The First American Corporation Announces Retirement of Two Directors
April 15, 2008
SANTA ANA, Calif., -- The First American Corporation announced the retirement of Donald P. Kennedy and Gary J. Beban from its board of directors.
Donald P. Kennedy, the grandson of First American's founder C.E. Parker, has served First American for 60 years, having joined then Orange County Title Company as associate counsel in 1948. He was appointed vice president in 1951, joined the company's board of directors in 1956, and was elected executive vice president in 1958 and president in 1963. In 1993, Kennedy was named chairman of the board followed by his appointment as chairman emeritus in 2003. Kennedy will maintain his title of chairman emeritus.
"When my dad joined the board in 1956, First American had one office in one county," stated Parker S. Kennedy, chairman of the board for First American. "Now we are a FORTUNE 500® company with offices throughout the world. He has served with remarkable distinction all of these years, and I can't imagine any person on any board doing a better job."
Beban, who retired as a senior executive managing director of CB Richard Ellis Inc. in 2007, joined First American as a board member in 1996. Beban began his career at CB Commercial in 1970 as an industrial and investment properties specialist in Los Angeles. He transferred to Chicago in 1977 and served in several management positions there before he was elected president of commercial brokerage and corporate services in 1987. Beban attended UCLA, where he was awarded the Heisman Trophy in 1967.
"We've been fortunate to have Gary serving as a director for the past 12 years, especially as a member of our compensation committee. During these years, he became known as a progressive advocate of pay-for-performance compensation and developed a reputation for keen assessment of risk and the strategies to manage it," stated Kennedy. "We thank him for his consistent and significant contribution to our growth and success. His sage advice and strategic insight will be missed. We wish him continued success.
"I speak for the entire board of directors in thanking my dad and Gary for their dedication to First American and for the spectacular job they have done for our employees and our shareholders."
Source: The First American Corporation