Peter Kraus just added five years to his planned tenure as AllianceBernstein's [profile] 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.

Pete Smith, 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. 

Edited by: HFD


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