Brokerage firm LPL Financial, which has a major Charlotte-area operation, announced Monday that Mark Casady will retire as CEO on Jan. 3 and that president Dan Arnold will replace him.
The announcement comes after the Boston-based company last week held a grand opening for its new Fort Mill campus, where it plans to eventually employ up to 3,000. Company spokesman Jeff Mochal told the Observer that Monday’s news does not change LPL’s plans to continue adding most of its new employees at the Fort Mill campus.
“Moving forward, I would say that the bulk, the vast, vast majority, of growth that we have in the employee base will be here in (Fort Mill),” Mochal said.
Casady, 56, who has been with LPL more than 14 years and in the industry for 34 years, will continue as non-executive chair of the board of directors until March 3. Arnold, 51, has been with the company since 2007 and served as president since March 2015.
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LPL provides back-end services for a network of more than 14,000 independent financial advisers. The firm’s primary offices are in Boston, Fort Mill and San Diego.
Arnold will remain in the company’s San Diego office. Casady was based in Boston.
Monday’s announcement comes after news reports in October that LPL had considered strategic alternatives, including a possible sale. The reports, which cited people familiar with the matter, said investment bank Goldman Sachs Group was advising LPL on the issue.
Mochal on Monday said that as a matter of policy the company doesn’t comment on “rumors and speculation.”
Jim Putnam, lead director of LPL’s board, said in a statement that the board has “great confidence in our ability to thrive as an independent public company.” Putnam also said the board has “deep appreciation” for Casady’s “outstanding leadership and careful stewardship of the LPL mission over the past 14 years.”
LPL shares on Monday closed down 3.68 percent at $39.48. They have fallen about 7 percent this year, but have recovered from a big drop on Feb. 12, when the company’s shares plunged 35 percent to close at $16.50 after sharply missing fourth-quarter 2015 earnings projections.
Staff writer Rick Rothacker contributed