LPL Financial’s Board of Directors has named Rich Steinmeier, former managing director and chief growth officer, as its new chief executive officer, effective immediately. Steinmeier had been serving as interim CEO since Oct. 1, when the board terminated President and CEO Dan Arnold for violating the company’s respectful workplace policies. Steinmeier was also elected to sit on the board.
LPL also named Matt Audette as president and CFO. He previously served as CFO and head of business operations.
Steinmeier will earn an annual base salary of $900,000, with a target annual cash bonus opportunity of $2.7 million and target long-term incentive compensation award with a grant date value of $8.4 million, according to an SEC filing. Audette’s base salary will be $750,000, with a potential cash bonus of $1.875 million and long-term incentive award of $5.375 million.
Since Steinmeier joined the company in 2018, LPL’s organic growth rate has more than doubled, according to Board Chairman Jim Putnam. The 50-year-old first came on board to lead business development. Previously, he was a managing director and chief digital officer at UBS Wealth Management USA. He was promoted to chief growth officer in May 2024.
Audette, also 50, joined as CFO in 2015 and took over the business operations role in 2023. He’s led corporate acquisitions, debt transactions, the client deposit portfolio, expense management and capital allocation. Previously, he was executive vice president and CFO of E*TRADE Financial Corporation.
“With Rich as CEO and Matt in his expanded role as president, the Board is confident that LPL’s trajectory of high performance and its steadfast commitment to serving clients will continue to build stakeholder value,” Putnam said in a statement.
Earlier this month, LPL fired Arnold for cause after an investigation by an outside law firm found “he made statements to employees that violated LPL’s Code of Conduct.”
Analysts covering the firm believe the incident will not materially impact the day-to-day operations of the firm. They also expressed confidence in Steinmeier, Audette and the rest of the leadership team.
