Gary L. Kermott Transitions to Vice Chairman of First American Title Insurance Company
|November 8, 2006|
SANTA ANA, Calif., -- The First American Corporation (NYSE: FAF), announced today that Gary L. Kermott will transition from his current role as president of First American Title Insurance Company to the position of vice chairman of First American Title Insurance Company. Kermott will assist in overseeing First American's title insurance segment until a new president of the title company is appointed. "Gary has excelled in every position he has held at First American. He is a great leader, and we are very pleased that he will continue to work with our company in a number of important areas," said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. "We fully support Gary's decision, and I look forward to working with him in his new capacity."
Kermott was appointed president of First American Title Insurance Company in January 1999. During his tenure, he has overseen the title company's growth through several strategic initiatives, including the rollout of its FAST Transaction System -- First American's industry leading title production platform -- across all First American title offices, the implementation of the company's multiple brand title marketing strategy, and the streamlining and consolidation of processing operations into centralized locations both domestically and abroad. Under Kermott's leadership, First American reclaimed its position as the largest provider of title insurance and related settlement services in the nation in 2006. The company saw revenues increase 174 percent from $2.18 billion in 1999 to $5.98 billion in 2005, and profits climb 364 percent from $178.7 million to $596.9 million during that timeframe.
In his new position as vice chairman of First American Title Insurance Company, Kermott will assist with a number of strategic activities, including sales efforts aimed at major agents and customers, and the strengthening of First American's regulatory relationships.
"I look forward to my new role as vice chairman of First American Title Insurance Company and the opportunities it will afford both myself and First American," said Kermott. "I have greatly enjoyed serving as president of our title company, particularly my daily interaction during the past eight years with our management team and employees. We have the best people in the industry, and I look forward to continuing to work with such a great group."
In addition to his role as president of First American Title Insurance Company, Kermott has held and will retain the position of executive vice president of The First American Corporation. As a leader within the title insurance industry, he will continue to serve as president-elect of the American Land Title Association (ALTA) and on the ALTA Board of Governors, of which he has been a member since 2000.
"For more than 20 years, Gary has served our company and our industry through his leadership, vision and integrity," said Kennedy. "We expect his contributions to our strategic direction as our title company's vice chairman to be equally important."
Source: The First American Corporation