What You Have to Know
- Arnold made statements to staff that violated LPL’s code of conduct, an investigation discovered.
- The agency named Wealthy Steinmeier, its chief progress officer and a managing director, as interim CEO.
- Arnold’s compensation in 2023 was $16.9 million — with near $12 million tied to inventory awards, a lot of which can now be robotically forfeited.
LPL Monetary says it has fired President and CEO Dan H. Arnold for violating LPL insurance policies tied to “a respectful office.” He has additionally resigned from the board.
Wealthy Steinmeier, the broker-dealer’s chief progress officer and a managing director, is now interim CEO.
The board ended Arnold’s employment “for trigger” primarily based on the advice of a particular committee of administrators, following an investigation led by an out of doors legislation agency discovering that he made statements to staff that violated the agency’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 group,” mentioned Chair James Putnam, in an announcement. “Mr. Arnold failed to fulfill these obligations.”
As for Steinmeier’s appointment, Putnam mentioned: “The board has each confidence in Wealthy and LPL’s seasoned administration crew to make sure a clean and secure transition.”
Steinmeier, 50, has been in his present function since Might and served as divisional president, enterprise technique and progress from August 2018 to April 2024. Earlier he labored at UBS Monetary, Merrill Lynch and McKinsey & Co.
See: LPL’s Steinmeier: Who Are You Calling an IBD?
As for Arnold, he turned CEO in early 2017, when Mark Casady retired after practically 15 years within the function. He turned president about two years earlier when Robert Moore abruptly left that publish.
Previous to changing into president, Arnold spent practically three years as LPL’s CFO; he joined the broker-dealer in late 2006 from U-VEST Monetary Providers.