LPL Financial Holdings Inc., one of the largest brokerage firms in the country, said on Tuesday after the market closed its board had “terminated” its CEO, Dan Arnold and replaced him with LPL and industry veteran Rich Steinmeier, currently the company’s managing director, chief growth officer.
Steinmeier will be interim CEO, effective immediately.
According to a statement by the company, Arnold was “terminated” for violating LPL’s commitment to a respectful workplace. He has also resigned from the board.
The LPL board terminated Arnold, who had been CEO since 2017, for cause on the recommendation of a special committee of directors in the course of an investigation by an outside law firm, which found he made statements to employees that violated LPL’s code of conduct.
“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,” said James Putnam, chair of the board of directors, in the statement. “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,” Putnam said. “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.”
Arnold was a popular and well-liked CEO by many of LPL’s top financial advisors; he appealed to the firm’s biggest financial advisors by his attention to detail, planning and focus on strategy.
A veteran of the wirehouses, Steinmeier has been responsible for LPL’s strategy to expand into the employee advisor channel and has also overseen many of the firm’s mergers in his six years at the firm.
Steinmeier, 50, has long been regarded as an up and comer in the securities industry. He 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.
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