Equitable Holdings: AllianceBernstein CEO to Retire; Successor Named

What Happened

• Equitable Holdings (EQH) filed an 8‑K on Sept. 25, 2026 reporting that AllianceBernstein L.P. (AB) CEO Seth Bernstein will retire as AB CEO effective March 31, 2027 and will step down as EQH’s Head of Asset Management. Bernstein will remain on the AB general partner’s board.
• AB named Onur Erzan as AB’s President & CEO effective April 1, 2027. Erzan currently serves on EQH’s Management Committee, has been AB President since Jan. 2026, and will join the AB Board on April 1, 2027.

Key Details

• Seth Bernstein retirement package: $2.5M restricted AB Holding Unit award (three‑year annual vesting, grant date fair value), a $1.0M EQH Long Term Incentive award to be issued Q2 2027, continued salary/benefits through March 31, 2027, and 26 weeks of salary continuation ($325,000) plus transition support and benefit participation, subject to customary covenants.
• Onur Erzan 2027 pay package: base salary $650,000 (effective Jan. 1, 2027) with a 2027 total compensation target of $13.5M composed of $5.8M cash bonus, $1.25M annualized value of a 2025 AB award, $3.45M AB Units (ICAP), and $2.35M in EQH equity. Severance on non‑cause termination: 1.5× annual base + bonus, 18 months COBRA cost coverage, earned prior‑year bonus, and continued equity vesting; subject to 6‑month non‑compete and 12‑month non‑solicit.
• Annual Meeting vote results (Sept. 23, 2026): all nine director nominees elected; PwC ratified as auditor (For: 241,391,012; Against: 7,850,494); advisory approval of executive compensation passed (For: 235,558,213; Against: 2,522,497).

Why It Matters

• Leadership at AB — EQH’s asset management affiliate — is changing at a senior level with a planned, disclosed transition date, reducing short‑term uncertainty about management continuity. Bernstein’s remaining board role and the structured retirement agreement aim to support an orderly handoff.
• The disclosed compensation and severance terms for Erzan show EQH/AB’s intent to retain and incentivize the new CEO through both cash and equity, which can impact long‑term alignment with shareholders. Investors should note the effective dates and monitor AB performance and any strategic changes under Erzan.