James Tisch to
retire as President & CEO as of December
31, 2024;
Loews Board elects Benjamin Tisch as President &
CEO;
James Tisch
will become Chairman of the Board of Directors
NEW
YORK, July 29, 2024 /PRNewswire/ -- Loews
Corporation (NYSE: L) announced today that, as part of its
leadership succession plan, on December 31,
2024, James Tisch will retire
as President and CEO and will be succeeded by Benjamin Tisch, current Senior Vice President,
Corporate Development and Strategy. As part of the leadership
transition, James Tisch will become
Chairman of the Board of Directors, and Benjamin Tisch and Loews Hotels & Co's CEO
Alexander Tisch will join the Board.
Also, Andrew Tisch and Jonathan Tisch will transition from Directors to
Directors Emeriti.
"Having worked closely with Ben for many years, the Board of
Directors has seen first-hand that Ben possesses the skills and
attributes necessary to lead the company," said James Tisch, current President and CEO of Loews
Corporation. "I am confident that Loews will be in good hands with
Ben. He is trusted by our investors, subsidiary management teams
and our Board of Directors."
"Since joining Loews in 2011, Ben has distinguished himself as a
leader who can guide the company into the future," said
Paul Fribourg, lead independent
director of Loews Corporation and CEO of Continental Grain Company.
"Ben's deep knowledge of Loews Corporation, rooted in more than a
decade of leadership, will help build on the company's track record
of delivering long-term value creation for its shareholders."
"I am honored to lead Loews Corporation and I would like to
thank my colleagues for their ongoing support," said Ben Tisch. "Most importantly, I am incredibly
grateful to Jim for his many years of guidance and mentorship. I
look forward to building upon his outstanding legacy."
Paul Fribourg added: "On behalf
of the Board, I want to thank Jim for his steady hand over the past
25 years, during which time he created substantial value for our
shareholders through strategic capital allocation. Over the course
of his tenure, Jim expertly managed Loews's portfolio of businesses
and reduced the share count by two-thirds. We are delighted he will
remain on as Chairman of the Board."
Ben Tisch joined Loews in 2011 as
a member of the company's investment department. He was promoted to
Vice President in 2014 and tasked with helping lead Loews's
corporate development function, while also focusing on strategic
planning and investments. Ben was then promoted to Senior Vice
President, Corporate Development and Strategy in 2022. He is a
member of the Board of Directors of CNA Financial (NYSE: CNA) and
sits on the boards of Boardwalk Pipelines and Altium Packaging, two
of Loews's privately held subsidiaries.
Prior to joining Loews, Ben was a Managing Director at Fortress
Investment Group. At Fortress, Ben was responsible for managing a
variety of asset classes for the Global Macro Fund, including
international fixed income, international equities, and
U.S./European credit instruments. He also serves as a Co-President
of the Metropolitan Council on Jewish Poverty and as a Board Member
of UJA-Federation of New York.
About Loews Corporation
Loews Corporation is a
diversified company with businesses in the insurance, energy,
hospitality and packaging industries. For more information, please
visit www.loews.com
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SOURCE Loews Corporation