FX.co ★ LPL Financial Terminates CEO Dan Arnold; Names Interim Replacement; Stock Down

LPL Financial Holdings Inc. (LPLA), a provider of brokerage and investment advisory services, announced on Wednesday that its Board has terminated President and Chief Executive Officer Dan Arnold, effective immediately, due to a violation of LPL's commitment to a respectful workplace. Following the announcement, the company's shares fell over 3 percent in pre-market trading.

The termination was based on the recommendation of a special committee of directors, which acted on the findings of an investigation conducted by an outside law firm. The investigation concluded that Arnold had breached LPL's Code of Conduct through his statements to employees.

"LPL’s Code of Conduct mandates that every employee, irrespective of their title, cultivate a supportive and professional work environment, demonstrating respect towards each other, our stakeholders, and the broader community," stated James Putnam, Chair of the Board of Directors. "Mr. Arnold failed to meet these obligations."

In response to Arnold’s dismissal, the company has appointed Managing Director Rich Steinmeier as the interim chief executive, effective immediately.

On Tuesday, LPL Financial stock closed at $229.85, reflecting a 1.2 percent decline. Over the past year, the stock has fluctuated between $187.19 and $289.88.