Independent broker-dealer LPL Financial is relocating 133 jobs from its San Diego location to its new building in Fort Mill, South Carolina.
According to the IBD, the majority — 97 — have not been offered the chance to relocate, while 36 have. The San Diego staff not being retained will be let go in April.
The relocations aim to help LPL “better manage costs, increase efficiencies and meet our growth commitments in the Carolinas,” a spokesperson says. The moves were not concentrated in any particular functional area or department.
The news was first reported on Tuesday by KGTV, the ABC affiliate in San Diego, which also pointed out that the corporate income tax rate in South Carolina is about 5% vs. 8.8% in California.
New Campus, Leadership
In November, LPL opened a new building in South Carolina, about 20 miles from Charlotte, North Carolina, which is home to one of its three national offices.
Based in Fort Mill, the 27-acre campus includes two buildings with 450,000 square feet of office space and is based on a sustainable net-zero water design.
As of late 2016, some 1,300 employees worked at its San Diego-area location (in La Jolla), and others are based in Boston. LPL’s San Diego location was built in 2014.
LPL CEO Dan Arnold took the helm from longtime executive Mark Casady in January. Casady, who is serving as the firm’s executive chairman through March 3 – is exercising his stock options before this deadline.
He made about $516,000 on the sale of about 59,000 shares this week, according to SEC filings.
Last week, Casady made a profit of about $5 million by exercising his stock options. He continues to own about 190,000 shares, which are worth about $7.7 million.
A corporate director, Marco Hellman, sold about $36 million worth of LPL stock last week, which represented about one-third of his ownership in the IBD.
— Check out LPL’s New CEO Comp Could Reach $5.4 Million on ThinkAdvisor.