Tisch Sons Making $925,000 Each at LoewsBy and
Loews says related-party transactions are reviewed by counsel
CEO Jim Tisch’s package climbs to $5.78 million as shares gain
The Tisch family’s next generation of leaders at Loews Corp. has been enjoying pay increases, with the sons of two executives each getting $925,000 last year.
That represents a raise of 8.8 percent from 2015 for Alexander and Benjamin Tisch, vice presidents in the corporate development department, according to a regulatory filing Wednesday from the New York-based company. Each made less than $600,000 in 2012. Benjamin’s father is Chief Executive Officer Jim Tisch. Alexander is the son of the CEO’s brother, co-Chairman Andrew H. Tisch.
“All such transactions are submitted to our general counsel for review and reported to our audit committee for its consideration,” according to the document. “In each case, the audit committee considered, in light of all of the facts and circumstances it deems relevant, whether the transaction is fair and reasonable to us.”
Loews has a hotel business and is the majority owner of CNA Financial Corp., a Chicago-based insurer; Boardwalk Pipeline Partners LP, which transports and stores natural gas; and Diamond Offshore Drilling Inc., which provides rigs for the energy industry. The company traces its roots to a New Jersey hotel purchased by the father and an uncle of the current CEO in 1946.
The family retains leadership roles throughout the company, with Jonathan Tisch, a cousin of the CEO, running the hotel business. Lacey Tisch, another child of Andrew Tisch, was director of brand marketing at that unit, earning about $104,000 last year, little changed from 2015. She is no longer working for Loews Hotels, according to the filing.
CEO Jim Tisch’s reported compensation climbed 9.5 percent last year to $5.78 million. The company’s stock advanced 22 percent in 2016. Andrew and Jonathan Tisch each got more than $4.8 million as well.
— With assistance by Lisa Du