LPL's Mark Casady: Five more years

LPL Investment Holdings Inc. last week said that it has sealed the deal with the executive who has overseen the company's growth and its march to an IPO.
JUN 20, 2010
LPL Investment Holdings Inc. last week said that it has sealed the deal with the executive who has overseen the company's growth and its march to an IPO. LPL and its chairman and chief executive, Mark Casady, 49, reached an agreement to extend Mr. Casady's contract for five years, effective upon the close of the company's proposed initial public offering. On June 4, LPL filed its registration for an IPO with the Securities and Exchange Commission. There is no set date for LPL's IPO, which could raise as much as $600 million. Mr. Casady's total compensation package last year, including salary, bonus and stock options, totaled $3.7 million. LPL said that his pay package under the contract extension will be consistent with past practices. Todd Robinson, LPL's founder and former chief executive, groomed Mr. Casady to replace him when the latter was hired in 2002 as chief operating officer. Mr. Casady became president of LPL in 2003. After Mr. Robinson sold the firm to two private-equity firms in 2005, Mr. Casady became chief executive and chairman. According to LPL's IPO registration, Mr. Casady is the largest single executive shareholder of LPL's common stock, with 3.9 million shares, or 4.1% of the firm's total. At the end of March, LPL's compensation committee gave those shares a fair value of $27.81, meaning that Mr. Casady is worth $108.5 million on paper. The two private-equity funds, Hellman & Friedman LLC and TPG Partners IV LP, each own 36.3% of LPL's stock and are the two largest shareholders. E-mail Bruce Kelly at [email protected].

Latest News

Investing for accountability: How to frame a values-driven conversation with clients
Investing for accountability: How to frame a values-driven conversation with clients

By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.

Advisor moves: Raymond James ends week with $1B Commonwealth recruitment streak
Advisor moves: Raymond James ends week with $1B Commonwealth recruitment streak

JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.

Cook Lawyer says fraud claims are Trump’s ‘weapon of choice’
Cook Lawyer says fraud claims are Trump’s ‘weapon of choice’

Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.

SEC orders Vanguard, Empower to pay more than $25M over failures linked to advisor compensation
SEC orders Vanguard, Empower to pay more than $25M over failures linked to advisor compensation

The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.

RIA moves: Wells Fargo pair joins &Partners in Virginia
RIA moves: Wells Fargo pair joins &Partners in Virginia

Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.