LandAmerica Names Theodore L. Chandler, Jr. CEO Separates Roles of Chairman and Chief Executive Officer
|October 28, 2004|
Richmond, VA — Richmond-based LandAmerica Financial Group, Inc. (NYSE:LFG) has announced that Theodore L. Chandler, Jr., will become President and CEO effective January 1, 2005. This move follows the separation of the roles of Chairman and Chief Executive Officer to create a more effective corporate structure for LandAmerica. Charles H. Foster Jr., 61, currently Chairman and Chief Executive Officer, will continue to serve as Chairman of the Board of Directors. Chandler, Jr., 52, is currently serving as President and Chief Operating Officer.
“Separating the role of chairman of the board from chief executive officer strengthens our corporate governance and gives greater executive oversight across all aspects of the business. As chairman, I will work closely with our Board of Directors on LandAmerica’s strategic direction, and continue to be involved in our marketing efforts and investor relations. I look forward to serving as a resource to our customers, our shareholders, and the company.”
“We have aligned our operations and our shared resources so that LandAmerica is truly a customer-focused organization,” Foster continued. “Ted has been instrumental in the execution of that strategy. Ted’s new role as chief executive officer recognizes his leadership, charging him further to lead the company’s long-term growth strategy and oversee day-to-day operations. This is the logical next step in our journey to become the premier provider of real estate transaction services.”
“I am honored to take on the role of CEO at LandAmerica and to build on the remarkable foundation that Charlie has orchestrated,” said Chandler. “During Charlie’s 14 years of leadership as CEO, LandAmerica has grown from a small regional title insurer into a rapidly growing Fortune 500 company that provides a full range of real estate transaction services. I look forward to working closely with him to ensure a seamless transition.”
“Our strategy is distinct from our competition in our commitment to provide a broad array of transaction services, exclusively to the real estate community,” Chandler said, who has served as a member of LandAmerica’s board of directors since 1991. “We have begun to differentiate ourselves in the marketplace and will continue to look for opportunities to broaden and deepen our portfolio of transaction services for our customers.”
“With Charlie at the helm, we have made significant progress in positioning LandAmerica for the changes in our market place,” said Chandler. “LandAmerica has more than 12,000 outstanding employees working nationwide to deliver superior service to our customers. As I frequently remark to internal audiences, it’s a great time to be at LandAmerica.”
Prior to joining LandAmerica full time, Chandler practiced law for 22 years at Williams Mullen where he served on the board of directors and led the corporate and securities team. Additionally, Chandler serves on the board of directors and executive committee of Hilb, Rogal, and Hobbs, a New York Stock Exchange property and casualty insurance broker.
Chandler is involved in board leadership capacities in a number of other organizations, including the American Land Title Association, Mutual Assurance Society of Virginia, Mid-Atlantic American Heart Association, Greater Richmond Chamber of Commerce, Richmond Region 2007, United Way, ArtsFund, Association for Corporate Growth (past president), and the Maymont Foundation (past president).
Source: LandAmerica Financial Group, Inc.