LPL Financial Settles With Former CEO Dan Arnold

LPL Financial has settled with former CEO Dan Arnold, allowing him to retain 47,994 stock options valued at approximately $12 million after his termination for violating workplace policies. The agreement, filed with the SEC, includes non-competition, non-disparagement, and non-solicitation provisions effective until September 30, 2025. Arnold's retained options represent about 15% of the total severance and equity benefits he would have received if he had been terminated without cause. He forfeited an additional 98,432 options and is not receiving any severance benefits due to the nature of his firing. The investigation revealed that Arnold made statements to employees that breached the company's Code of Conduct, leading to his dismissal. Rich Steinmeier has since been appointed as the interim and later permanent CEO of the company.