Loews has named James S. Tisch, currently President and Chief Operating Officer 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 Chief Executive Officer of Loews Hotels. Each of the three executives is a director of Loews Corporation.

Laurence Tisch said, "Bob and I have been preparing for this day for some time and fully expect that the transition will be very smooth and orderly. We have all the confidence in the world that the next generation of Loews management is well tested and prepared to lead the company into the 21st century. Clearly, this is a very proud moment for both of us."

Bob Tisch added, "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 said, "Larry and Bob deserve enormous credit for having built Loews from a single hotel in 1946 into one of the largest diversified corporations in the U.S., with assets in excess of $70 billion and revenues exceeding $20 billion. Few, if any, corporations in American history have had co-CEOs who have collaborated so closely and so effectively for so long. For us, they have been great mentors. Andrew, Jon and I plan to build on the strong foundation that Bob and Larry created."

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 Chief Executive Officer 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 Chief Executive Officer in 1989. He has been instrumental in overseeing the company's growth and subsequent emergence as one of the leading luxury hotel chains. A graduate of Tufts University with a degree in Political Science, Jonathan serves on the Tufts Board of Directors. Loews Corporation is one of the largest diversified financial corporations in the United States. Its subsidiaries include CNA Financial Corporation, Lorillard Inc., Loews Hotels, Diamond Offshore Drilling Inc. and Bulova Corporation.