Peter Keegan, Loews (NYSE: L ) senior vice president and CFO since 1997, has decided to retire effective May 2014, the company announced today. Keegan, 68, intends to stay with the company in a "senior adviser" capacity, according to a press release.
Loews said David Edelson, a senior vice president who has been with the company since 2005, will assume CFO responsibilities upon Keegan's retirement.
Loews President and CEO James Tisch said of Keegan's decision, "Loews has been very fortunate to have benefited from his financial expertise, his wisdom, his unflappable demeanor and his extensive understanding of our businesses -- all of which have contributed greatly to our overall success and the creation of shareholder value."
Prior to joining Loews, Keegan held executive positions at Carolina Group and CBS, where he worked as CFO prior to joining Loews in 1997. Keegan's total compensation in fiscal 2012 came to $3.8 million.