Microvast Holdings announces departure of chief financial officer
In a recent 8-K filing with the Securities and Exchange Commission, Loews Corporation (NYSE:L), a $18.55 billion market cap company with strong financial health according to InvestingPro analysis, announced the immediate resignation of Anthony Welters from its Board of Directors. The departure, effective May 1, 2025, comes as Welters cited other commitments. Consequently, he will not be up for re-election at the company’s Annual Meeting of Shareholders scheduled for May 13, 2025.
Loews Corporation expressed gratitude towards Welters for his service and contributions during his tenure on the board. Following his resignation, the board will decrease in size from eleven to ten directors. The company’s filing did not indicate any disputes or disagreements leading to Welters’ departure.
This information is based on a press release statement.
In other recent news, Loews Corporation reported a decline in its fourth-quarter earnings, primarily due to higher catastrophe and investment losses at its insurance subsidiary, CNA Financial. The company posted a net income of $187 million, or $0.86 per share, which is a significant drop from the $446 million, or $1.99 per share, reported in the same period last year. Despite this, Loews saw an increase in revenue, which rose to $4.55 billion from $4.26 billion year-over-year. The quarter’s results included a $265 million after-tax pension settlement charge at CNA Financial, and excluding this charge, net income would have been $452 million. Boardwalk Pipelines, another subsidiary, showed improved results due to increased revenues from re-contracting at higher rates and completed growth projects.
Additionally, Loews Corporation announced a new executive compensation structure as part of its leadership transition, with Benjamin J. Tisch taking over as President and CEO. The Compensation Committee set an annual base salary of $1 million for Mr. Tisch, along with a target cash incentive of $2.6 million and a target performance-based restricted stock unit award valued at $900,000. Special stock appreciation rights (SARs) awards were also approved for top executives, including Benjamin and Alexander Tisch, and Jane J. Wang, to incentivize and retain them. The grant date fair value of these SARs amounts to $4,093,500 for the Tisch brothers and $3,070,125 for Ms. Wang.
Lastly, Loews repurchased 4.2 million shares of its common stock for $349 million during the quarter, bringing the total buyback for the full year 2024 to 7.7 million shares for $611 million. The company concluded the year with $3.3 billion in cash and investments at the parent company level and $1.8 billion in debt.
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