Investment management firm AllianceBernstein Holding has said that its CFO John Howard has informed the company that he will leave the company.
Howard will remain with AllianceBernstein until 15 February 2011, in order to oversee the release of fourth quarter 2010 earnings and assist with the transition.
The company has engaged a firm to conduct an internal and external search for a successor. Edward Farrell, AllianceBernstein’s corporate controller, will also serve as interim CFO.
AllianceBernstein chairman and CEO Peter Kraus said AllianceBernstein understand and respect the decision that John has made and wish him the best.
"He has worked tirelessly and with sharp focus during his tenure at AllianceBernstein. He significantly strengthened our finance processes and enhanced our internal and external reporting.
"Ed has very strong finance skills and experience and I am confident that under his leadership, the Finance function will continue to run smoothly," Kraus added.
Farrell, joined AllianceBernstein in 2003 as a senior vice president and corporate controller. He also serves as the CFO for Sanford Bernstein & Co.
From 1994 to 2003, he worked at Nomura Securities International, where he was a managing director and held various senior finance positions including CFO. Prior to joining Nomura, he spent 10 years in various finance positions at Salomon Brothers.