First American Corp., the Santa Ana-based title insurance and business data firm, announced today that it has added five new members to its board of directors, picking this new slate in conjunction with a Boston-based investment firm that recently upped its holdings to nearly 10 percent of First American’s stock.
At the same time, two First American board members — including the grandson of the company’s founder — are stepping down. The changes will increase the board to 17 members.
The new board members were chosen under an agreement with First American’s largest unaffiliated shareholder, Highfields Capital Management LP. Highfields increased its holdings in January to 9.7 percent of First American’s stock, raising the prospect that the investment firm would seek to influence control of the company, The Associated Press reported.
“We welcome these new directors and look forward to capitalizing on the breadth of experience they will bring,” First American Chairman and CEO Parker S. Kennedy said in a press release issued today. “We also look forward to continuing to work with our entire board and with Highfields — which has demonstrated confidence in First American through its meaningful investment.”
The new members are:
- Patrick F. Stone, formerly the chief executive officer of Fidelity National Information Services and president and chief operating officer of Fidelity National Financial Inc., both First American competitor.
- Glenn C. Christenson, formerly executive vice president and chief financial officer of Station Casinos Inc.
- Christopher V. Greetham, former executive vice president and chief investment officer of XL Capital, provider of global insurance and reinsurance to industrial, commercial and professional service firms.
- Thomas C. O’Brien, chief executive officer of Insurance Auto Auctions Inc.
- Bruce Bennett, founding partner in the Los Angeles law firm of Hennigan, Bennett & Dorman LLP.
Departing from the board after are Donald Kennedy, the former board chairman who spent more than 60 years with the firm, and Gary J. Beban, a board member since 1996. Kennedy is the current chairman’s father and grandson of company founder C.E. Parker.
