AllianceBernstein sets Erzan's 2027 pay target at $13.5M
Erzan’s fiscal 2027 compensation target is $13.5 million, while Bernstein’s salary continuation is conditional on compliance with his retirement agreement.
Rhea-AI Filing Summary
AllianceBernstein Holding L.P. said Onur Erzan will become AB’s President and Chief Executive Officer effective April 1, 2027, succeeding Seth Bernstein, whose retirement takes effect March 31, 2027. Bernstein will remain on AB’s Board of Directors, and Erzan will join it when he assumes the role.
Bernstein’s agreement provides an appreciation grant of restricted AB Holding Unit Awards with a $2.5 million grant-date fair value and three-year annual vesting, to be issued on or about March 31, 2027, plus a $1.0 million 2026 Equitable Holdings long-term incentive award to be issued in the second quarter of 2027. Subject to compliance with the agreement, he is also entitled to 26 weeks of salary continuation totaling $325,000.
Erzan’s offer letter sets a fiscal 2027 total compensation target of $13.5 million, as determined by the Compensation Committee of AB’s Board, including a $650,000 base salary effective January 1, 2027. AB reported more than $919 billion in assets under management as of August 31, 2026.
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Filing Explained
Erzan’s offer letter adds contingent severance: if AB terminates him other than for Cause, death or disability, or he resigns for Good Reason, it provides 1.5 times then-current salary and annual bonus, 18 months of after-tax COBRA-cost payments, earned unpaid prior-year bonus and continued vesting of unvested awards; severance is conditioned on six-month non-compete and 12-month non-solicit terms.
8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Assets under management: More than $919 billion
Bernstein appreciation grant fair value: $2.5 million
Vesting schedule: Three-year annual vesting
+5 more
8 metrics
Assets under management
More than $919 billion
As of August 31, 2026
Bernstein appreciation grant fair value
$2.5 million
Grant-date fair value; to be issued on or about March 31, 2027
Vesting schedule
Three-year annual vesting
Bernstein’s restricted AB Holding Unit Awards
Equitable Holdings long-term incentive award
$1.0 million
2026 award to be issued in the second quarter of 2027
Salary continuation period
26 weeks
Bernstein’s retirement agreement, subject to compliance with its terms
Salary continuation gross amount
$325,000
Bernstein’s retirement agreement, subject to compliance with its terms
Fiscal 2027 total compensation target
$13.5 million
Erzan; determined by the Compensation Committee of AB’s Board
Base salary
$650,000
Erzan; effective January 1, 2027
Key Terms
restricted AB Holding Unit Awards, annual amortized value, AB Incentive Compensation Award Program, COBRA coverage, +1 more
5 terms
restricted AB Holding Unit Awards financial
"appreciation grant of restricted AB Holding Unit Awards"
annual amortized value financial
"the annual amortized value of Mr. Erzan’s 2025 restricted AB Holding Unit award"
AB Incentive Compensation Award Program financial
"an AB Incentive Compensation Award Program (“ICAP”) award of AB Units"
COBRA coverage financial
"monthly payments equal to the cost of COBRA coverage for 18 months"
Good Reason regulatory
"Mr. Erzan’s resignation for Good Reason (as defined in the Offer Letter)"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When does AB CEO Onur Erzan take over from Seth Bernstein?
Onur Erzan is scheduled to become AB’s President and Chief Executive Officer on April 1, 2027; Seth Bernstein’s retirement as CEO takes effect March 31, 2027. Bernstein will continue serving on AB’s Board of Directors, and Erzan will join the board effective April 1, 2027.
What is Onur Erzan’s AB compensation target for 2027?
The fiscal 2027 target is $13.5 million, as determined by the Compensation Committee of AB’s Board. It comprises a $650,000 base salary, a $5.8 million cash bonus, $1.25 million in annual amortized value of his 2025 restricted AB Holding Unit award, a $3.45 million AB Unit award under the AB Incentive Compensation Award Program, and $2.35 million of Equitable Holdings equity. His base salary is effective January 1, 2027.
What retirement benefits will Seth Bernstein receive from AB?
Bernstein’s agreement provides a $2.5 million grant-date fair value appreciation grant of restricted AB Holding Unit Awards with three-year annual vesting, plus a $1.0 million 2026 Equitable Holdings long-term incentive award to be issued in the second quarter of 2027. If he complies with the agreement, including its restrictive covenants and transition-assistance terms, he is entitled to 26 weeks of salary continuation totaling $325,000.
What severance terms apply to Onur Erzan at AB?
If AB terminates Erzan other than for Cause, death or disability, or he resigns for Good Reason, he is entitled to severance equal to 1.5 times his annual base salary and annual bonus in effect at termination, 18 months of monthly COBRA-cost payments on an after-tax basis, any earned but unpaid prior-year bonus, and continued vesting of outstanding unvested equity awards. The severance is conditioned on six-month non-competition and twelve-month non-solicitation provisions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 25, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices)
(Zip Code)
(615 ) 622-0000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered | ||||||
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Retirement of Seth Bernstein as Chief Executive Officer
On September 25, 2026, AllianceBernstein L.P. (“ABLP”) and AllianceBernstein Holding L.P. (together with ABLP, “AB”) announced that Seth Bernstein will retire as Chief Executive Officer of AB, effective March 31, 2027 (the “Retirement Date”). Following his retirement, Mr. Bernstein will continue to serve on the Board of Directors of AB’s general partner, which also acts as AB’s Board of Directors (the “AB Board of Directors”).
In connection with Mr. Bernstein’s retirement, ABLP and Mr. Bernstein entered into a retirement agreement (the “Retirement Agreement”) providing that, in consideration of Mr. Bernstein’s continuation of employment through March 31, 2027, Mr. Bernstein, in addition to continuing to receive his current salary and benefits, is entitled to an appreciation grant of restricted AB Holding Unit Awards awarded through the AB 2017 Long Term Incentive Plan (or the successor plan thereto) with a total grant date fair value of $2.5 million and a three-year annual vesting to be issued on or about the Retirement Date. Further, Mr. Bernstein will receive a 2026 Equitable Holdings Long Term Incentive Plan award of $1.0 million to be issued in the second quarter of 2027. Provided Mr. Bernstein complies with the terms of the Retirement Agreement, including compliance with customary restrictive covenants and assistance with AB’s leadership transition, he is entitled to 26 weeks of salary continuation following his Retirement Date in the total gross amount of $325,000. He will also receive various transition support services and continued participation in certain AB benefit plans.
Appointment of Onur Erzan as President and Chief Executive Officer
In conjunction with Mr. Bernstein’s retirement, on September 25, 2026, AB announced the appointment of Onur Erzan, age 50, as President and Chief Executive Officer (“President and CEO”) of AB, effective April 1, 2027. Mr. Erzan has been serving as AB’s President since January 5, 2026, prior to which he served as Head of the Global Client Group and Private Wealth since 2022 and assumed responsibility and oversight of Global Private Alternatives in Fall 2025. He has been employed by AB since 2021. Prior to joining AB, Mr. Erzan spent 20 years with McKinsey & Company, most recently as a Senior Partner and co-leader of its Wealth & Asset Management practice. Further, he remains a member of the Equitable Holdings Management Committee and serves as Chair of the AB Operating Committee. Mr. Erzan will be also appointed to the AB Board of Directors effective April 1, 2027.
In connection with Mr. Erzan’s appointment as President and CEO, ABLP and Mr. Erzan entered into an offer letter (the “Offer Letter”), providing that Mr. Erzan is entitled to compensation consisting of a base salary of $650,000, effective January 1, 2027, with a total compensation target, as determined by the Compensation Committee of the AB Board of Directors, for fiscal year 2027 of $13.5 million, which consists of the following: (a) base salary of $650,000, less required withholdings (b) a cash bonus of $5.8 million, (c) the annual amortized value of Mr. Erzan’s 2025 restricted AB Holding Unit award (the “2025 Award”), valued at $1.25 million, (d) an AB Incentive Compensation Award Program (“ICAP”) award of AB Units valued at $3.45 million, generally made in mid-December 2027, and (e) an award of Equitable Holdings equity valued at $2.35 million. Further, following vesting of the 2025 Award on December 1, 2028, based on assessed performance, Mr. Erzan’s 2029 ICAP award, comprised of AB Units, will be adjusted up by $1.25 million to represent the annual amortized value of the 2025 Award. Mr. Erzan will remain eligible for benefits consistent with those he currently receives. In the event of termination of Mr. Erzan’s employment by AB for any reason other than Cause (as defined in the Offer Letter), death or disability or Mr. Erzan’s resignation for Good Reason (as defined in the Offer Letter), Mr. Erzan is
entitled to: (a) severance equal to 1.5 times his annual base salary and annual bonus in effect at the time of termination, (b) monthly payments equal to the cost of COBRA coverage for 18 months (on an after tax basis), (c) any earned but unpaid bonus from the year prior to termination, to be paid when bonus payments are made to other senior executives for such year, and (d) continued vesting of outstanding unvested equity awards pursuant to the terms and conditions of his ICAP and other award agreement(s). As a condition to the severance noted above, Mr. Erzan would be subject to a six-month non-competition provision and a twelve-month non-solicitation provision with respect to customers and employees of AB following the date of termination of Mr. Erzan’s employment.
There is no arrangement or understanding between Mr. Erzan and any other person pursuant to which Mr. Erzan was appointed. There are no family relationships, as defined in Item 401 of Regulation S-K, between Mr. Erzan and any of AB’s executive officers or directors or persons nominated or chosen to become a director or executive officer. There are no transactions in which Mr. Erzan has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Item 7.01. Regulation FD Disclosure.
On September 25, 2026, the Company issued a press release announcing the senior management changes discussed in Item 5.02 above, which is furnished as Exhibit 99.01 to this Current Report on Form 8-K.
The information furnished in this Item 7.01 including Exhibit 99.01 hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such other filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| 99.01 | AB Leadership Changes. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ALLIANCEBERNSTEIN HOLDING L.P. | |||||||||||
| Dated: September 25, 2026 | By: | /s/ Mark Manley | |||||||||
| Mark Manley Corporate Secretary | |||||||||||
 | Ioanis Jorgali, Investors 629-213-6139 Ioanis.Jorgali@alliancerbernstein.com | Carly Symington, Media (US) 615.417.5701 Carly.Symington@alliancerbernstein.com | ||||||
AllianceBernstein appoints Onur Erzan President & Chief Executive Officer
Seth Bernstein to retire as Chief Executive Officer on March 31, 2027
NASHVILLE, TENN., September 25, 2026 – AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein L.P. ("AB"), a leading global investment management firm and a subsidiary of Equitable Holdings, Inc. (NYSE: EQH), today announced that Onur Erzan, President, has been appointed President and Chief Executive Officer of AB, effective April 1, 2027. He will succeed Seth Bernstein, who will be retiring effective March 31, 2027, after nearly a decade leading the firm. Bernstein will continue to serve on AB’s Board of Directors.
“Onur is an exceptional leader with deep experience across asset management and insurance,” said Mark Pearson, Chief Executive Officer of Equitable Holdings and an AB Board member. “Since joining AB, he has helped shape the firm's strategy, expand its capabilities and position the business for continued growth. At the same time, this transition is an opportunity to recognize Seth's extraordinary contributions over the past decade. He has led AB through a period of significant growth and helped strengthen the partnership between Equitable and AB at a defining moment for our company. I thank Seth for his leadership, and I am grateful he will continue to serve on AB's Board.”
During his tenure as CEO, Bernstein has overseen a period of profound transformation for AB. Under his leadership, the firm continued to evolve beyond its traditional active public market asset management roots into a diversified, leading global investment manager, with scaled businesses across public markets, private alternatives, private wealth, insurance asset management and retirement solutions. Additionally, Bernstein oversaw structural improvements in the firm’s profitability by leading AB’s headquarter relocation to Nashville, the creation and buildout of AB India and the transition of Bernstein Research into a joint venture with Societe Generale. Bernstein has also sponsored initiatives to enhance the firm’s culture, expand its global distribution platform and establish new avenues for profitable growth, with AB’s assets under management nearly doubling to more than $919 billion as of August 31, 2026.
“It has been the privilege of a lifetime to lead this remarkable firm,” said Bernstein. “Over the last decade, we have expanded our reach, strengthened our distribution and built durable growth engines that enable us to better serve our clients globally. I’m very pleased Onur will take the reins and lead AB forward, as he has been a key contributor to our strategy and has led much of its execution. He embodies many of the values I feel are distinctive to AB’s success: putting our clients’ interests first, applying a rigorous intellectual process to the decisions we make and demanding excellence in all that we do. I have every confidence in Onur’s leadership and the opportunities ahead for this firm.”
Onur assumed the role of President in January 2026 and oversees AB’s Private Wealth Management, Global Private Alternatives and Global Asset Management Distribution businesses, in addition to the firm’s Strategy and Corporate Development functions. He has served on the Equitable Holdings Management Committee since 2021 and, following the close of the previously announced merger
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between Equitable Holdings and Corebridge Financial, will serve on the company’s leadership team, headed by Chief Executive Officer Marc Costantini.
“I am honored to lead AB at such a pivotal moment in our history,” said Erzan. “For nearly six decades, AB has distinguished itself through investment excellence, intellectual rigor and a collaborative culture relentlessly focused on clients. As the asset and wealth management landscape undergoes rapid change – with clients seeking deeper partnerships, broader capabilities and more integrated solutions – AB is uniquely positioned to deliver the insights, capabilities and partnership they need to achieve differentiated outcomes. I look forward to writing the next chapter of AB’s story alongside our talented and committed colleagues across the globe.”
Since joining AB in 2021, Erzan has shaped and executed the firm’s global asset management distribution strategy, in addition to playing a key role in expanding AB into new business areas, including the launch of the firm’s active ETF offerings, the creation of the firm’s integrated insurance-asset management vertical and the expansion of AB’s private credit and broader retirement income solutions. As the leader of Bernstein Private Wealth Management, Erzan has significantly bolstered the expansion of its ultra-high-net-worth, global family and family office capabilities through tailored offerings. He has been instrumental in strengthening Bernstein’s external partnerships with banking institutions and international custodians, while enhancing wealth management reach and client servicing capabilities.
Prior to joining AB, Erzan spent 20 years with McKinsey & Company, most recently as a Senior Partner and co-leader of its Wealth & Asset Management practice. In that role, he advised leading global asset managers, wealth managers, insurers and retirement-focused financial institutions on M&A, transformation and long-term growth and value creation initiatives. In addition to his professional responsibilities, he is committed to giving back to the community, having served on the boards of Graham Windham and Turkish Philanthropy Funds. He holds a bachelor’s degree in business administration from Middle East Technical University in Ankara, Turkey, and an MBA from Columbia Business School.
About AllianceBernstein AllianceBernstein (AB) is a leading global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients in major world markets. As of August 31, 2026, AB had $919 billion in assets under management. AB is a subsidiary of Equitable Holdings, Inc., (NYSE: EQH), a leading financial services holding company comprised of well-established and complementary businesses. Equitable Holdings, Inc., directly and through various subsidiaries, owns an approximate 68% economic interest in AB as of June 2026. For more information about AB, visit www.alliancebernstein.com.
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