LPL's board of directors voted Thursday to appoint Rich Steinmeier as the company's permanent chief executive officer, following his selection as the interim CEO early this month.
The board additionally selected Matthew Audette as its next president and chief financial officer — a role in which he will work closely with Steinmeier to lead the nation's largest independent broker-dealer.
The board elevated Steinmeier to the interim CEO role upon the for-cause firing of Dan Arnold on Oct. 1, a development that caught some industry watchers off guard given LPL's impressive growth trajectory under Arnold's leadership.
As ThinkAdvisor previously reported, LPL terminated Arnold on the recommendation of a special committee of directors in the course of an investigation by an outside law firm, which found he made statements to employees that violated LPL's Code of Conduct. He had served in the role since 2017.
Details of Steinmeier's appointment as CEO are contained in a Form 8-K filed Monday on the Securities and Exchange Commission's website. The filing shows he has also been named as a member of the board of directors, filling the vacancy created by Arnold's departure.
