(Updates with CEO comment in third paragraph.)
Oct. 8 (Bloomberg) -- Loews Corp., the holding company run by New York’s Tisch family, said Senior Vice President David Edelson will become chief financial officer, replacing Peter Keegan.
Keegan, 69, is stepping down in May after 18 years with the company, Loews said today in a statement. He will stay on as a senior adviser.
“Pete and I have worked together closely since he joined the company almost 20 years ago,” Chief Executive Officer James Tisch said in the statement. “Loews has been very fortunate to have benefited from his financial expertise.”
Edelson joined Loews in 2005 after working at JPMorgan Chase & Co. and currently focuses on strategy, corporate development and investor relations. Loews has businesses in property-casualty insurance, offshore drilling and hotels.
Controller Mark Schwartz will become vice president and chief accounting officer, according to the statement.
Loews slipped 1.5 percent to $46.17 in New York trading. The company has climbed 13 percent this year, trailing the 16 percent advance of the Standard & Poor’s 500 Index.
--Editors: Dan Kraut, Steven Crabill