AllianceBernstein L.P. and AllianceBernstein Holding L.P. (AB) announced that it has agreed to extend Peter Kraus' contractual term as Chairman and Chief Executive Officer to an additional five years, commencing in January 2014, when his existing contract expires, through January 2019. Kraus was named Chairman and CEO in December 2008.
The company said that the terms of Kraus' new five-year agreement are substantially the same as those of the existing agreement signed in December 2008. Under the new agreement, Kraus' annual salary remains at $275,000 and the contract does not provide for any cash bonus for Kraus.
The new agreement terms are structured to ensure that Kraus' compensation incentives are aligned with the long-term interests of AllianceBernstein and its Unitholders.
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