Santa Ana-based First American Financial Corp. (NYSE: FAF), one of the nation’s largest title insurers, announced the promotion of Kenneth D. DeGiorgio to chief executive.
Dennis J. Gilmore, First American’s CEO since 2010, transitions to become chairman of the board of directors. Parker Kennedy, who has chaired First American since 2010 and was previously CEO, will now serve as its lead independent director.
DeGiorgio was named president last May, assuming responsibility for the corporation’s operating groups, including its title insurance, specialty insurance and data and analytics businesses.
“Over his 23 years of service to First American’s employees, customers and shareholders, Ken has acquired an in-depth understanding of our business and consistently demonstrated that he has the vision, strategic insight, commitment and skill to lead our company,” Gilmore said.
Shares were little changed after the announcement; the company has an $8.3 billion market cap.