First American Financial Corp. has replaced its CEO who feds say choked a man on a cruise ship last month.
The title insurer elevated chief financial officer Mark Seaton to CEO and director of the company effective April 10, according to a Securities and Exchange Commission
Seaton, who's been the company's CFO since 2013, also oversees First American Trust, the firm's federally chartered bank, and its technology group, according to a press release Tuesday.
"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," said Seaton in a statement.
Additionally, the company promoted Treasurer Matt Wajner to CFO, while chairman of the board Dennis Gilmore became executive chairman of First American.
"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," said Gilmore in the press release.
The chairman also thanked DeGiorgio for his service. The former CEO had been with First American since 1999 and became CEO in 2022.
According to federal court records, DeGiorgio last week pleaded not guilty to a misdemeanor assault charge stemming from his alleged choking of a fellow cruise ship passenger. That incident last month on the Resilient Lady of Virgin Voyages occurred after an interaction between DeGiorgio's wife and an unidentified man who was dancing barefoot at the bar.
After DeGiorgio's wife asked the man to stop dancing barefoot, he responded with a crude remark and his middle finger, according to a federal affidavit. The ex-CEO allegedly responded by grabbing the man by his neck and threatening to kill him.
Following the incident, DeGiorgio was confined to his cabin until the ship docked in San Juan, Puerto Rico. He declined to speak with Federal Bureau of Investigation agents who prosecuted the maritime crime.
Prosecutors on Monday asked a Puerto Rico-based federal judge to allow Virgin Voyages additional time to produce documents related to discovery.
According to First American's SEC disclosure, DeGiorgio is entitled to compensation in his existing employment agreement, if he provides the company a release of any legal claims. The former CEO
First American's share price rose slightly on the news Tuesday morning, rising a half percentage point to $61.36 per share as of midmorning. Keefe, Bruyette and Woods in a flash note said they anticipate a neutral reaction to Seaton's appointment. The company's share price has fluctuated with recent market swings, and remains near its price to begin the year.
