(Bloomberg) -- AllianceBernstein, the money manager that oversees about $498 billion, ousted CEO Peter Kraus and more than half of the board in a shake-up.

JPMorgan Chase’s Seth Bernstein will take over as CEO and Robert Zoellick, a former World Bank president and Goldman Sachs executive, as chairman, the company said on Monday in a statement. Kraus had held both positions and stands to get at least $99.3 million as part of an exit agreement.

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