NEW YORK--(BUSINESS WIRE)--Nov. 15, 2003--Loews Corporation
(NYSE:LTR) mourns the loss of Laurence A. Tisch, the Co-Chairman of
its Board of Directors and its co-founder. Mr. Tisch succumbed to
cancer on November 15, 2003.
Laurence Tisch has been heralded, not only as one of the country's
leading entrepreneurial business visionaries, but also for his
indelible impact on society through his philanthropic leadership.
Laurence Tisch, with his brother Preston R. Tisch, built Loews
Corporation into one of the largest diversified financial corporations
in the United States. Mr. Tisch and his brother acquired a substantial
interest in Loew's Theatres, Inc., a predecessor of Loews Corporation
in 1959, and became its President and Chief Executive Officer. Loews
Corporation has grown over the years to include subsidiaries engaged
in a property and casualty insurance (CNA Financial Corporation), the
production and sale of cigarettes (Lorillard, Inc.), the operation of
offshore drilling rigs (Diamond Offshore Drilling, Inc.), the
distribution and sale of watches and clocks (Bulova Corporation), and
the operation of an interstate natural gas pipeline (Texas Gas
Transmission), and has continued as a leading hotel operator (Loews
Hotels), the business which Mr. Tisch and his brother started in 1946.
The Loew's Theatres business was sold in 1985.
Mr. Tisch served as Chief Executive Officer of Loews Corporation
for over 26 years. In 1998 he announced that he would step down from
that position effective January 1, 1999, when the Company's Board of
Directors designated his son, James S. Tisch, as President and Chief
Executive Officer, and created a new Office of the President
consisting of James S. Tisch, Andrew H. Tisch, Chairman of the
Company's Executive Committee, also a son of Laurence A. Tisch, and
Jonathan M. Tisch, Chief Executive Officer of Loews Hotels, a son of
Preston R. Tisch. Laurence Tisch continued to serve the Company as
Co-Chairman of the Board and remained active in the affairs of the
Company, refusing to even consider retirement.
In addition to his many years of service to Loews Corporation, Mr.
Tisch was tireless in his philanthropic efforts. Among other things,
he was noted for his efforts on behalf of New York University where he
served as Chairman of the Board of Trustees from 1978 to 1998. He was
also a former president of the United Jewish Appeal of Greater New
York and served as a trustee of the Metropolitan Museum of Art in New
Mr. Tisch's presence, and his wise and valuable guidance, advice
and business acumen, will be sorely missed by his friends and
colleagues at Loews Corporation and throughout the many spheres of
commerce, education and philanthropy he touched.
CONTACT: Loews Corporation
V.P. of Public Affairs
SOURCE: Loews Corporation