Craig DeRoy, president of Santa Ana-based title insurer and data services provider First American Corp., plans to retire at the end of the year.
DeRoy, 54, joined First American in 1993. He has served as president of the country’s second-largest title company since 2004, when Chief Executive Parker Kennedy turned over the position.
His retirement removes a potential successor for Kennedy, 59.
First American said it has no current plan to appoint a president to replace DeRoy, who was responsible for overseeing business with mortgage lenders and the company’s specialty insurance division.
DeRoy will continue as a consultant to the company for a five year period following his retirement. He’ll be paid $400,000 per year for between 400 and 600 hours of service, the company said.
He plans to spend more time on philanthropic and other endeavors, according to the company.
