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 served as interim CEO since Oct. 1, when the board left by 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 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 a 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 Chairman Jim Putnam. The 50-year-old initially came on board to lead business development. Previously, he was managing director and chief digital officer at UBS Wealth Management USA. He was promoted to head of growth in May 2024.
Audette, also 50, joined as CFO in 2015 and assumed the role of business operations in 2023. He has led corporate acquisitions, debt transactions, customer deposit portfolios, 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 unwavering commitment to serving customers 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 that “he made statements to employees that violated LPL's Code of Conduct.”
Analysts covering the firm believe the incident will not have a material impact day-to-day operations of the firm. They also expressed confidence in Steinmeier, Audette and the rest of the management team.