Equitable assets Inc.
and its AllianceBernstein Holding AB 0.57%
LP said Ramon de Oliveira had resigned as independent chairman of both companies after engaging “in communications inconsistent with” their standards.
Equitable and AllianceBernstein said in documents filed with securities regulators on Friday that they had replaced Mr de Oliveira with Joan Lamm-Tennant, a director of Equitable since January 2020.
In a press release, Equitable said the departure was “unrelated to the operations, financial integrity or controls of the company.” A spokeswoman for AllianceBernstein, an asset manager, referred questions to Equitable about Mr Oliveira’s departure. A spokesperson for Equitable said the company would not give details on the nature of the communications. Mr. de Oliveira could not be reached for comment.
AXA in France HER
created Equitable Holdings, with its majority stake in AllianceBernstein, in 2018. Equitable continues to own the majority of the asset manager. In 2019, Mr. de Oliveira was appointed independent chairman of both companies.
Mr de Oliveira’s departure comes less than five years after AXA ousted AllianceBernstein CEO Peter Kraus and nine of the asset manager’s board members. The French company has chosen former JPMorgan Chase & Co. executive Seth Bernstein to replace Mr. Kraus. Mr de Oliveira, Mr Bernstein’s former colleague at JPMorgan, joined the board of directors of AllianceBernstein in 2017.
Ms. Lamm is an advisor to numerous private equity and venture capital firms focused on insurance technology startups. She is a former executive with insurance brokerage and consulting firm Marsh McLennan, where she led enterprise risk management and was chief economist.
Equity stocks edged down in morning trading. AllianceBernstein was up about 2%.
Thomas Gallagher, stock analyst at Evercore ISI, said Equitable’s statement reassures us that the resignation was not due to negative financial impacts for the company.
Mr. Gallagher said Ms. Lamm-Tennant’s experience in risk management and her role in shaping Equitable’s environmental, social and governance strategy is important “in today’s economic and social climates”.
The Board of Directors will lose “valuable investment and capital market experience with the departure of Mr. de Oliveira, although a strong management team and significant risk management expertise on the Board give us confidence in Equitable’s current trajectory, âGallagher wrote in a research note to clients. .
Beginning in 1977, Mr. de Oliveira spent 24 years with JP Morgan & Co., working his way up the ranks. He became head of global equities in 1991 and then headed the bank’s equity underwriting operations. He left the newly merged JPMorgan Chase in 2001 as head of its investment management and private banking group. He then served as Managing Director of the New York-based Investment Audit Practice LLC consulting firm.
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