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Loews CFO Peter Keegan to retire next year

NEW YORK (AP) -- Loews Corp. said Tuesday that its chief financial officer and senior vice president, Peter Keegan, will retire in May. He will be replaced by David Edelson, a senior vice president at the company.

Keegan, 69, will stay with the diversified holding company as a senior adviser. He has been CFO since 1997.

His replacement, 54-year-old Edelson, joined the company in 2005. Before Loews, Edelson worked at JPMorgan Chase & Co., where he was a corporate treasurer and executive vice president.

Loews, based in New York, has holdings that include insurance company CNA Financial Corp. and deep-water driller Diamond Offshore Drilling Inc.

Shares of Loews fell 69 cents, or 1.5 percent, to close at $46.17 Tuesday. Its shares are up 10 percent over the last year.