Rich Steinmeier, the new CEO of LPL Financial Holdings, is taking on his new role with minimal notice of the transition, says Bloomberg News.
After previous CEO Dan Arnold was fired without severance or outstanding equity awards, Steinmeier was quickly appointed to the position, temporarily. After serving in the position for a few weeks, he was then granted the position permanently.
“Obviously, it was a crisis transition — we hadn’t been anticipating it,” Steinmeier said in a statement. “I braced for something that was going to be a lot worse than it ended up being.”
Before becoming CEO, Steinmeier served as the chief growth officer and president of LPL’s business strategy and growth division. Before LPL, he worked at UBS Group AG and Merrill Edge.
LPL is focused on maintaining a positive trajectory within both its advisory sector and its employee culture. Earlier this month,
