LPL CEO Change Undermines Sale Rumors: Citi Analyst
December 6, 2016 by Danielle Verbrugghe, FUNDfire LPL Financial’s longtime CEO Mark Casady is set to retire early next year. The firm’s current president will replace him. Casady will retire from the CEO role effective January 3, 2017, according to an announcement from the firm. Dan Arnold, the current president of LPL, will become president and CEO at that time, and will join the board of directors. Casady will continue as non-executive chair of the board until March 3, 2017. The leadership change comes as LPL Financial is preparing to help its advisors comply with the new Department of Labor (DOL) fiduciary rule for retirement advice, which is set to take effect in April 2017. LPL was reported to be considering a sale, ahead of the onset of the new rule. The announcement means that a sale is unlikely to take place in...