LPL Financial says CFO Dan Arnold is replacing outgoing President Robert Moore, who left the company in mid-March to become CEO of Legal & General Investment Management America.
“We thank Robert for his contributions to LPL and congratulate him on his new role,” said Chairman and CEO Mark Casady, in a statement. “Leading Legal & General Investment Management America 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.”
Legal & General Investment Management America (LGIMA) is a Chicago-based unit of Legal & General Investment Management (Holdings) Ltd., of London. The SEC-registered advisory firm has 74 employees and manages close to $110 billion using fixed income and commodity strategies.
Prior to becoming CFO of LPL, Arnold was head of strategy for the firm. He previously served as divisional president of LPL’s Institution Services unit, after he spend 12 years leading UVEST, a broker dealer acquired by LPL in 2007.
Tom Lux has been named acting CFO while LPL “conducts a search” for a permanent chief financial officer, according to the firm. Lux joined LPL in 2009 and has 30 years of accounting experience. In addition, LPL says it has promoted Andy Kalbaugh and Bill Morrissey to the positions of divisional presidents for Institution Services and Independent Advisor Services, respectively.
The company has seen a steady stream of departures from its executive ranks in recent years. Derek Bruton, managing director of Independent Advisor Services, left the firm last year, for example, while former national sales head Bill Dwyer exited in 2013.