LPL Financial board terminates CEO Dan Arnold for workplace violations

LPL Financial Holdings Inc. announced that the Board of Directors has terminated the company’s President and Chief Executive Officer, Dan H. Arnold, effective immediately, for violating LPL’s commitment to a respectful workplace. He has also resigned from the Board. The Board has appointed Rich Steinmeier, currently the company’s Managing Director, Chief Growth Officer, as Interim CEO, also effective immediately. The Board terminated Mr. Arnold 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. “Mr. Arnold failed to meet these obligations.”