LPL CEO Mark Casady to Retire in January
LPL Financial LLC, a retail investment advisory firm and independent broker-dealer, announced that Mark Casady will retire from his role as CEO effective January 3, 2017.
As part of its succession plan, the LPL board of directors has appointed Dan Arnold, current LPL president, to be president and CEO effective upon Casady’s retirement. Arnold will also join the board of directors, and Casady will continue as non-executive chair of the board of directors until March 3, 2017.
Arnold, who has served as LPL president since March 2015, has more than 20 years of industry experience, having previously served as LPL’s chief financial officer and, before that, head of strategy and divisional president of LPL’s institution services business.
“The board extends its deep appreciation to Mark for his outstanding leadership and careful stewardship of the LPL mission over the past 14 years, and we wish him the very best in his retirement,” said Jim Putnam, LPL lead director of the board. “In selecting Dan Arnold, the board has demonstrated its confidence in a proven senior leader who has played an integral role in creating a talent-rich organization that is gaining momentum within a promising business environment.”
Putnam continued, “As we make this transition, we are in the midst of one of our most successful recruiting years in LPL’s history. Additionally, LPL’s scale and financial performance have equipped the firm to continue investing in the business and to respond decisively to opportunities as they arise. Against this backdrop, we have great confidence in our ability to thrive as an independent public company.”
Arnold joined LPL through its acquisition of the UVEST broker-dealer — a provider of investment services to banks and credit unions — which he led as president and chief operating officer. As LPL chief financial officer, Arnold was responsible for formulating financial policy and ensuring the effectiveness of the organization’s financial functions. Most recently, as LPL president, he has led the firm’s focus on business development, existing advisor and institution growth, the client experience, research capabilities and sponsor partnerships.
Since joining LPL in 2002, Casady has led the organization through a period of growth, during which the firm expanded its leadership in the independent advice market. Casady oversaw the firm’s transition from a primarily brokerage-based business to a leader in the retail investment advisory space. Most recently, he orchestrated the successful transformation of LPL’s operations and infrastructure, positioning the company for future growth, the company said.
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), served approximately $495 billion in brokerage and advisory assets as of October 31, 2016. LPL is the nation’s largest independent broker-dealer based on total revenues. The company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and more than 700 financial institutions. LPL Financial and its affiliates have more than 3,200 employees with primary offices in Boston, Charlotte, and San Diego.
