First American Corporation President Announces Retirement

Craig I. DeRoy, president of First American Corporation, announced his intention of retirement Thursday, effective December 31.

During his position as president, spanning from 2004 to today, DeRoy brought the Santa Ana-based company's operating revenue up 12% to the $8.5 billion it currently sees in 2007.

DeRoy plans on focusing more on his charity efforts, and said "First American's future is bright, and I feel comfortable that now is an appropriate time to begin my retirement. I'm looking forward to spending more time on projects of personal interest, and the consulting arrangement First American has offered affords me the opportunity to continue to work with the company over the next five years, while I pursue other endeavors."

The consulting arrangement he speaks of is a five-year, part-time deal.

Some of his contributions to the company since he joined the company in 1993 were the formation of the company's first marketing program, as well as being a key part of the company's compliance program. He oversaw the company's Specialty Insurance division. He also played an important role in the First American's emerging markets and strategic markets programs, which helped expand the company exponentially. "[DeRoy] has accomplished a great deal for First American and its shareholders, and his effect on the company will be lasting," said Parker S. Kennedy, chairman and CEO of the corporation.

"Craig's passion and dedication have been an inspiration to all of us at First American. We know that same passion and dedication will guarantee him success in the future," continued Kennedy.

As of now, the company has no intentions of replacing DeRoy.

First American Corporation is known as the United State's largest provider of business information. It provides products and information for people who are making major financial decisions, such as purchasing a house, buying a car, or getting a job.

The corporation is split into a family of companies called The First American Family of Companies which are involved in markets such as Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, and Risk Mitigation and Business Solutions.

The company's roots lie in Orange County, California. It was formed in 1889 when two firms that handled title matters in the county merged. The company grew with Orange County, through a key time in 1982 when it covered the entire United States and slowly expanded into the Fortune 500® company that it is now, with roughly 2,100 offices through America.

Sources:
http://prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/06-28-2007/0004617890&EDATE=
http://www.firstam.com/company.cfm?id=2564