The First American Financial Corporation board of directors announces a shift in top management


A shift in top management was announced by the board of directors of The First American Financial Corporation (NASDAQ: FAMR) today. Also, at the company's annual meeting, the board of directors was reelected by the majority of shareholders.

D.P. Kennedy will be moving up from president of the corporation to chairman, while his son, Parker S. Kennedy, has been promoted to president from executive vice president. In 1989, the same position changes were announced for the company's principal subsidiary, First American Title Insurance Company.

D.P. Kennedy, 74, became associated with the company in 1948. He was elected president in 1963. Parker S. Kennedy, 45, has been executive vice president of The First American Financial Corporation since 1986. He is only the fifth president of First American since his great-grandfather started the firm in the late 1800s.

Shareholders reelected the incumbent 15 directors. They are George L. Argyros, chairman and chief executive officer, Arnel Development Company and Affiliates, Costa Mesa, California; J. David Chatham, president and chief executive officer, Chatford Properties, Inc., Atlanta, Georgia; William G. Davis, Counsel, Tory Tory DesLauriers & Binnington and chairman of the board, Bramalea Limited, Toronto, Ontario, Canada; James L. Doti, president and professor of economics, Chapman University, Orange, California; Lewis W. Douglas, Jr., oil exploration, Denver; Paul B. Fay, Jr., president, The Fay Improvement Company, San Francisco; Frank C. Harrington, president, Harrington Development Company, Newport Beach, California; Harold C. Kean, director, Washington Federal Savings and Loan Association, Seattle; D.P. Kennedy, chairman of the board, The First American Financial Corporation and First American Title Insurance Company, Santa Ana, California; Parker S. Kennedy, president, The First American Financial Corporation and First American Title Insurance Company, Santa Ana, California; Robert B. McLain, president, McLain Development Co., Newport Beach, California; Anthony R. Moiso, president and chief executive officer, Santa Margarita Company, San Juan Capistrano, California; R.J. Munzer, retired chairman of the board, Petrolane Incorporated, Long Beach, California; Roslyn B. Payne, president, Jackson Street Partners, Ltd., San Francisco; Virginia M. Ueberroth, president, Ueberroth Family Foundation, Laguna Beach, California.

The First American Financial Corporation, based in Santa Ana, Calif., is a leading provider of real estate financial services, including title insurance, tax monitoring and home warranty services, to real property buyers and mortgage lenders. The company also operates a trust and banking business in Southern California. The company offers its title services through a network of more than 300 offices and 4,000 agents in all 50 states. It also provides title services abroad in the Bahamas, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom.


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