LPL Financial Holdings Inc. has announced the termination of its Chief Executive Officer, Dan Arnold, following an external legal review that identified breaches of the company’s respectful-workplace agreement. This agreement, encapsulated within LPL’s Code of Conduct, mandates that every employee, irrespective of their rank, uphold an environment of professionalism and mutual respect.
The San Diego-based wealth management company revealed that the investigation, conducted by an independent law firm, concluded that Arnold had “made statements to employees that violated LPL’s Code of Conduct.” The company’s governing document emphasizes the need for a workplace that is supportive and respectful towards colleagues, stakeholders, and the broader community.
Rich Steinmeier, the Chief Growth Officer, has been appointed as the interim CEO. The board chair, James, (last name not provided in the source article), underlined that the Code of Conduct is applicable to all employees without exception. For further details, LPL’s official statement on the matter can be accessed here.