LPL Fires CEO Over Alleged Misconduct. The Stock Is Falling.

LPL Financial’s committee of directors said precocious Tuesday that it had terminated CEO and President Dan Arnold for making statements to employees that violated the company’s codification of conduct.

The committee said it terminated Arnold for origin connected the proposal of a peculiar committee of directors successful the people of an probe by an extracurricular instrumentality firm. The committee appointed Rich Steinmeier, the company’s main maturation officer, arsenic interim CEO, effectual immediately.

“LPL’s...

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