LPL Financial said Monday it hired Matthew J. Audette as chief financial officer to replace Dan H. Arnold, who recently was promoted to president of the country's largest independent broker dealer.
The hire of the E*TRADE Financial Corp. CFO to serve in the same role at LPL comes nearly three months after
the surprise departure of former president Robert Moore.
Mr. Audette, 41, replaces Mr. Arnold, 50, who had been CFO until he was asked to take the No. 2 slot that had been filled by Mr. Moore.
(More: LPL Financial's Dan Arnold is managing amid complexity)
Mr. Moore, once thought to be the heir to chief executive Mark S. Casady, moved to Legal & General Investment Management America, an institutional money manager, where he serves as CEO.
Accountant Thomas D. Lux had been serving as acting CFO. In a statement, the firm said he was retiring after the transition.
TURNAROUND ARTIST
In its statement, LPL framed Mr. Audette's career as one of a turnaround artist.
“In recent years, he helped orchestrate the firm's recovery — leading the company in its efforts to execute on a financial and capital plan,” LPL said. “His track record has garnered the commitment of shareholders, the respect of the industry, and praise from his peers and the media alike.”
LPL Financial Holdings, parent company to broker-dealer LPL Financial, had discouraging financial results in 2014 due to
a sharp increase in regulatory expenses. The company paid $36.3 million last year in regulatory charges, including fines and restitutions.
(More: Recent fine may hasten LPL Financial's shift to fee compensation)
The firm missed analysts estimates during two of four quarters last year, according to Thomson ONE Analytics, a data service.
Mr. Audette started his career in the financial services practice at KPMG, the accounting giant. He joined the brokerage firm E*TRADE in 2000 after its acquisition of Telebank, an online bank where he worked, LPL said.
Mr. Audette will be based out of LPL's San Diego office starting Sept. 28.
