Peter S. Kraus

Peter S. Kraus
Born Peter Steven Kraus
Philadelphia, Pennsylvania, U.S.
Residence 720 Park Avenue, Park Avenue, Lenox Hill, Upper East Side, Manhattan, New York City, U.S.
Alma mater Trinity College
New York University Stern School of Business
Occupation Businessman
Known for Chairman and Chief Executive Officer of AllianceBernstein
Spouse(s) Jill Kraus

Peter S. Kraus is an American businessman, philanthropist and art collector. He serves as the Chairman and Chief Executive Officer of AllianceBernstein (AB), a global asset management firm with about US$400 billion under management listed on the New York Stock Exchange as NYSE: AB. He formerly worked for Goldman Sachs for two decades. He is one of the largest collectors of contemporary art in the world.

Early life

Peter S. Kraus was born in Philadelphia, Pennsylvania.[1] He graduated with a bachelor of arts degree from Trinity College in 1974.[2][3] He received a master in business administration from the New York University Stern School of Business in 1975.[2][3]

Career

Kraus worked at Goldman Sachs for twenty-two years.[2][1] He briefly served as Executive Vice President and Head of Strategy at Merrill Lynch from September to December 2008.[2] He earned US$29.6 million during those three months,[4] including a US$25 million golden parachute.[1][5] He was subpoenaed by Attorney General Andrew Cuomo for his compensation.[1]

Kraus has served as the Chairman and Chief Executive Officer of AllianceBernstein since December 2008,[2][3] replacing Lewis A. Sanders.[6] He earned US$52 million during his first year.[6] Under his leadership, both the New York State and Local Retirement System and The Vanguard Group pulled their investments out of AB.[6] For example, the firm's assets under management went from US$462 billion in December 2008 to US$402 in November 2011.[4] However, The New York Post suggested he had "succeeded in pulling AllianceBernstein away from the brink of disaster and is steering it back on track."[1]

Kraus has served on the AXA Management Committee since April 2010.[7]

Philanthropy

Kraus serves as the Chair of the Board of Overseers of the California Institute of the Arts, a private university in Los Angeles.[8] He is also the co-Chair of the Friends of Carnegie International, an annual exhibition of Northern American art.[2] Additionally, he serves on the Board of Directors of the Lincoln Center for the Performing Arts in New York City.[9]

Personal life

Kraus is married to Jill Kraus,[6] who serves as the Chair of the Public Art Fund.[10] They reside in a five-bedroom apartment at 720 Park Avenue on Park Avenue, in Lenox Hill on the Upper East Side of Manhattan, New York City.[4] Kraus purchased the apartment for US$37 million from Carl Spielvogel.[1] In 2010, Kraus and his wife were listed on the "world’s top 200 art collectors" for their contemporary art collection.[6] Art follows him in the office, where a sculpture by Manfred Pernice and Su-Mei Tse's video Les Balayeurs du désert are on display.[1]

References

  1. 1 2 3 4 5 6 7 Shari, Michael (May 30, 2010). "Goldman alum Peter Kraus’ defiant, decadent return". The New York Post. Retrieved October 11, 2015.
  2. 1 2 3 4 5 6 "Peter Steven Kraus". Bloomberg Business. Retrieved October 11, 2015.
  3. 1 2 3 "PETER S. KRAUS: Chairman of the Board and Chief Executive Officer—AB". AllianceBernstein. Retrieved October 11, 2015.
  4. 1 2 3 Touryalai, Halah (November 2, 2011). "Fundamental Flaw: Why Can't Former Goldman Star Peter Kraus Stop The Asset Bleeding At AllianceBernstein?". Forbes. Retrieved October 11, 2015.
  5. ↑ Moore, Heidi N. (December 22, 2008). "Merrill Lynch’s Peter Kraus Collects $25 Million, Then Resigns". The Wall Street Journal. Retrieved October 11, 2015.
  6. 1 2 3 4 5 Stein, Charles (April 4, 2011). "Kraus as CEO Fails to Stop AllianceBernstein’s Fund Redemptions". Bloomberg Business. Retrieved October 10, 2015.
  7. ↑ "Peter Kraus". AXA. Retrieved October 12, 2012.
  8. ↑ "Board of Overseers". California Institute of the Arts. Retrieved October 11, 2015.
  9. ↑ "Board of Directors". Lincoln Center for the Performing Arts. Retrieved October 11, 2015.
  10. ↑ Russeth, Andrew (November 19, 2011). "Public Art Fund Names Jill Kraus Chair, Adds Board Members". The New York Observer. Retrieved October 11, 2015.
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