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October 01, 2024 at 05:15 PM
What You Need to Know
- Arnold made statements to employees that violated LPL’s code of conduct, an investigation found.
- The firm named Rich Steinmeier, its chief growth officer and a managing director, as interim CEO.
- Arnold's compensation in 2023 was $16.9 million — with close to $12 million tied to stock awards, much of which will now be automatically forfeited.
LPL Financial says it has fired President and CEO Dan H. Arnold for violating LPL policies tied to “a respectful workplace.” He has also resigned from the board.
Rich Steinmeier, the broker-dealer’s chief growth officer and a managing director, is now interim CEO.
The board ended Arnold’s employment “for cause” based on the recommendation of a special committee of directors, following an investigation led by an outside law firm finding that he made statements to employees that violated the firm’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,” said Chair James Putnam, in a statement. “Mr. Arnold failed to meet these obligations.”
As for Steinmeier’s appointment, Putnam said: “The board has every confidence in Rich and LPL’s seasoned management team to ensure a smooth and stable transition.”
Steinmeier, 50, has been in his current role since May and served as divisional president, business strategy and growth from August 2018 to April 2024. Earlier he worked at UBS Financial, Merrill Lynch and McKinsey & Co.
See: LPL’s Steinmeier: Who Are You Calling an IBD?
As for Arnold, he became CEO in early 2017, when Mark Casady retired after nearly 15 years in the role. He became president about two years earlier when Robert Moore abruptly left that post.
Prior to becoming president, Arnold spent nearly three years as LPL’s CFO; he joined the broker-dealer in late 2006 from U-VEST Financial Services.
