By Paul Palazzolo
Regionally and nationally renowned billionair answered questions for students in the Frank G. Zarb School of Business Wednesday night.
The business school and professors advertised Andrew Tisch’s lecture days before the event, causing students, professors and guests, some who were half an hour early, to sit on the floor due to the large, unanticipated attendance.
“I think it’s a good turnout,” Mike Moran, a junior marketing major said. “He must be well-known because my professors told me what he has done in his career.”
Professors of the business school also awarded extra credit to students who attended the event.
“I asked for my students to come to the Tisch program and summarize the event in a one-page paper,” Professor Spieler of the Zarb School of Business said. “I say that tonight’s event is a good turnout.”
Some people attended the program because of the success and prestige of Tisch family.
“Tisch is such a big and successful family with the Diamond Oil Company, CVS and Bolova,” Sinan Cebenoyan, professor of the Zarb School of Business said.
Despite the extra credit assignment professors gave their students, some went to learn more about Tisch.
“I’ve heard about [the program] in my advertising classes. I’m here because of the hype,” Moran said.
The turnout was unexpected and surprised all of the attendees, including Tisch. He walked into the room to an enthusiastic, applauding crowd.
Stewart Bass, associate professor at the business school initiated the program by giving a short summary of Tisch’s career, including his many accomplishments.
Tisch began his speech by reading an excerpt from his 1972 annual report for the Loews Corporation. He compared his annual report from 1972 to the 2003 report. The 1972 report was 19 pages while the 2003 report was 230 pages. This showed the attendants how complex business has become in the past 30 years.
Tisch is the Chairman of the Loew’s Corporation, which includes Texas Gas Transmission, Lovillara, CAN Insurance, Loews Insurance Bulova, and Diamond Offshore Drilling. Tisch has also been a part of the management of CBS in the 1980s and currently owns half of the New York Giants of the NFL.
Tisch expressed early that he wanted to open up the lecture to student questions.
A student from the M.B.A. program asked Tisch how he changed the CNA insurance company. He said he changed the company by cutting out the extra expenses that made CNA too big. He talked to middle and upper management about good business practices and excellent management during the next several years. The results made CNA change from a company that had a negative net profit to a company that grosses $20 million and created revenue of $140 million last year.
Tisch explained a businessman would do better if he didn’t pay attention to the newspaper clips and magazine articles that are about him. He gave an example of Business Week writing an article about him and his brother losing their touch because of the purchase of the Bulova watch company. However, at Tisch’s five year business school reunion, people he had never met congratulated him for having his picture in Business Week.
One graduate student asked a question about the future job market.
“I think the jobs will follow the economic growth,” Tisch said. “Productivity is up because people are working harder and longer. As the economic recovery is entrenched, the jobs will come back from overseas during the long-term.”
At the end of the lecture he was given a plaque by Dean Polimeni for his visit to the University.
Students were amazed by the information Tisch provided.
“I think it’s a success because of the turnout and the great questions that were asked by the students and faculty,” Michael Howe, a graduate marketing student, said. “I learned more from Tisch tonight than from a classroom.”