LPL Confirms Steinmeier as New CEO, Adds President to CFO’s Remit

LPL Financial announced two promotions on its executive team as it officially named Rich Steinmeier as its new CEO, effective immediately, per an October 21 press release.

LPL confirmed that Steinmeier has been appointed by its board of directors as CEO, after he briefly served as interim CEO following the abrupt departure of former President and CEO Dan Arnold on October 2. The firm also said CFO Matt Audette has taken on the additional title of president, which he will hold in addition to his responsibilities heading business operations.

The moves follow Arnold’s termination “for violating [the company’s] commitment to a respectful workplace,” as reported by Dakota on October 2. Steinmeier had been serving as managing director and chief growth officer for the firm before being tapped to replace Arnold as acting CEO. LPL said Steinmeier has also been elected to its board following Arnold’s departure.

View the press release here.