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With a net worth of $10.1 billion the Tisch dynasty counts a hotel group, a packaging company, insurance business and an NFL team among their interests. Ben Tisch recently became the third generation of his family to run Loews Corporation, the conglomerate that controls the majority of these assets.
Taking on the CEO role at any business worth $18.5 billion is a daunting task—but following in the footsteps of your father and grandfather may add some pressure.
These are the conditions under which the new boss at Loews Corporation—a hotel, energy and packaging conglomerate—has inherited the corner office.
In its final quarterly earnings update of the year, Benjamin Tisch welcomed investors for the first time under his new title.
Ben takes over the helm from his father, James.
James inherited the mantle from his grandfather, Larry, who purchased the Loews company—then a theatre business—in 1959 with his brother, Bob. The duo then combined this company with their established hotel brand based in New Jersey.
Despite welcoming investors, shareholders and analysts for the first time as head of the C-suite, Ben is no stranger to the Loews landscape.
Ben formerly served as senior vice president of corporate development and strategy, having joined the company in 2011 as part of the Fortune 500 company's investment department.
Before joining the family firm, Ben was a managing director at Fortress Investment Group which holds $49 billion in managed assets, per its site, having begun his career with a two-year investment banking program at Lehman Brothers.
Ben also isn't the only Tisch in residence at the New York City-based conglomerate, which owns subsidiaries including CNA Financial, Boardwalk Pipelines, Loews Hotels and Altium Packaging.
Ben's cousin, Alex Tisch, leads the hotel division, while his father, James, will move to become chairman of the board.
In turn, James's brother, Andrew, and his cousin Jonathan have become director emeritus of the firm, having previously served as joint co-chairmen.
James and Andrew are the two largest individual shareholders of Loews with a 13.4% stake between them, per MarketScreener.
Having been announced as CEO successor in July, Ben said in earnings remarks last week: "While I may express myself differently than my father Jim, my views will sound very familiar because we see many things in the same way.
"Like my father and his father before him, I believe that the CEO of Loews Corporation has one job, and one job only: to grow intrinsic value per share."
He explained: "My grandfather Larry Tisch was a cashflow-based investor, my father Jim is a cashflow-based investor, and—you may have figured this out by now—I too am a cashflow-based investor.