AllianceBernstein Terminates CEO

(RTTNews) - AllianceBernstein Holding LP (AB) terminated its chief executive officer and removed nine of its 11 directors.

The firm said in a securities filing Monday that Peter Kraus, who served as AllianceBernstein's chairman and CEO, was terminated from both those roles Friday.

On April 28, 2017, the Stockholder acted by written consent to remove nine directors from the Board. Christopher M. Condron, Steven G. Elliott, Deborah S. Hechinger, Weston M. Hicks, Heidi S. Messer, Scott A. Schoen, Lorie A. Slutsky, Joshua A. Weinreich and Peter S. Kraus.

Meanwhile, AllianceBernstein said today that its Board of Directors appointed Robert B. Zoellick Chairman of the Board of Directors and Seth Bernstein President and Chief Executive Officer. Zoellick and Bernstein succeed Peter Kraus, following his departure as CEO and Chairman of the Board of Directors.

AB also announced that it has appointed three new independent directors to a newly reconstituted Board. Barbara Fallon-Walsh, Daniel G. Kaye and Ramon de Oliveira will join the Board, along with Messrs. Zoellick and Bernstein. Current directors Denis Duverne and Mark Pearson will remain on the Board, joined by Anders Malmstrom, the Chief Financial Officer of AXA Financial, Inc.