UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): June 30, 2008
FIRST ADVANTAGE CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
| Delaware | 001-31666 | 61-1437565 | ||
| (State or Other Jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification Number) |
12395 First American Way
Poway, CA 92064
(Address of principal executive offices)
(727) 214-3411
(Registrant’s telephone number)
Not Applicable.
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2 below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02(b), (c) (Departure of Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
Effective June 30, 2008, JoAnn M. Laing was appointed as president of First Advantage Corporation’s (the “Company”) Employer Services segment and will report to Todd L. Mavis, executive vice president – operations. Most recently, Ms. Laing was president and chief executive officer of Information Strategies, Inc., a marketing and media company with headquarters in New Jersey. Prior to that, she was senior vice president and chief administrative officer at Sara Lee Apparel. Ms. Laing is a graduate of Syracuse University’s Whitman School of Management and holds an M.B.A. from the Harvard Business School.
In connection with Ms. Laing’s new appointment, the following compensation arrangement was approved:
| Base Salary |
$ | 300,000 | |||
| Car Allowance |
$ | 5,400 | annually | ||
| Participation in Management Incentive Plan * |
$ | 300,000 | |||
| Restricted Stock Units** |
$ | 250,000 | |||
| Relocation Reimbursement, consistent with Company policy Pursuant to Company policy. |
| * | The Management Incentive Plan for Ms. Laing will be pro-rated for 2008, with a maximum bonus opportunity of 200 percent of salary. |
| ** | To be awarded pursuant to the Company’s restricted stock policy. |
Bart Valdez, former president of the Employer Services segment, will remain with the Company to assist Ms. Laing with the transition, as well as continue to play an important role in pursuing critical business development opportunities
The June 30, 2008 press release announcing the appointment of Ms. Laing is attached hereto as Exhibit 99. 1.
| Item 9.01. | Financial Statements and Exhibits. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| (c) | Not applicable. |
| (d) | Exhibit: |
| Exhibit No. |
Description | |
| 99.1 | Press release dated June 30, 2008 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| FIRST ADVANTAGE CORPORATION | ||||||||
| Date: June 30, 2008 | By: | /s/ Julie Waters | ||||||
| Name: | Julie Waters | |||||||
| Title: | Vice President and General Counsel | |||||||
Exhibit 99.1
12395 First American Way Ÿ Poway, Calif. 92064
NEWS FOR IMMEDIATE RELEASE
| Contacts: Henri Van Parys Corporate Communications Manager 727.214.1072 henri.vanparys@FADV.com |
Cindy Williams Investor Relations Manager 727.214.3438 clwilliams@FADV.com |
JOANN M. LAING JOINS FIRST ADVANTAGE CORPORATION
AS GROUP PRESIDENT - EMPLOYER SERVICES
POWAY, Calif., June 30, 2008—First Advantage Corporation (NASDAQ: FADV), a global risk mitigation and business solutions provider, today announced the appointment of JoAnn M. Laing as president of its Employer Services segment. According to Todd L. Mavis, executive vice president - operations, to whom she will report, Laing brings a blend of business-to-business (B2B) and business-to-consumer (B2C) experience that will prove invaluable as the company’s Employer Services segment seeks opportunities to expand its talent acquisition solutions to directly engage consumers.
“As the ‘war for talent’ continues to accelerate, we are seeing job candidates take far greater control in not only the recruitment process but also in the overall management of their careers,” Mavis said. “This strengthening trend represents a unique opportunity for First Advantage to leverage our Employer Services’ B2B talent acquisition offerings and our subsidiary LeadClick Media’s B2C online advertising and lead generation services to reach employment candidates.
“JoAnn’s diverse background in finance, e-commerce, marketing, technology and vertical markets globally make her ideally suited to oversee these business units and maximize the synergies between them to successfully execute this expanding vision for First Advantage.”
Most recently, Laing was president and chief executive officer of Information Strategies, Inc., a marketing and media company with headquarters in New Jersey. Prior to that she was senior vice president and chief administrative officer at Sara Lee Apparel, where she oversaw the successful diversification of a B2B business to a B2C focus. Previously, she was part of the executive teams of Clay-Webster Associates, Olivetti and Chase Manhattan Bank after starting her career with Citicorp. Laing also served on multiple boards.
Laing is a graduate of Syracuse University’s Whitman School of Management and holds an M.B.A. from the Harvard Business School. Author of three books, Laing is a nationally-recognized thought leader in health savings accounts (HSAs) and B2B marketing. She also co-founded the National Robotics Education Foundation (the-NREF.org), a non-profit organization dedicated to advancing robotics at all educational levels.
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JoAnn Laing Joins First Advantage Corporation
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Bart Valdez, former president of the Employer Services segment, will remain with the company to assist Laing with the transition, as well as continue to play an important role in pursuing critical business development opportunities.
About First Advantage Corporation
First Advantage Corporation (NASDAQ: FADV) combines industry expertise with information to create products and services that organizations worldwide use to make smarter business decisions. First Advantage is a leading provider of consumer credit information in the mortgage, automotive and specialty finance markets; business credit information in the transportation industry; lead generation services; motor vehicle record reports; supply chain security consulting; employment background verifications; occupational health services; applicant tracking systems; recruiting solutions; skills and behavioral assessments; business tax consulting services; litigation investigations;; computer forensics; electronic discovery; data recovery; due diligence reporting; resident screening; property management software and renters insurance. First Advantage ranks among the top companies in all of its major business lines. First Advantage is headquartered in St. Petersburg, Fla., and has more than 4,800 employees in offices throughout the United States and abroad. More information about First Advantage can be found at www.FADV.com.
First Advantage is a majority-owned subsidiary of The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889. First American is America’s largest provider of business information, supplying businesses and consumers with valuable information products to support the major economic events of people’s lives. Additional information about the First American Family of Companies can be found at www.firstam.com.
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