With these changes, the company aims to improve the execution of its long-term strategy of diversifying the mix of investment services it offers to clients, and increasing operating leverage. The personnel changes include:
- James A. Gingrich, chairman and CEO of the firm’s sell-side research subsidiary, Sanford C. Bernstein & Co., will assume the role of chief operating officer of AllianceBernstein, effective immediately.
- Robert P. van Brugge, global director of research at Sanford C. Bernstein & Co., will succeed Gingrich as chairman and CEO of Sanford C. Bernstein & Co.
- Robert M. Keith, co-head of institutional and retail distribution, will assume sole responsibility for client service, sales and marketing in those channels, globally.
- Lawrence Cohen, chief technology officer, will head both Technology and Operations.
The firm’s current COO, David A. Steyn, and co-head of institutional and retail sales and marketing, Gregory J. Tencza, will be leaving the firm effective January 3, 2012. The director of operations, Richard G. Taggart, will be leaving the firm on January 31, 2012.
In his new role, Gingrich will be responsible for all sales and marketing efforts related to the firm’s asset management business as well as its finance, legal, operations and technology infrastructure. Van Brugge, Keith and Cohen will report to Gingrich. Investment management and trading will continue to report directly to Kraus.