LPL Financial experienced another major leadership shakeup Tuesday as Chief Financial Officer Dan Arnold is set to replace outgoing Robert Moore as president.
Moore, who took over the role from Bill Dwyer in January 2013, has accepted the position of CEO of Legal & General Investment Management America, the firm said in a statement.
“We thank Robert for his contributions to LPL and congratulate him on his new role,” said Mark Casady, chairman and chief executive officer of LPL. “Leading LGIMA is an exceptional opportunity for Robert and we know he will remain a passionate advocate and friend of LPL. We wish him all the best.”
His replacement, Arnold, has a long history with the firm. Prior to becoming CFO for LPL, Arnold served as managing director, head of strategy for the firm. He also has served as divisional president of LPL’s Institution Services business after spending 12 years leading UVEST, a broker dealer that was acquired by LPL in 2007.
“Along with the fiscal discipline that comes from having been CFO, Dan has many years of experience driving revenue growth through a combination of sales, marketing and business development leadership roles,” Casady said. “He brings an entrepreneurial mindset that will help us continue to support the success of our advisors and institutions.”
“I look forward to the opportunity to work more closely with the advisors and institutions we serve as we further our mission of providing independent advice,” Arnold said in a statement. “We have an outstanding group of over 14,000 advisors and continuing to provide them with the high level of service they are accustomed to remains our top priority.”
With Arnold’s promotion, the firm named Tom Lux as acting chief financial officer while LPL conducts a search for a new CFO. Lux joined LPL in 2009, serving as executive vice president and chief accounting officer.
Additionally, Andy Kalbaugh and Bill Morrissey have been promoted to the positions of divisional presidents for Institution Services and Independent Advisor Services, respectively. Both will report to Arnold, the firm said.