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New York, NY - The Boards of both The Equitable Companies
Incorporated (NYSE:EQ) and its principal life insurance subsidiary, The
Equitable Life Assurance Society of the U.S., today approved a number of
senior management changes and the election of several new directors.
AT THE EQUITABLE COMPANIES:
- Claude Bébéar
will retire as Chairman of the Board of The Equitable Companies, effective April 1, 1998.
Mr. Bébéar, who is Chairman of the Executive Board of AXA, EquitableÌs majority
shareholder, remains a Director of The Equitable Companies.
- Succeeding Mr. Bébéar as Chairman of the Board of The Equitable Companies,
effective April 1, 1998, will be AXA Senior Executive Vice President Henri de Castries,
who is Vice Chairman and a Director of The Equitable Companies.
- Michael Hegarty, Chief Operating Officer of The Equitable Companies, today was
elected a Director of The Equitable Companies and will assume the additional title
of Vice Chairman, effective April 1, 1998. Mr. Hegarty is also President, Chief Operating Officer
and a Director of Equitable Life.
AT EQUITABLE LIFE (effective February 19, 1998):
- Stanley B. Tulin was promoted from Senior Executive Vice President to Vice Chairman
of Equitable Life and was elected a Director of Equitable Life. He remains Executive Vice
President of The Equitable Companies and Chief Financial Officer of both The Equitable Companies
and Equitable Life.
- José S. Suquet was promoted from Executive Vice President
to Senior Executive Vice President of Equitable Life. He remains Executive Vice President
of The Equitable Companies. As Chief Distribution Officer, Mr. Suquet heads the company's Integrated
Distribution Group which has responsibility for all Equitable Life sales and distribution activities.
- Leon B. Billis was promoted from Senior Vice President to Executive Vice President
of Equitable Life. He is Chief Information Officer of Equitable Life, with responsibility for the
company's Technology Management and Administration.
- Denis Duverne, Senior Vice President of AXA, was elected a Director of Equitable Life.
Earlier this year, Edward D. Miller, President and Chief Executive
Officer of The Equitable Companies and Chief Executive Officer of Equitable
Life, succeeded Joseph J. Melone as Chairman of Equitable Life.
Mr. Melone remains as Chairman of the Executive Committee of both The Equitable
Companies and Equitable Life until his retirement on April 1, 1998.
The Equitable Companies Incorporated is one of the worldÌs premier
insurance and investment management organizations through its primary businesses:
The Equitable Life Assurance Society; Alliance Capital Management; and
Donaldson, Lufkin & Jenrette. The Equitable is a member of the
global AXA Group, one of the worldÌs largest and most diversified financial
services companies, with assets under management of approximately $500
billion.
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