just added five years to his planned tenure as AllianceBernstein's
] CEO. Reuters reported
that the New York City-based mutual fund shop's board extended Kraus' contract for another five years, starting January 2014.
The firm extended his term as they look into boosting shareholder confidence.
, a board member, told the wire service:
"The clients want to know there is stability in management and they appreciate the work Peter and this team are doing."
His annual salary will remain at $275,000 under the new contract. Most of his compensation will be paid as equity units over his five-year term.
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