LPL Financial CEO Dan Arnold terminated for cause; Rich Steinmeier named interim CEO

LPL Financial Holdings Inc.

Board terminated Dan Arnold for cause effective Oct 1 after outside counsel investigation found code-of-conduct violations regarding statements to employees.
Arnold receives no severance; his equity awards are forfeited except some vested options deferred pending a settlement agreement.
Arnold resigned from the board; Rich Steinmeier, Chief Growth Officer, appointed Interim CEO immediately.
Steinmeier previously held senior roles at UBS and Merrill Lynch; compensation unchanged from prior disclosure.

item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Dan H. Arnold

Director

LPLA · LPL Financial Holdings Inc.

Effective: 2024-10-01
Filed: October 1, 2024, 7:59 PM ET

Additionally, on October 1, 2024, the Board accepted Mr. Arnold’s resignation from the Board.

Departed (interim)

Dan H. Arnold

President and Chief Executive Officer

LPLA · LPL Financial Holdings Inc.

Effective: 2024-10-01
Successor: Rich Steinmeier
Filed: October 1, 2024, 7:59 PM ET

On October 1, 2024, the Board of Directors (the “Board”) of LPL Financial Holdings Inc. (the “Company”) terminated Dan H. Arnold, President and Chief Executive Officer of the Company, in the course of an investigation conducted by outside counsel that determined that Mr. Arnold made statements to employees that violated the Company’s Code of Conduct.

Role change (interim)

Rich Steinmeier

Interim Chief Executive Officer

LPLA · LPL Financial Holdings Inc.

Effective: 2024-10-01
Filed: October 1, 2024, 7:59 PM ET

The Company also announced that Rich Steinmeier, currently the Managing Director, Chief Growth Officer of LPL Financial LLC, a subsidiary of the Company (“LPL Financial”), has been appointed as the Company’s Interim Chief Executive Officer, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Dan H. Arnold resigned as Director at LPL Financial Holdings Inc..

Action: resigned
Role: Director

Exact text from the filing

Additionally, on October 1, 2024, the Board accepted Mr. Arnold’s resignation from the Board.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Dan H. Arnold was terminated as President and Chief Executive Officer at LPL Financial Holdings Inc..

Action: terminated
Role: President and Chief Executive Officer

Exact text from the filing

On October 1, 2024, the Board of Directors (the “Board”) of LPL Financial Holdings Inc. (the “Company”) terminated Dan H. Arnold, President and Chief Executive Officer of the Company, in the course of an investigation conducted by outside counsel that determined that Mr. Arnold made statements to employees that violated the Company’s Code of Conduct.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Rich Steinmeier was appointed as Interim Chief Executive Officer at LPL Financial Holdings Inc..

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

The Company also announced that Rich Steinmeier, currently the Managing Director, Chief Growth Officer of LPL Financial LLC, a subsidiary of the Company (“LPL Financial”), has been appointed as the Company’s Interim Chief Executive Officer, effective immediately.

View on SEC.gov

LPL Financial Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-230215

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