LPL Financial Holdings Inc., one of the country’s largest independent broker-dealers, fired CEO Dan Arnold on Tuesday for violating the company’s “commitment to a respectful workplace.”

Rich Steinmeier, currently the company’s managing director and chief growth officer, has been named interim CEO by the company’s board of directors.

The board fired Arnold on the recommendation of a special committee investigating allegations made by an outside law firm. That committee found reason to believe that Arnold made statements to employees that violated LPL’s code of conduct, the announcement said.

Dan Arnold

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

LPL declined to comment beyond the announcement.

Arnold had been CEO and president since January 2017, after serving as president since March 2015. Previously, he was LPL’s chief financial officer and has been with the company since 2007.

Interim CEO Steinmeier and the rest of the management team will now be tasked with answering questions about the termination, continuing current business and beginning planning for a new CEO.

“The company has significant market momentum and is well-positioned based on its business model and financial strength to continue to create long-term value for customers, employees and shareholders,” Palmer said.

Rich Steinmeier

Steinmeier, 50, has been in his current position since May 2024. Previously, he served as Head of Business Strategy and Growth since April 2018. As Chief Growth Officer, he led corporate and business line strategy and recruited new financial advisors and institutions, led field management of LPL’s employee advisors, created and implemented capital solutions for LPL clients, and led the marketing and communications functions.

The CEO news comes after LPL on Tuesday also announced the closing of a previously announced deal to acquire Atria Wealth Management Solutions Inc., a $100 billion brokerage and advisory firm.

LPL serves more than 23,000 financial advisors, including advisors from approximately 1,000 institutions and 580 registered investment advisory firms.