(Bloomberg) -- LPL Financial Holdings Inc. appointed interim Chief Executive Officer Rich Steinmeier the wealth-management company’s permanent CEO after he stepped into the role when its previous head, Dan Arnold, was abruptly terminated.
Steinmeier, 50, stepped in as interim CEO on Oct. 1, after Arnold was fired for violating the firm’s “commitment to a respectful workplace.” The exact circumstances surrounding Arnold’s departure haven’t been disclosed.
The appointment of Steinmeier is “testament to the valuable contributions he has made during his tenure with LPL and the trusted relationships he has established with clients and employees,” LPL Chair Jim Putnam in a statement Monday.
Steinmeier had been chief growth officer since May, and before that was a divisional president for business strategy and growth. Along with becoming permanent CEO, he was also elected to LPL’s board, the San Diego-based company said Monday.
LPL also named Matt Audette president and chief financial officer, expanding his previous role of CFO and head of business operations, according to the statement.
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