LPL Monetary, the impartial dealer/seller with greater than 23,000 advisors, mentioned its board of administrators has terminated President and CEO Dan Arnold for violating the corporate’s respectful office insurance policies. He is additionally resigned from the board. Wealthy Steinmeier, managing director and chief development officer, will function interim CEO, efficient instantly.
In a press release, LPL mentioned Arnold was fired for trigger after an investigation by an outdoor legislation agency discovered “he made statements to staff that violated LPL’s Code of Conduct.”
“LPL’s Code of Conduct requires each worker, irrespective of their title, to foster a supportive {and professional} office and present respect to one another, our stakeholders and the broader neighborhood,” mentioned James Putnam, chair of the board of administrators. “Mr. Arnold failed to satisfy these obligations.”
An SEC submitting says Arnold will not be entitled to obtain severance advantages and that his excellent fairness awards, whether or not they’re vested or not, are topic to computerized forfeiture. The corporate’s inventory value was down practically 5% in after-hours buying and selling.
Arnold joined LPL in 2007 after spending 12 years main UVEST, a dealer/seller that was acquired by LPL, as a divisional president of LPL’s establishment companies enterprise. He was named CEO of the corporate in 2016, when then-Chairman and CEO Mark Casady introduced his retirement. Below his tenure, LPL’s whole return to shareholders was 537%.
He led LPL by way of a number of adjustments, together with the acquisitions of Nationwide Planning Holdings, Crown Capital Securities, Boenning & Scattergood, to call a number of. LPL additionally introduced Tuesday that it closed on its acquisition of Atria Wealth Options. The agency expects to retain 80% of Atria advisors, with the onboarding to be full in mid-2025.
Wealthy Steinmeier joined LPL in 2018 as managing director and head of enterprise growth. He was beforehand a managing director and chief digital officer at UBS Wealth Administration USA. Steinmeier, 50, was promoted to chief development officer in Might 2024.
Arnold didn’t instantly reply to a request for remark.
