Highfields Capital nominees elected to board of First American

By Lisa Kerner

Charlotte, N.C., April 14 - First American Corp. said five individuals recommended by the company's largest unaffiliated shareholder, Highfields Capital Management LP, were elected to First American's board of directors.

Board members Donald P. Kennedy, grandson of the company's founder, and Gary J. Beban retired from the board, according to a First American news release.

Kennedy will maintain his title of chairman emeritus.

Beban, retired senior executive managing director of CB Richard Ellis Inc., was a member of First American's board since 1996.

First American's board now has 17 members.

Highfields Capital, a 10% shareholder, recommended the following people for election to the board:

• Glenn C. Christenson, former executive vice president and chief financial officer of Station Casinos, Inc.;

• Patrick F. Stone, chairman of the Stone Group, former chief executive officer of Fidelity National Information Services and the president and chief operating officer of Fidelity National Financial, Inc.;

• Christopher V. Greetham, former executive vice president and chief investment officer of XL Capital;

• Thomas C. O'Brien, CEO of Insurance Auto Auctions Inc.; and

• Bruce Bennett, founding partner in the Los Angeles law firm of Hennigan, Bennett & Dorman LLP.

Christenson and Stone were also elected to a special ad hoc committee charged with overseeing the company's cost-cutting and operational-improvement efforts, the release stated. Christenson was also appointed to the company's audit committee.

On Jan. 15, First American said it planned to spin off its title insurance and specialty insurance businesses into a separate public company called First American Financial Corp.

In reaction to news of the spinoff, Highfields Capital said it intended to discuss with First American "various matters related to the business strategy, operations, capital structure, board of directors and management appointments" of the Santa Ana, Calif., business information company as well as of the separate companies resulting from the spinoff.

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