LPL Dismisses CEO Arnold, Taps Growth Officer Steinmeier

The board of LPL Financial said it has terminated President and CEO Dan Arnold, effective immediately, “for violating [the company’s] commitment to a respectful workplace,” replacing him with Rich Steinmeier as interim CEO.

In an October 1 news release, the company said its board terminated Arnold for cause on the recommendation of a special committee of the board related to an investigation run by outside counsel, which found he made statements to employees that violated the firm’s code of conduct. Arnold has also resigned from the board.

In his place, the board appointed Steinmeier, a managing director and the firm’s chief growth officer, as interim CEO, also effective immediately. Steinmeier had just been appointed to the chief growth officer position in May after serving as divisional president in charge of business strategy and growth between 2018 and 2024. Prior to that he held senior leadership positions at UBS and Merrill Lynch.

Arnold joined LPL by way of its 2007 acquisition of UVEST Financial Services, where he had served as president and CEO. He became CFO of LPL in 2012 and graduated to president in 2015 before adding CEO to his title and duties in 2017, according to his LinkedIn profile.

View the press release here.