A new proxy statement filed by LPL Financial with the Securities and Exchange Commission shows how the firm compensated its top executives during last year’s leadership shuffle that saw Rich Steinmeier take over as chief executive officer from Dan Arnold, who was fired for misconduct Oct. 1.
Steinmeier, formerly managing director and divisional president of business strategy and growth, took home total CEO compensation of more than $4.7 million. This figure represents an annualized compensation amount of about $12 million across his base salary and performance incentives.
Arnold earned far more during 2024, about $26 million, though he lost out on a total of nearly $80 million in outstanding stock options and related unvested compensation, according to the filing.
In December, the company entered into a deal allowing Arnold to keep certain non-forfeited options with a total value at the time of about $12 million.
The filing shows a median annual total compensation of all employees (other than CEO) of $91,783, meaning the ratio of the annual total compensation of the CEO to the median of the annual total compensation of all employees is about 131:1.
In contrast, Raymond James Financial paid its former CEO and now Executive Chairman Paul Reilly a similar amount to what Arnold ultimately took home: about $24 million, according to an SEC proxy filling from earlier this year.
Reilly was replaced as CEO by Paul Shoukry, formerly president and chief financial officer, whose total 2024 compensation across salary, bonus and stock grants was about $7 million.
It its recently released proxy statement, Ameriprise Financial reported that it paid Chairman and CEO James Cracchiolo nearly $29 million for 2024. This is about the same amount that Edward Jones paid its managing partner, Penny Pennington, for the year, according to its latest proxy filing.
Pictured: Rich Steinmeier
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