{"id":22548,"date":"2024-10-01T22:15:43","date_gmt":"2024-10-01T22:15:43","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/10\/01\/lpl-fires-ceo-dan-arnold-for-misconduct\/"},"modified":"2024-10-01T22:15:43","modified_gmt":"2024-10-01T22:15:43","slug":"lpl-fires-ceo-dan-arnold-for-misconduct","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/10\/01\/lpl-fires-ceo-dan-arnold-for-misconduct\/","title":{"rendered":"LPL Fires CEO Dan Arnold for Misconduct"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/905527085\/0\/thinkadvisor.jpg\"><img decoding=\"async\" src=\"https:\/\/feeds.feedblitz.com\/-\/905527085\/0\/thinkadvisor.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2021\/07\/Arnold_Dan_LPL_2016_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<div class=\"the-advisor bullet-summary\">\n<h3>What You Need to Know<\/h3>\n<ul>\n<li>Arnold made statements to employees that violated LPL\u2019s code of conduct, an investigation found.<\/li>\n<li>The firm named Rich Steinmeier, its chief growth officer and a managing director, as interim CEO.<\/li>\n<li>Arnold&#8217;s compensation in 2023 was $16.9 million \u2014 with close to $12 million tied to stock awards, much of which will now be automatically forfeited. <\/li>\n<\/ul>\n<\/div>\n<p id=\"first-para\"><span>LPL Financial says it has fired President and CEO Dan H. Arnold for violating LPL policies tied to \u201ca respectful workplace.\u201d He has also resigned from the board.<\/span><\/p>\n<p><span>Rich Steinmeier, the broker-dealer\u2019s chief growth officer and a managing director, is now interim CEO.<\/span><\/p>\n<p><span>The board ended Arnold\u2019s employment \u201cfor cause\u201d based on the recommendation of a special committee of directors,&nbsp;following an investigation led by an outside law firm&nbsp;finding that he made statements to employees that violated the firm\u2019s code of conduct.<\/span><\/p>\n<p><span>\u201cLPL\u2019s 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,\u201d said Chair James Putnam, in a statement. \u201cMr. Arnold failed to meet these obligations.\u201d<\/span><\/p>\n<p><span>As for Steinmeier\u2019s appointment, Putnam said: \u201cThe board has every confidence in Rich and LPL\u2019s seasoned management team to ensure a smooth and stable transition.\u201d<\/span><\/p>\n<p><span>Steinmeier, 50, has been in his current role since May and served as divisional president, business strategy and growth from August 2018 to April 2024. Earlier he worked at UBS Financial, Merrill Lynch and McKinsey &amp; Co.<\/span><\/p>\n<p><em><strong>See:&nbsp;<a href=\"https:\/\/www.thinkadvisor.com\/2024\/01\/09\/a-much-broader-lpl-builds-on-its-ibd-base-rich-steinmeier\/\" target=\"_blank\" rel=\"noopener\">LPL\u2019s Steinmeier: Who Are You Calling an IBD?<\/a><\/strong><\/em><\/p>\n<p><span>As for Arnold, he became CEO&nbsp;in early 2017, when <a href=\"https:\/\/www.thinkadvisor.com\/2016\/12\/05\/casady-leaving-lpl-at-challenging-time-recruiters-say\/\" target=\"_blank\" rel=\"noopener\">Mark Casady retired<\/a> after nearly 15 years in the role.&nbsp;He became president about two years earlier when&nbsp;<a href=\"https:\/\/www.thinkadvisor.com\/2015\/03\/03\/moore-to-leave-lpl-arnold-replacing-him-as-president\/\" target=\"_blank\" rel=\"noopener\">Robert Moore<\/a><\/span><span>&nbsp;abruptly left that post.<\/span><\/p>\n<p><span>Prior to becoming president, Arnold spent nearly three years as LPL\u2019s CFO; he joined the broker-dealer in late 2006 from U-VEST Financial Services.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What You Need to Know Arnold made statements to employees that violated LPL\u2019s code of conduct, an investigation found. The firm named Rich Steinmeier, its chief growth officer and a managing director, as interim&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":22549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/10\/lpl-fires-ceo-dan-arnold-for-misconduct.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22548"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22548"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22549"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}