Loews Announces Senior Management Succession Plan

Laurence A. Tisch and Preston Robert Tisch have announced their plans to step down at year-end as co-chief executive officers of Loews Corp. Loews said that an orderly management succession plan is in place. Both executives will remain co-chairmen of the Board of Directors. Loews has named James S. Tisch, currently president and CEO of the company, to the additional post of Chief Executive Officer.

Loews also established an Office of the President which, in addition to James Tisch, includes: Andrew H. Tisch, who was named chairman of the Executive Committee of the Loews Board; and Jonathan M. Tisch, president and CEO of Loews Hotels. Each of the three executives is a director of Loews Corp.

Bob Tisch said, "Jimmy, Andrew, and Jon have worked at Loews for most of their business careers and know the company and its operations inside out. Each brings to Loews his own unique perspective, talents, experience and judgment. Larry and I have been extremely impressed with the partnership they have formed and how well they work together."

James Tisch, a son of Laurence Tisch, joined Loews in 1977. He is Chairman and Chief Executive Officer of Diamond Offshore Drilling Inc., a member of the Board of Directors of CNA Financial Corporation and of Vail Resorts, Inc. He is a Phi Beta Kappa graduate of Cornell University where he majored in economics. He holds an MBA with distinction from the Wharton Graduate School of the University of Pennsylvania and is now a member of its Board of Overseers.

Andrew Tisch, also a son of Laurence Tisch, joined Loews in 1971. He presently serves as chairman of the Management Committee of the Loews Board. He served as chairman and CEO of Lorillard, Inc. from 1990 to 1995 and was president of Bulova Corporation from 1979 to 1990. He is chairman of the Board of Directors of Bulova Corporation, and a director of Canary Wharf Limited and Zale Corporation. He holds a B.S. degree from Cornell University and an M.B.A. from Harvard University.

Jonathan Tisch, a son of Preston R. Tisch, joined Loews in 1979. He was named president of Loews Hotels in 1986 and promoted to CEO in 1989. A graduate of Tufts University with a degree in Political Science, Jonathan serves on the Tufts Board of Directors.