LPL Financial Holdings Inc. Announces Removal of President and CEO Dan H. Arnold | Finance

Board of Directors Names Chief Growth Officer Rich Steinmeier as Interim CEO

SAN DIEGO, October 01, 2024–(BUSINESS WIRE)–LPL Financial Holdings Inc. (Nasdaq: LPLA) at this time introduced that the Board of Directors has terminated the corporate’s President and Chief Executive Officer, Dan H. Arnold, efficient instantly, for violating LPL’s dedication to a respectful office. He has additionally resigned from the Board.

The Board has appointed Rich Steinmeier, at present the corporate’s Managing Director, Chief Growth Officer, as Interim CEO, additionally efficient instantly.

The Board terminated Mr. Arnold for trigger on the advice of a particular committee of Directors within the course of an investigation by an outdoor legislation agency, which discovered he made statements to staff that violated LPL’s Code of Conduct.

“LPL’s Code of Conduct requires every employee, no matter their title, to foster a supportive and professional workplace and show respect to each other, our stakeholders and the broader community,” mentioned James Putnam, Chair of the Board of Directors. “Mr. Arnold failed to meet these obligations.”

“The Board has every confidence in Rich and LPL’s seasoned management team to ensure a smooth and stable transition. As one of the industry’s largest and fastest growing wealth management firms, LPL’s sole focus remains on ensuring its clients have everything they need to support their continued success. The company has significant momentum in the marketplace and its business model and financial strength position it well to continue creating long-term value for clients, employees and shareholders.”

Mr. Steinmeier, 50, has been LPL Financial’s Managing Director, Chief Growth Officer since May 2024 and served as Divisional President, Business Strategy and Growth from August 2018 to April 2024. As Chief Growth Officer, he has led groups chargeable for shaping company and enterprise line technique, recruiting new monetary advisors and establishments, main the sphere administration of LPL worker advisors, creating and deploying capital options to LPL purchasers, and main the advertising and marketing and communications capabilities.

Prior to LPL, Mr. Steinmeier held senior management roles at UBS Financial and Merrill Lynch in addition to working as a marketing consultant for McKinsey & Company. Mr. Steinmeier earned a B.S. in economics from the Wharton School on the University of Pennsylvania and an M.B.A. from Stanford University.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) was based on the precept that the agency ought to work for advisors and establishments, and not the opposite approach round. Today, LPL is a pacesetter within the markets we serve, serving greater than 23,000 monetary advisors, together with advisors at roughly 1,000 establishments and at roughly 580 registered funding advisor companies nationwide. We are steadfast in our dedication to the advisor-mediated mannequin and the idea that Americans deserve entry to personalised steerage from a monetary skilled. At LPL, independence signifies that advisors and establishment leaders have the liberty they deserve to decide on the enterprise mannequin, providers and expertise assets that enable them to run a thriving enterprise. They have the pliability to do enterprise their approach. And they've the liberty to handle their consumer relationships, as a result of they know their purchasers greatest. Simply put, we take care of our advisors and establishments, to allow them to take care of their purchasers.

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Securities and Advisory providers provided by way of LPL Financial LLC (“LPL Financial”), a registered funding advisor. Member FINRA/SIPC. LPL Financial and its affiliated firms present monetary providers solely from the United States.

Throughout this communication, the phrases “financial advisors” and “advisors” are used to check with registered representatives and/or funding advisor representatives affiliated with LPL Financial.

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Contacts

Media
Jen Roche
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