LPL Financial Terminates CEO Dan Arnold; Names Interim Replacement; Stock Down

(RTTNews) - LPL Financial Holdings Inc. (LPLA), that provides platform of brokerage and investment advisory services, Wednesday said its Board has terminated the company's President and Chief Executive Officer, Dan Arnold, effective immediately, 'for violating LPL's commitment to a respectful workplace.' The company's shares were down more than 3 percent in pre-market.

The Board terminated Arnold on the recommendation by a special committee of directors after an investigation by an outside law firm found that he violated LPL's Code of Conduct while making statements to employees.

"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."

The company appointed Managing Director Rich Steinmeier as interim chief executive with immediate effect.

LPL Financial stock had closed at $229.85, down 1.2 percent on Tuesday. It has traded in the range of $187.19 - $289.88 in the last 1 year.