Finance
LPL Abruptly Fires CEO After Investigating Comments to Employees
- Dan Arnold is terminated ‘for cause,’ ineligible for severance
- Board names chief growth officer Rich Steinmeier interim CEO
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Just months ago, LPL Financial Holdings Inc.’s board lavished praise on Chief Executive Officer Dan Arnold’s stewardship while boosting his bonus. On Tuesday, it fired him for breaking the firm’s pledge to maintain a respectful workplace, deeming him ineligible for severance.
An outside law firm investigated Arnold’s behavior and found he had “made statements to employees that violated LPL’s Code of Conduct,” the wealth-management company said, installing an interim leader effective immediately. It didn’t elaborate on what Arnold had allegedly said.