AllianceBernstein extends CEO contract

“Asset manager AllianceBernstein LP said it extended the term of Chief Executive Peter Kraus by five years starting January 2014,” Reuters reports, “as the company looks to boost shareholder confidence in its operations.” Kraus will not receive a hike in annual salary, nor will his new contract provide for any cash bonus. “There was some discussion about increasing the pay, or putting an annual incentive in,” stated board member Pete Smith, “but the board felt strongly that we want to align Peter with the unitholders.”

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