LPL Financial announced that the Board of Directors has terminated the company’s President and Chief Executive Officer, Dan H. Arnold, effective immediately for violating LPL’s commitment to a respectful workplace. He has also resigned from the Board. The Board appointed Rich Steinmeier, currently the company’s Managing Director, Chief Growth Officer, as Interim CEO, also effective immediately.
The Board terminated Arnold for cause on the recommendation of a special committee of Directors following an investigation by an outside law firm, which found that he made statements to employees that violated LPL’s Code of Conduct.
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. And as Chief Growth Officer, he has led teams responsible for shaping corporate and business line strategy, recruiting new financial advisors and institutions, leading the field management of LPL employee advisors, creating and deploying capital solutions to LPL clients, and leading the marketing and communications functions.
Before LPL, Steinmeier held senior leadership roles at UBS Financial and Merrill Lynch as well as working as a consultant for McKinsey & Company. Mr. Steinmeier earned a B.S. in economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Stanford University.
KEY QUOTES:
“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. 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.”
-James Putnam, Chair of the Board of Directors
