Co-Founders of Loews Corporation
|As one of the largest corporations in the United States, Loews Corporation is one of the most diversified. Some of its subsidiaries include CNA Financial Corporation, Loews Hotels, Diamond Offshore Drilling Inc., and Boardwalk Pipeline. The Tisch brothers were the co-founders of Loews Corporation.
The Tisch brothers were born in Brooklyn, New York. Preston Robert Tisch received his degree from the University of Michigan, and Laurence A. Tisch received degrees from New York University and the University of Pennsylvania's Wharton School of Business. In 1946, the Tisch family invested in the Laurel-in-the-Pines Hotel in Lakewood, New Jersey. From there, they leased hotels in Atlantic City, and built their first Americana Hotel at Bal Harbour in the 1950s.
Later in the 1950s, the Tisch brothers invested in Loews Theaters. After their father's death in 1960, the brothers merged the theater chain with their hotels. Larry became CEO and Bob became president. Using the trading skills and sense of timing they learned from their hotel business, the brothers built Loews into the sprawling empire that it is today. The corporation's main interest is insurance through CNA Financial, which at the time of the brothers' induction into the Hall of Honor accounted for 75 percent of Loews Corporation's earnings. The theatre chain was sold in the 1980s. The corporation has appeared on the Fortune 500 list.
Besides overseeing the operations of Loews Corporation, Bob also served as U.S. Postmaster General, and purchased 50 percent of the New York Giants football team. Larry oversaw the company's finances and investments as CEO, and was once chairman of the board and CEO at CBS.
Both men were very involved in their community. Larry was involved in the Federation of Jewish Philanthropies, as well as serving on various boards. Bob was chairman emeritus of the New York Convention and Visitors Bureau, as well as a member of the Travel and Tourism Advisory Board of the Department of Commerce.