UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 27, 2021, LPL Financial Holdings Inc. (the “Company”) determined that Scott Seese, who has been on a leave of absence since February 2021, will not return to the Company. Mr. Seese is the managing director, chief information officer of LPL Financial LLC and was a named executive officer of the Company in its most recent filing with the Securities and Exchange Commission that required executive compensation disclosure. The effective date of his departure will be July 30, 2021.
Item 7.01 Regulation FD Disclosure.
The Company has appointed Greg Gates as the managing director, chief technology & information officer of LPL Financial LLC, effective July 30, 2021. Mr. Gates has served as interim chief information officer since February 2021. A copy of a press release issued by the Company on July 30, 2021 in connection with the appointment is furnished with this Form 8-K as Exhibit 99.1.
Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
| 99.1 | Press release dated July 30, 2021 (“Greg Gates named Managing Director, Chief Technology & Information Officer for LPL Financial”) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LPL FINANCIAL HOLDINGS INC. | ||
| By: | /s/ Gregory M. Woods | |
| Gregory M. Woods | ||
| Secretary | ||
Dated: July 30, 2021
Exhibit 99.1
For Immediate Release
GREG GATES NAMED MANAGING DIRECTOR, CHIEF TECHNOLOGY & INFORMATION OFFICER FOR LPL FINANCIAL
CHARLOTTE, N.C. – July 30, 2021 – LPL Financial LLC announced today that Greg Gates has been named managing director and Chief Technology & Information Officer, effective immediately. In this role, Gates will oversee all aspects of the firm’s technology and systems applications, leading the firm’s efforts to deliver a differentiated technology experience for LPL advisors, RIAs and institutions, and their clients. He reports directly to President and CEO Dan Arnold, and is based out of LPL’s Carolinas campus. Gates has served as interim head of technology since February 2021.
“Since joining the firm, Greg has been integral to helping us improve the quality and speed-to-market of the technology solutions we provide to our clients, increasing the value we deliver to advisors for every dollar we spend on technology,” said Arnold. “More recently, as interim head of technology, he has demonstrated both the vision and operational excellence to deliver on our ambitious agenda to put our advisors, RIAs and institutions at the center of a differentiated digital experience that fuels their business and client relationships.”
Gates said, “It is an honor to be in a position to empower the businesses of thousands of financial advisors as they work to solve challenges and create opportunities for millions of American investors. I am grateful to the talented team of technologists I work with every day for how they have embraced our mission to make LPL’s technology a game-changer for our clients that improves their quality of life, as well as the quality of their business outcomes.”
Gates joined LPL in 2018 with nearly two decades of senior-level FinTech management experience in technology strategy, including creation, development and delivery. He has demonstrated a disciplined approach to the agile development of customer-centric technology, emphasizing ease of use, speed of delivery and high quality. Before joining LPL, he led product management and engineering teams at PayPal. Prior to that, at Bank of America, he led a number of technology organizations in the consumer, corporate and securities organization, culminating in leadership of large transition efforts and contact center technology.
Gates fills a role previously held by Scott Seese, who is departing LPL following an extended leave of absence to care for a family member with an advanced illness.
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About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader* in the markets we serve, supporting more than 19,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence
means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.
* Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 as of June 2021
Securities and advisory services offered through LPL Financial LLC, an SEC- registered broker-dealer and investment advisor. Member FINRA/ SIPC
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.
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Lauren.Hoyt-Williams@lpl.com