LPL Fires CEO Dan Arnold for Misconduct

LPL Financial says it has fired President and CEO Dan H. Arnold for violating LPL policies tied to “a respectful workplace.” He has also resigned from the board.

Rich Steinmeier, the broker-dealer’s chief growth officer and a managing director, is now interim CEO.

The board ended Arnold’s employment “for cause” based on the recommendation of a special committee of directors, following an investigation led by an outside law firm finding that he made statements to employees that violated the firm’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 Chair James Putnam, in a statement. “Mr. Arnold failed to meet these obligations.”

As for Steinmeier’s appointment, Putnam explained: “The board has every confidence in Rich and LPL’s seasoned management team to ensure a smooth and stable transition.”