Seth Bernstein was named president and CEO of AllianceBernstein, replacing Peter Kraus, company spokesman Jonathan Freedman confirmed Monday.
The company's board has also appointed Robert B. Zoellick as chairman. He was president of the World Bank from July 1, 2007 to June 30, 2012.Mr. Bernstein was most recently managing director and global head of managed solutions and strategy at J.P. Morgan Asset Management. JPMAM spokeswoman Kristen Chambers declined to comment on whether he was replaced.
“After eight years (of Mr. Kraus) in the role, we decided it was time to put new leadership at AB,” said Denis Duverne, deputy CEO of AXA and member of AllianceBernstein's board, said in a news conference Monday. “In light of the current challenges the industry faces, we thought it was appropriate to have new leadership to move the company forward.” Mr. Duverne added: “We thank him for stabilizing the firm. We wish Peter well.”
An 8-K filing with the SEC confirms that the board terminated Mr. Kraus on April 28.
Mr. Kraus took on the role of chairman and CEO at AllianceBernstein in December 2008 just after the global financial crisis, replacing Lewis A. Sanders, who retired.
AllianceBernstein reported $497.9 billion in assets under management as of March 31, up 3.7% from Dec. 31 and up 5.5% from a year earlier, the company reported in its earnings statement April 27.