Santa Ana-based First American Corp. on Monday announced a shake-up to its board, based on the recommendations of its largest unaffiliated shareholder.
The title insurance and business information company elected five new members to its board.
The members were recommended by Highfields Capital Management LP, which owns about 10% of the company’s shares.
The new directors are Glenn Christenson, Patrick Stone, Christopher Greetham, Thomas O’Brien and Bruce Bennett.
Departing the board are two longtime directors, Donald Kennedy and Gary Beban, who both announced their retirements on Monday.
Kennedy is the grandson of First American’s founder C.E. Parker and father of the company’s current chief executive, Parker Kennedy. He’s been with the company 60 years. He’ll keep his title of chairman emeritus.
Beban, the 1967 Heisman Trophy winner, retired last year as a senior executive managing director of CB Richard Ellis Group Inc.
The changes means First American, which is in the process of spinning off its core title business into a separate company, now has 17 board members.
Notable additions to the board include Stone, who was formerly the chief executive of competitor Fidelity National Information Services, and O’Brien, chief executive officer of Insurance Auto Auctions Inc.
“We believe First American can leverage its leading position in all of its businesses and drive stronger performance and profitability,” said Jonathon Jacobson, senior managing director of Highfields, in a statement.
