Loews CEO Tisch talks at Wharton MBA graduation

Loews Corporation Co-chairman and Co-CEO Laurence Tisch's Russian immigrant parents didn't have much -- 30 cents, to be exact -- when they arrived in America around the turn of the century. But Tisch -- whose company has annual revenues of more than $20 billion -- learned from the example his hardworking parents set. At the precocious age of 19, he became one of the youngest students in the University's history to earn a master's degree in business administration from the Wharton School. Fifty-five years after leaving Penn, Tisch -- who serves as chairperson of New York University's board of trustees -- returned to address the 765 students receiving MBAs and executive MBAs from Wharton during Sunday's graduation ceremony at Franklin Field. "The simple truths first became evident to me here at Wharton and were honed and ratified throughout my career," he said. Tisch described principles of partnership, judgment and management skills that are as relevant to life as they are to business. Tisch, who is probably best known for his controversial tenure at the helm of CBS, also criticized the rapidly rising salaries of chief executives compared with those of the average worker. "This constantly enlarging gulf, which is lionized by extravagant and flagrant lifestyles, does not bode well for the social and economic stability of this great country," said Tisch -- a billionaire who has contributed to various funds and charities. Wharton Dean Thomas Gerrity praised Tisch, calling him an "astute investor" who has a "hands-on management style that gets results." -- Scott Lanman

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