Several weeks after LPL's bombshell termination of CEO Dan Arnold, the firm's board of directors has agreed to officially place Rich Steinmeier in the position on a permanent basis.
The firm's announcement Monday afternoon comes almost three weeks after Steinmeier's unexpected appointment as interim CEO on October 1, and roughly a week before its scheduled third quarter earnings call.
Steinmeier, who took on increasing responsibilities to lead LPL's growth since joining the firm in 2018, will also assume a seat on the company’s board of directors.
Alongside Steinmeier’s appointment, the board named Matt Audette, whose reputation as a turnaround artist preceded his welcome into LPL's leadership in 2015, as president while retaining his duties as chief financial officer.
Steinmeier’s extensive experience includes senior roles at UBS Financial and Merrill Lynch. Audette came to LPL after serving as CFO at E*Trade, and has since been pivotal in driving its financial operations and growth, including overseeing strategic acquisitions and corporate initiatives.
Both men will be assuming their respective positions immediately.
Jim Putnam, chair of LPL’s board of directors, spoke on behalf of the board about the importance of Steinmeier’s leadership.
“Rich’s appointment to CEO...is a testament to the valuable contributions he has made during his tenure with LPL and the trusted relationships he has established with clients and employees,” Putnam said Monday afternoon, pointing to the fact that LPL’s organic growth rate has more than doubled since Steinmeier took on leadership responsibilities within the company.
Steinmeier, who was instrumental in driving LPL’s growth strategy, expressed excitement over his new role and the company’s future.
“It is an incredible honor to lead the company that delivers on this purpose,” Steinmeier said, praising the talented team at LPL as he outlined his vision for expanding services, building careers, and accelerating the company’s growth.
“I’m fortunate to collaborate with Matt and our leadership team to elevate our service to clients...and to build on our momentum as one of the fastest-growing companies in wealth management,” he added.
Audette echoed this sentiment, pointing to the firm’s strong positioning in the advisor marketplace.
“We’re operating from a position of strength with a leadership team that is sharply focused on supporting our clients’ success through innovative solutions,” Audette said, pointing to his ongoing partnership with Steinmeier and their shared goal of delivering enhanced value to stakeholders.
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