Axon senior leadership” and then confirmed his decision Thursday evening in an interview with the Business Journal.

He conceded this was a bittersweet moment, considering he has spent such a large portion of his career with one organization, but said the opportunity to join Axon was “once in a lifetime.”

Camacho said Axon had approached him only a few weeks ago with their proposal to have him join the publicly traded company as its senior vice president of global expansion, a newly created role that will put the former GPEC leader on the front end of the company’s push into international markets.

“When I heard them out, their growth in so many areas is incredible. [The job] really matched my skills and interests. I really wasn’t thinking of leaving GPEC but this was something I couldn’t pass up. I think it’s the best decision for me and my family,” Camacho said.

GPEC to search for new CEO

Camacho said he expects the next move for GPEC will be to create a search committee, led by GPEC board chair Derrick Hall, the president and CEO of the Arizona Diamondbacks, to find his replacement. He said he would remain at GPEC through much of that transition, into early August, before joining Axon.

Camacho joined GPEC as an executive vice president in 2008, according to his LinkedIn. After a quick stint as president of technology company Zivelo, Camacho rejoined GPEC in the same capacity. He was elevated to the role of president and CEO in January 2015.

Through his work at GPEC, Camacho’s name is synonymous with economic development in the Valley. He’s been part of countless significant deals during his tenure, which coincided with Phoenix’s rise to prominence in the technology and semiconductor sectors, among many others.

“This is the most active super cycle of advanced technology projects that I’ve seen, and this is my 17th year here at GPEC,” Camacho told the Business Journal in April. “It’s really about the semi supply chain now.”

Camacho noted at the time that GPEC had about 260 active deals in the pipeline, with a sizable chunk of that representing advanced technology projects. He added that the organization had helped 18 advanced manufacturing companies expand in the market since 2022.

Huge positive shift in Arizona’s economy

Looking back over his career at GPEC, Camacho said he is most proud of helping the Arizona economy roll through a staggering transformation since the Great Recession.

“In my wildest dreams I never imagined we would be the epicenter of semiconductors but also how we have evolved into a major life sciences and space industry player. I think back through all of the mayors and multiple governors and how we have gotten here,” he said. “We had one of the country’s biggest boom and bust cycle economies going back to the 1950s, and now we’re recognized as having one of the most dynamic economies in the country. That didn’t happen by accident.”

GPEC’s reach during Camacho’s tenure extended beyond high-tech jobs. He told the Business Journal this spring that he had met with “no less than 20 airlines” in recent years to pitch Phoenix, as part of an effort to sell the city to international markets. He noted that GPEC now has about 70 companies in its pipeline from foreign markets.

Sandra Watson, the CEO of the Arizona Commerce Authority, has worked in lock-step with Camacho over the years to reel in huge corporate relocations and investments, including helping to lure Taiwan Semiconductor Manufacturing Co. to set up shop in north Phoenix.

“My heartfelt congratulations to Chris on an incredible tenure in Arizona economic development. Chris and GPEC have been tremendous partners of the ACA, helping drive historic wins that have transformed our economy,” Watson said in the statement. “It’s been a privilege to work with Chris for nearly 20 years, and I appreciate all he’s done for the Phoenix region and Arizona. I wish him all the best in his exciting new role!”

Another of those big wins came earlier this year when Starlux Airlines announced plans for a new nonstop flight between Sky Harbor International Airport and Taiwan.

Camacho earned $752,834 in total compensation from GPEC during the 2024 fiscal year, according to the nonprofit’s most recent IRS Form 990. That ranked him No. 10 among the highest-paid Phoenix-area nonprofit executives. GPEC’s budget in 2024 was $8.9 million, ranking it among the top five largest Arizona economic development organizations.

The Axon connection

In Axon, Camacho has landed with one of the Valley’s most prominent public companies.

The maker of Tasers and body-worn cameras has recently seen its fortunes surge as it introduces new revenue streams such as drones and artificial intelligence. The company generated more than $2 billion in revenue during the most recent fiscal year, and has continued to hit new milestones. Axon [Nasdaq: AXON] closed trading at $803.95 per share on June 26, when it had a market cap in excess of $62.5 billion.

The company has also been a political lightning rod in recent months as it has worked to get its planned $1.3 billion Scottsdale headquarters project across the finish line. Gov. Katie Hobbs on April 18 signed SB 1543 — dubbed the “Axon bill” for carveouts that allow the company to circumvent a referendum petition — which paves the way for the company to build nearly 1,900 residential units, a 250,000-square-foot headquarters building, hundreds of hotel rooms and more than a half-dozen restaurants on a roughly 70-acre site in Scottsdale.

The project is slated to bring hundreds, if not thousands, of jobs to the Valley and potentially generate tens of billions of dollars in economic development, the company has said.

“I spent the first seven years of this job figuring out how we were going to make payroll at the end of the month,” Axon CEO Rick Smith told Scottsdale City Council on Nov. 19. “Now I get to stand up here and, with a straight face, tell you we’ve got a shot of almost $40 billion of economic impact.”

Camacho has been a vocal proponent of the company over the years, including when the company was advocating for its headquarters plans to the Scottsdale City Council last fall. Camacho was quoted in an economic impact study submitted to the council last October, suggesting that Axon’s headquarters project would allow the company to “expand its workforce to 5,500 high-wage, high-tech jobs while creating housing opportunities for its employees and the community.”

“Axon has created a demonstrably strong impact in Scottsdale over the past 20 years, and the company’s forward-looking expansion plan will continue to benefit the region for decades to come,” Camacho added.