David A. Steyn, AllianceBernstein's COO, was replaced by James A. Gingrich, chairman and CEO of the firm's sell-side research subsidiary, Sanford C. Bernstein & Co.
Mr. Steyn, a 12-year veteran of the firm, will leave effective Jan. 3, according to an AllianceBernstein news release.
AllianceBernstein did not give a reason for Mr. Steyn's departure, and Mr. Steyn couldn't immediately be reached for comment. The changes announced Monday come as AllianceBernstein has continued to suffer heavy net institutional equity outflows for a third consecutive year.
In the news release, Peter S. Kraus, AllianceBernstein's chairman and CEO, thanked Mr. Steyn for his contributions to the firm, but said Mr. Gingrich's experience “makes him ideally suited for managing the broad portfolio that the COO role requires.”
The news release said Mr. Gingrich “will be responsible for all sales and marketing efforts related to the firm's asset management business as well as its finance, legal, operations and technology infrastructure.”
The COO move was one of several changes announced Monday to “streamline the firm's management structure” and “improve the execution of its long-term strategy.”
Among other changes, Robert P. van Brugge, global director of research at Sanford C. Bernstein, will succeed Mr. Gingrich as chairman and CEO. AllianceBernstein spokesman John Meyers said no information was immediately available on who would replace Mr. van Brugge.
Gregory J. Tencza, senior vice president and co-head of institutional and retail sales and marketing, will leave the firm effective Jan. 3. Fellow co-head and executive managing director Robert M. Keithwill become sole head of institutional and retail distribution.
Richard G. Taggart, director of operations, will be leaving the firm on Jan. 31. With the company outsourcing some of its back-office operations recently, some of the remaining duties that Mr. Taggart had overseen will be consolidated under Lawrence Cohen, executive vice president and chief technology officer, who will head both technology and operations.