U.S. investment and insurance company Loews (L) has announced that long-time chief executive officer (CEO) James Tisch will step down after 25 years running the company.
Loews, not to be confused with the home improvement retailer Lowe’s (LOW), said that James Tisch’s son, Benjamin, will takeover as CEO on December 31 of this year.
James Tisch plans to transition to the role of board chairman once he hands the reigns of the company to his son.
Benjamin Tisch currently serves as Loews senior vice president of strategy.
The CEO transition was announced by the New York-based insurer along with better-than-expected second-quarter financial results.
Loews reported earnings per share (EPS) of $1.67 U.S. during the quarter, up 6% from $1.58 U.S. a year earlier.
The company said that its investment income rose to $639 million U.S. in the second quarter ended June 30, up 8% from $592 million U.S. a year earlier.
The strong results were attributed to a rise in insurance premiums and higher returns on its varied investments.
Loews earns most of its revenue from its insurance unit CNA, which reported a 6.5% increase in its Q2 revenue.
Lowes is a diversified holding company with interests in insurance, hotels and the energy sector. The company’s stock has risen 28% over the last 12 months to trade at $80.09 U.S. per share.
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