Peter S. Kraus, AllianceBernstein Holdings new chairman and CEO, said today hell closely examine the money managers overall business and wont make big acquisitions or staff cuts in the immediate future.
In a conference call, he also said former chairman and CEO Lewis A. Sanders retirement was a mutual decision by Mr. Sanders and the board.
Mr. Kraus, whose appointment was announced Friday, said Mr. Sanders and the board had the discussion for some time and decided it was the appropriate moment for his retirement.
While Mr. Kraus considered the company to be a pretty well-oiled machine, he also admitted it had challenging performance over the last 18 months, which requires close examination and thoughts on whether to make changes in the business.
However, he said the firm wont make big acquisitions in the near term to disturb its core business. He also confirmed that the firm wont make more substantial staff cutting if the economy doesnt continue deteriorating, since most of the reduction has occurred.
Im very excited about running AllianceBernstein as a public company, Mr. Kraus said. He said he and the board believed the independent public entity to be the right structure for now and the future. Such a structure, he added, is particularly valuable in managing this firm as an asset management business.
Mr. Kraus said he would spend his first 100 days in office meeting with employees worldwide, reviewing the companys risk management processes and meeting with the firms portfolio managers.
AllianceBernstein had $452 billion in assets under management as of Nov. 30.