- Signs for push-out forces
- After around twelve years on the job
- Laud, praise and good wishes for Casady
- Dan Arnold takes over
(management-change.com) — San Diego, California, December 05, 2016 — Mark Casady, chief executive of LPL Financial, leaves. It is a change at short notice. As announced by LPL Financial LLC in a news release and in a regulatory filing published on Monday, December 05, 2016, Mark S. Casady leaves the post as Chief Executive Officer at the independent broker-dealer in a surprising move after around twelve years on the job, effective January 03, 2017.
It is the end of an era.
Casady’s duties are taken over by Dan H. Arnold, currently president at LPL Financial LLC.
No reason given
In the announcement, LPL Financial did not explicitly explain the reason for Casady’s imminent move, leaving room for speculation.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position at short notice and without an understandable explanation.
LPL Financial said: “On December 2, 2016, Mark S. Casady, chief executive officer of LPL Financial Holdings Inc. … and chairman of the board of directors of the Company …, informed the Board that he intends to retire as chief executive officer effective January 3, 2017.”
Precise information about the future plans of Casady was not immediately available.
Share price decline
The change follows a decline in the share price of LPL Financial Holdings Inc. since March 2014.
FPR holds 13.43 percent stake
FPR Partners, LLC reported a 13.43 percent stake in LPL Financial LLC as of September 30, 2016. FPR is a hedge fund.
On the job as CEO since 2004
Casady is chair of the board of directors and chief executive officer.
He joined the company in May 2002 as chief operating officer, became president in April 2003, and became chief executive officer of LPL Financial in August 2004.
He was named the Company’s chairman in December 2005 and its chief executive officer in March 2006.
Before joining the Company, Casady was managing director, mutual fund group for Deutsche Asset Management, Americas — formerly Scudder Investments.
He joined Scudder in 1994 and held roles as managing director — Americas; head of global mutual fund group and head of defined contribution services.
He was also a member of the Scudder, Stevens and Clark Board of Directors and Management Committee.
Casady is a member of the board of the Financial Services Roundtable, EZE Software Group, and Citizens Financial Group.
He is a former member of FINRA’s board of governors and former chair of the Insured Retirement Institute.
He has also previously served on the executive committee of the Investment Company Institute board of governors.
Casady received his B.S. from Indiana University and his M.B.A. from DePaul University.
Casady will continue as non-executive chair of the Board of Directors until March 3, 2017.
Signs for push-out forces
It is not completely certain what forces eventually triggered Mark S. Casady’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 46.2016 ($).