First American’s Parker Kennedy Recognized as a “Best-Performing Boss” by Forbes Magazine
May 20, 2003, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), the nation’s leading diversified provider of business information and related products and services, today announced that its president, Parker S. Kennedy, has been ranked number five on Forbes Magazine’s prestigious list of “Best-Performing Bosses” for 2003. In the May 12 issue of Forbes currently on newsstands, Kennedy is recognized as one of America’s top chief executives when comparing stock performance with executive compensation during the past six years.
In its research, Forbes evaluated chief executives at the top 500 largest U.S. companies, assigning Kennedy and only nine other executives an “A+” efficiency grade for pay versus performance. Kennedy was spotlighted for leading First American to achieve a 25 percent annualized total return to shareholders over the past six years while accepting an average annual compensation package of $0.9 million during that period. In comparison, the average compensation for the 500 executives evaluated exceeded $6 million each in 2002.
Earlier this year Forbes acknowledged First American’s financial performance, including the company on its annual “Forbes 500s” and “Platinum 400–Best Big Companies” lists. 2003 marks the fifth consecutive year First American has made the Forbes 500s list and the third year the magazine has ranked it as a Platinum 400 company.
The First American Corporation, a FORTUNE 500 company and the nation’s leading diversified provider of business information, supplies businesses and consumers with the information resources that affect the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within seven primary business segments including: Title Information and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $4.70 billion in 2002, First American has nearly 25,000 employees in approximately 1,400 offices across the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.