{"id":109821,"date":"2024-10-03T07:11:06","date_gmt":"2024-10-03T00:11:06","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=109821"},"modified":"2024-10-03T07:11:06","modified_gmt":"2024-10-03T00:11:06","slug":"la-jolla-based-lpl-financial-fires-its-ceo-for-violating-companys-code-of-conduct-san-diego-union-tribune","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=109821","title":{"rendered":"La Jolla-based LPL Financial fires its CEO for violating company\u2019s code of conduct \u2013 San Diego Union-Tribune"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>LPL Financial, a La Jolla-based investment and wealth management services firm, fired its CEO Dan Arnold on Tuesday for making statements to employees that violated the company\u2019s code of conduct.<\/p>\n<p>The financial services company said an investigation by outside counsel determined that Arnold made statements to employees that violated LPL\u2019s commitment to a respectful workplace. LPL did not offer additional details when contacted by the U-T about the nature of the statements or the law firm that conducted the investigation.<\/p>\n<p>\u201cLPL\u2019s Code of Conduct requires every employee, no matter their title, to foster a supportive and professional workplace and show respect to each other, our stakeholders and the broader community,\u201d said James Putnam, chair of the board of directors in the announcement. \u201cMr. Arnold failed to meet these obligations.\u201d<\/p>\n<p>Arnold, 59, had been LPL Financial\u2019s CEO since 2017 and previously served as its chief financial officer for about three years. As chief executive officer, Arnold earned about $16.9 million in 2023, with a majority of his compensation coming from stock awards.<\/p>\n<p>He will not receive severance benefits and forfeits his equity awards because he was terminated with cause. Arnold also resigned from LPL\u2019s board on Tuesday.<\/p>\n<p>The firm appointed Rich Steinmeier, LPL\u2019s managing director and chief growth officer, as its interim CEO. He has been with the company since 2018 and previously held positions at UBS Wealth Management Americas, Bank of America Merrill Lynch and McKinsey &amp; Company.<\/p>\n<p>LPL reported that there will be no changes to Steinmeier\u2019s compensation while he serves as interim chief executive officer. Last year, he was paid about $3.7 million, according to the <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/1397911\/000119312524080802\/d455853ddef14a.htm\">company\u2019s proxy statement<\/a>.<\/p>\n<p>The local company touts itself as \u201cthe nation\u2019s largest independent broker-dealer\u201d and a leader in offering services to financial advisers. The firm primarily generates revenue from adviser fees and commission.<\/p>\n<p>LPL Financial employed approximately 8,400 people in the U.S. as of Dec. 31, according to <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/1397911\/000139791124000011\/lpla-20231231.htm\">its annual report<\/a>.<\/p>\n<p>Originally Published: <time datetime=\"2024-10-02 15:11:57\">October 2, 2024 at 3:11 p.m.<\/time><\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.sandiegouniontribune.com\/2024\/10\/02\/la-jolla-based-lpl-financial-fires-its-ceo-for-violating-companys-code-of-conduct\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LPL Financial, a La Jolla-based investment and wealth management services firm, fired its CEO Dan Arnold on Tuesday for making statements to employees that violated the company\u2019s code of conduct. &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=109821\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-109821","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/109821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=109821"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/109821\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=109821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=109821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=109821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}