At a time where mutual fund companies are increasingly separating the duties of chairman and chief executive officer, Alliance Capital Management announced Thursday that it was doing just the opposite, tagging CEO Lewis Sanders with the additional title of chairman.
Bruce Calvert, Alliances current board chairman, is set to leave Dec. 31, at which time Sanders will take over. Sanders, 58, has been the firms CEO since June 2003.
In another move, the company said that Chief Operating Officer Gerald Lieberman, 57, will take on the additional role of company president, effective right away.
Alliance, which had just under $500 billion in assets under management as of the end of October, has been hit hard by the mutual fund scandal. Last December, the firm settled improper fund charges for $250 million, and agreed, per the insistence of New York Attorney General Eliot Spitzer, to gradually slash 20% off its management fees over the next five years.