Tisch agreed to give up his vote on Loews’ board.

The postmaster general agreed to give up his vote on the firm’s board of directors to avoid any conflict of interest, according to Joseph A. Califano, who serves as outside counsel to the Postal Board of Governors. Preston R. Tisch will keep his substantial holdings of Loews stock. Califano said Tisch will resign as an active director with the expectation that the Loews board would appoint him director emeritus, allowing him to attend meetings and comment on the affairs of his family-run business.