LPL Financial Announces Termination of President and CEO Dan H. Arnold

LPL Financial has announced the immediate termination of Dan H. Arnold, the company’s President and Chief Executive Officer, for violating its commitment to maintaining a respectful workplace. He has also stepped down from the Board of Directors.

In light of this development, the Board has appointed Rich Steinmeier, currently a Managing Director and Chief Growth Officer, as Interim CEO, also effective immediately.

Arnold’s termination came as a result of a recommendation from a special committee of Directors following an investigation by an external law firm. This investigation revealed that he made statements to employees that were inconsistent with LPL’s Code of Conduct.

James Putnam, Chair of the Board, emphasized the importance of the Code of Conduct, stating, “It requires every employee, regardless of their title, to foster a supportive and professional workplace and to show respect to each other, our stakeholders, and the broader community. Mr. Arnold failed to meet these obligations.”

The Board expressed full confidence in Rich Steinmeier and LPL’s experienced management team to oversee a smooth transition. They reaffirmed that, as one of the largest and fastest-growing firms in wealth management, LPL will continue to focus on providing clients with the necessary resources for their ongoing success. The company is well-positioned to create long-term value due to its strong business model and financial health.

Rich Steinmeier, who is 50 years old, has served as Managing Director and Chief Growth Officer since May 2024, and previously held the position of Divisional President for Business Strategy and Growth from August 2018 to April 2024. In his role as Chief Growth Officer, he has led efforts in corporate strategy development, recruitment of financial advisors, management of employee advisors, capital solutions for clients, and marketing and communications initiatives.

Before joining LPL, Steinmeier held prominent leadership roles at UBS Financial and Merrill Lynch, and worked as a consultant for McKinsey & Company. He holds a B.S. in economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Stanford University.