NEW YORK, June 5 (Reuters) - LPL Financial, the largest U.S. independent brokerage, on Tuesday said Dan Arnold, its head of strategy, would take over as chief financial officer effective June 15.
Arnold, 47, will succeed Robert Moore, whom LPL on May 1 named as its president and chief operating officer. Moore, who is 50, will transfer his CFO responsibilities to Arnold over three months. Arnold will be based in San Diego.
Before leading corporate strategy in October, Arnold had served as president of Institution Services, which Boston-based LPL acquired about five years ago to provide third-party investment and insurance services to banks and credit unions.
Moore, in an interview, said Arnold was chosen over “dozens” of external and internal candidates in a search process that began in January.
The transition follows a busy period for LPL Investment Holdings Inc, which was acquired by private equity firms TPG Capital and Hellman & Friedman in 2005 and went public in a late 2010 initial public offering.
In recent months LPL announced a special dividend, plans to pay a regular dividend and secondary stock sales that trimmed the stakes held by the private equity owners. LPL also refinanced its debts.
“It became clear to me that most of my work has been done in my tenure as CFO and in creating the right conditions for this transition,” Moore said. (Reporting By Joseph A. Giannone; Editing by Walden Siew, Bernard Orr)