What You Must 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 mechanically 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” based mostly on the advice of a particular committee of administrators, following an investigation led by an outdoor 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,” stated Chair James Putnam, in an announcement. “Mr. Arnold failed to fulfill these obligations.”
As for Steinmeier’s appointment, Putnam stated: “The board has each confidence in Wealthy and LPL’s seasoned administration group to make sure a easy and steady transition.”
Steinmeier, 50, has been in his present function since Could 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 grew to become CEO in early 2017, when Mark Casady retired after almost 15 years within the function. He grew to become president about two years earlier when Robert Moore abruptly left that submit.
Previous to changing into president, Arnold spent almost three years as LPL’s CFO; he joined the broker-dealer in late 2006 from U-VEST Monetary Providers.
