Rear Admiral Grace something or other, wasn't it? She was credited for coming up with the term 'Bug' because a moth got into the inner workings of the first computer.
Edit: Read Admiral Grace Hopper is who I'm thinking of. According to wiki, she wasn't the one who came up with it. Contrary to what I was taught fifteen years ago...
Reading further, while she may not have actually coined the term, she did make it popular.
Padma has answered the main question however I am pretty sure that FORTRAN was not the first compiler as it was designed to be as efficient as possible as programmers were sceptical that a high level language would be efficient as writing in assembly (IIRC FORTRAN is meant to be 90% efficient).
Grace Hopper came up with a number of compilers including Flowmatic which was one of the main influences for COBOL.
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