There has been a shakup in the top ranks of struggling AllianceBernstein
]. The changes will include both a new chief operating officer and a new sales head.
The mutual fund firm has tapped James A. Gingrich
as COO to replace 12-year veteran David A. Steyn. The move is being described as part of their strategy to "streamline the firm's management structure" and to "improve the execution of its long-term strategy," reports Douglas Appell of Pensions and Investments
Before the move, Gingrich was chairman and CEO of Sanford C. Bernstein & Co., the sell-side research subsidiary of the firm.
The global asset management firm did not give specific reasons for Steyn's departure effective on January 3, but the changes took place Monday as the company continues to suffer huge equity outflows for the third consecutive years.
AllianceBernstein's chairman and CEO Peter S. Kraus
said in the news release that Gingrich's experience "makes him ideally suited for managing the broad portfolia that the COO role requires."
All sales and marketing efforts of the company, including the finance, legal, operations and technology infrastructure will be under Gingrich's
Former Sanford C. Bernstein global research director Robert P. van Brugge
is taking Gingrich's former post.
Two other executives are stepping down in January. Gregory J. Tencza
, senior vice president and co-head of institutional and retail sales and marketing, will leave on January 3 and Richard G. Taggart
, director of operations, will leave on January 31.
Robert M. Keith
, executive managing director and Tencza's co-head will then be the sole manager of the institutional and retail distribution.
Executive vice president and chief technology officer Lawrence Cohen will assume Taggart's responsibilities and will be handling both
technology and operations.
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