10.02.24

LPL Fires CEO Over Alleged Misconduct

by: Andrew Welsch

The board of LPL Financial Holdings terminated Dan Arnold as the retail investment advisory firm’s top executive for having violated the company’s code of conduct. LPL said on Tuesday an investigation by an outside law firm found that Arnold had made statements to employees that violated the company’s commitment to a respectful workplace. “LPL’s 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,” James Putnam, chair of the board of directors, said in a statement. “Mr. Arnold failed to meet these obligations.” LPL Shares fell 4.6% in after-hours trading after the company made the announcement.

Read the full article on Barron's