AllianceBernstein has re-upped CEO Peter S. Kraus’ contract for another five years, starting in January 2014, when his existing contract expires. Kraus was named to his current position in December 2008.
According to a firm statement, Kraus' new five-year agreement include a one-time grant of 2,722,052 AllianceBernstein Holding L.P. Units, which will vest ratably over the new five-year agreement term, but with all of the Units being delivered after the final vesting in December 2018. Kraus' annual salary remains at $275,000 with no cash bonus.
"The Board believes that Peter has been very effective at guiding AllianceBernstein through a period of unprecedented challenges since the Financial Crisis,” stated Pete Smith, an independent member of the AllianceBernstein Board of Directors Compensation Committee who led the renewal process and discussions.
“This contract extension ensures he can continue to implement his vision to reposition our firm for a future of sustainable growth, in a way that is in the best long-term interests of our Unitholders."