Mark Casady, CEO of LPL Financial LLC, a custodian for registered investment advisors, and a wholly owned subsidiary of LPL Financial Holdings Inc., will retire Jan. 3, the company announced Dec. 5.
He will be succeeded by company president Dan Arnold, who will become president and CEO and join LPL’s board of directors upon Casady’s retirement.
Casady, who has been with LPL since 2002, will serve as the board of directors’ non-executive chairman until March 3, LPL said.
Arnold, who became LPL president in March 2015, has been with the company since 2007 when the company acquired broker-dealer Uvest, the company of which he was president and chief operating officer. Prior to becoming president, he served as LPL’s chief financial officer and as head of strategy and president of LPL’s Institution Services business.
Jim Putnam, lead director of LPL’s board, said in a statement that Arnold is 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.”
With primary offices in San Diego, Boston and Charlotte, LPL and its affiliates have more than 3,200 employees.
