Kraus, 56, succeeds Lewis A. Sanders, 62, who is retiring from the firm after 40 years of service, according to the announcement.
Kraus was most recently an executive vice president, the head of global strategy and a member of the Management Committee of Merrill Lynch & Co. He previously spent 22 years with Goldman Sachs Group, Inc., where he served for seven years as co-head of the Investment Management Division and a member of the Management Committee, as well as the head of firm-wide strategy and chairman of the Strategy Committee. He also served as co-head of the Financial Institutions Group. Before joining Goldman Sachs in 1986, Kraus was an audit partner at Peat, Marwick, Mitchell & Co.
Christopher M. “Kip” Condron, AllianceBernstein board member and CEO of AXA Financial, said, “We are thrilled to have an executive of Peter’s caliber and experience to lead AllianceBernstein. Peter has broad managerial and investment experience, having held senior positions in the financial services industry, including co-head of Goldman Sachs’s Investment Management Division. His stellar track record, wealth of expertise and a firmly-held belief in a disciplined investment process make him an ideal fit for AllianceBernstein.”