Steinmeier Named LPL’s CEO, Replacing Ousted Arnold

Rich Steinmeier

LPL Financial Holdings Inc. on Monday named Rich Steinmeier CEO and member of the company’s board of directors after he had taken the CEO role on an interim basis October 1.

Steinmeier replaced Dan Arnold, who was ousted by LPL’s board for making statements to employees that violated the firm’s code of conduct; the firm has not commented further on his specific actions.

The board also promoted Chief Financial Officer Matthew Audette to also hold the role of president, a title Arnold had previously held alongside his CEO title.

The moves were widely anticipated by LPL analysts, who had noted in particular Steinmeier’s track record of doubling organic business growth at the firm since he joined in 2018. They also anticipated the elevation of Audette, who had worked with Steinmeier for years.

“Rich’s appointment to CEO, which reflects the Board’s succession plan, is a testament to the valuable contributions he has made during his tenure with LPL and the trusted relationships he has established with clients and employees,” Jim Putnam, chair of LPL’s board, said in a statement.

Before joining LPL, Steinmeier had leadership roles at UBS Financial and Merrill Lynch. Prior to that, he worked as a consultant for McKinsey & Co.

Audette has been LPL’s CFO since 2015 and took over business operations in 2023. Prior to LPL, he was executive vice president and CFO of E*Trade.

LPL’s network includes 23,000 financial advisers working with both individuals and employer-sponsored retirement plans.

LPL’s board did not reward Arnold with severance benefits upon terminating his employment, but it left open the possibility that he could receive some of his equity awards from the company should the parties reach a settlement, according to a filing with the Securities and Exchange Commission.