Co-Chief Executives to Step Down at Loews

Billionaire brothers Laurence and Preston Robert Tisch said they will step down as co-chief executives of Loews Corp. by year’s end and turn management of the company over to their sons. The Tisch brothers, widely known as Larry and Bob, built Loews from a single hotel in 1946 into one of the country’s largest diversified corporations, with more than $20 billion in revenue. Its holdings include cigarette maker Lorillard Inc., Loews Hotels and watchmaker Bulova Corp. Larry’s son James Tisch, Loews’ president and chief operating officer, was named CEO effective Jan. 1. A newly created office of president will be shared by James, his brother Andrew Tisch and cousin Jonathan Tisch, Bob’s son. Larry, 75, a former chairman of CBS, and Bob, 71, a former U.S. postmaster general who owns half of the New York Giants football team, will remain co-chairmen. Loews also said its third-quarter profit fell 9% to $201.6 million, or $1.76 a share. The latest results exclude gains of $415.5 million from the company’s short-selling positions. Last year’s results exclude $23.8 million in losses on its contrarian market positions. Loews’ shares rose 81 cents to close at $93.94 on the New York Stock Exchange.