The Board of Directors appoints Chief Growth Officer Rich Steinmeier as interim CEO

SAN DIEGO, October 1, 2024–(BUSINESS WIRE)–LPL Financial Holdings Inc. (Nasdaq: LPLA) today announced that its Board of Directors has terminated the Company’s President and Chief Executive Officer, Dan H. Arnold, effective immediately for breach of commitment LPL has violated the principle of respectful treatment in the workplace. He also resigned from the board.

The Board of Directors has also appointed Rich Steinmeier, currently the company’s Managing Director and Chief Growth Officer, as interim CEO, effective immediately.

The Board fired Mr. Arnold for cause on the recommendation of a special committee of directors following an investigation by an outside law firm that found he had made statements to employees that violated LPL’s Code of Conduct.

“LPL’s Code of Conduct requires every employee, regardless of position, to promote a supportive and professional workplace and to show respect for each other, our stakeholders and the broader community,” said James Putnam, Chairman of the Board. “Mr Arnold has not fulfilled these obligations.”

“The Board has full confidence in Rich and LPL’s experienced management team to ensure a smooth and stable transition. As one of the largest and fastest-growing wealth management firms in the industry, LPL’s sole focus remains on ensuring its clients have everything they need to continue supporting their clients.” The company’s success has been tremendous, and its business model and its financial strength enables it to continue to create long-term value for customers, employees and shareholders.

Mr. Steinmeier, 50, has been Managing Director and Chief Growth Officer of LPL Financial since May 2024 and served as Divisional President, Business Strategy and Growth from August 2018 to April 2024. As Chief Growth Officer, he led teams responsible for shaping the company and business unit strategy, recruiting new financial advisors and institutions, leading the field management of LPL’s employee advisors, creating and delivering capital solutions to LPL clients, and leading the marketing and communications functions.

Prior to LPL, Mr. Steinmeier held senior management positions at UBS Financial and Merrill Lynch and worked as a consultant for McKinsey & Company. Mr. Steinmeier earned a BS in Economics from the Wharton School of the University of Pennsylvania and an MBA from Stanford University.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that the company should work for advisors and institutions, not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and approximately 580 registered investment advisory firms nationwide. We stand firm in our commitment to the advisor-mediated model and believe Americans deserve access to personalized advice from a financial professional. At LPL, independence means that advisors and institutional leaders have the freedom they deserve to choose the business model, services and technology resources that enable them to run a thriving business. You have the flexibility to do business her Away. And they have the freedom to manage their customer relationships because they know their customers best. Simply put: We take care of our advisors and institutions so they can take care of their clients.

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Securities and advisory services are offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliates provide financial services exclusively from the United States.

In this communication, the terms “financial advisor” and “advisor” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We regularly disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

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Jen Roche
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