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First American Financial Corporation has appointed Mark E. Seaton as its new chief executive officer (CEO), just weeks after former CEO Kenneth DeGiorgio was charged with misdemeanor assault following an altercation aboard a cruise ship, the title insurer announced Tuesday.
According to a recent SEC filing, First American officially terminated DeGiorgio’s employment “without cause,” effective April 10.
Seaton steps into the CEO role after more than a decade as the company’s chief financial officer. He has been with First American since 2006.
In his new position, he’ll continue overseeing key financial and tech operations, as well as First American Trust, the company’s chartered bank.
Mark Seaton | CEO of First American
“I’ve been a part of the First American family for nearly 20 years, and it’s an honor to serve the company as its CEO,” Seaton said in a statement. “We have celebrated many proud accomplishments during our 136-year history, but given our extraordinary people and unique competitive advantages, I firmly believe our best days are yet to come.”
The leadership shuffle also includes the promotion of Matt F. Wajner from treasurer to CFO. Wajner joined the company in 2009, and previously served as chief accounting officer and controller. Chairman of the Board Dennis J. Gilmore will transition into the role of executive chairman.
Dennis Gilmore | Executive Chairman of First American
“We are looking forward to our next chapter under the strong leadership of Mark Seaton,” Gilmore said. “No one is more ready to be our CEO than Mark, who has played a leading role in our most critical strategic initiatives, which are driving the digital transformation of our business. We want to thank Ken DeGiorgio for his many years of service to First American.”
The leadership changes follow ongoing legal issues involving DeGiorgio. According to an affidavit filed in the United States District Court, Puerto Rico, the former CEO was allegedly involved in a confrontation on March 31 while aboard a Virgin Voyages cruise. The incident allegedly began after DeGiorgio’s wife, Nichol, asked a fellow passenger — identified as M.A. in the legal complaint — to put on shoes while dancing barefoot at the ship’s bar.
M.A. allegedly responded with profanity and a rude gesture. According to the complaint, DeGiorgio then approached M.A. and allegedly grabbed him by the neck, while threatening to kill him.
DeGiorgio was arrested and later released.
On Monday, DeGiorgio entered a not guilty plea regarding the assault charge. His legal team says he looks forward to being cleared of any wrongdoing.
Read the affadavit below:
