First American Title announces the promotion of Max Valdes to vice president-controller ...

September 15, 1993, SANTA ANA, CALIFORNIA

Max O. Valdes has been promoted to vice president-controller, and Paul W. Knutson has been named vice president-assistant controller of First American Title Insurance Company, according to President Parker S. Kennedy. Valdes is moving into the position vacated by Thomas A. Klemens who was recently named chief financial officer of the company, while Knutson will take over Valdes' prior responsibilities. All of the promotions followed the retirement of Chief Financial Officer Jack H. Derloshon, who had served the company for 33 years.

Valdes has served as the company's assistant controller for five years, following a three-year stint as senior accountant with Price Waterhouse, where one of his auditing accounts was First American. Valdes, a certified public accountant, earned his bachelor's degree in business with an accounting concentration from California State University, Fullerton. He is currently serving as a board member for the First American Federal Credit Union. He and his wife Karla and their two sons live in Murrieta, Calif.

Knutson, who joined the company in 1988 as a staff auditor, has served the company as its senior financial analyst since September 1989. Previously, he had worked for two years with Suby, Von Haden & Associates, a public accounting firm in Madison, Wisconsin. Knutson holds a bachelor's degree in business administration with an emphasis in accounting from the University of Wisconsin-Eau Claire. He is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. He currently resides in Dana Point, California.

First American Title Insurance Company, principal subsidiary of The First American Financial Corporation, traces its history to 1889. One of the largest title insurers in the nation, it offers title services through a network of more than 300 offices and 4,000 agents throughout the United States. It also provides title services abroad in the Bahama Islands, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom. The company's headquarters are located in Santa Ana, California.