Sharon E. Fay, co-head of equities at AllianceBernstein, will be stepping down from her leadership role within the $214 billion equities group next year, a spokeswoman confirmed Friday. When Ms. Fay steps down in mid-2020, equities co-head Christopher Hogbin will become sole leader of the group.
In mid-2020, Ms. Fay will move into a different role, where she will "work closely with CEO Seth Bernstein on advancing AB's efforts across the firm in responsible investing and corporate responsibility, including diversity and inclusion," the spokeswoman said in an email.
As part of succession planning, Ms. Fay, who served as the sole head of equities since 2010, became co-head of the group, alongside Mr. Hogbin, effective July 31. Mr. Hogbin was previously chief operating officer of the equities group, the spokeswoman confirmed.
"Sharon has been discussing this succession planning with our CEO [Seth Bernstein] and the board for some time and her decision is based on a long-planned transition," she said.
Mr. Hogbin will evaluate over the next few months whether he will appoint a chief operating officer to backfill his previous role, according to the spokeswoman.
AB had $587 billion in total assets under management, as of Aug. 31.