CEO Shakeups: LPL Joins Nike, Starbucks, and More in Leadership Overhauls
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Key TakeawaysThe CEO of LPL Financial, Dan Arnold, was fired Tuesday for allegedly making statements to employees that violated its code of conduct.Arnold joins a group of CEOs who have been dismissed or replaced so far this year, for reasons ranging from misconduct to performance issues.Other well-known companies that have announced a CEO change this year include Boeing, Nike, Starbucks, and Norfolk Southern.
LPL Financial Holdings (LPLA) on Tuesday announced the firing of Chief Executive Officer (CEO) Dan Arnold, who joins a growing list of company leaders who have been dismissed this year for misconduct, underperformance, or other issues.LPL Financial said that Arnold made unspecified comments to employees that violated its "commitment to a respectful workplace." Chief Growth Officer Rich Steinmeier was named interim CEO of the financial services company, effective immediately.Here are four other companies that have made a CEO change so far this year.BoeingAfter numerous safety issues and investigations from regulators and law enforcement, Boeing (BA) announced in March that CEO Dave Calhoun would leave the airplane maker at the end of 2024. Calhoun was replaced by Kelly Ortberg, a former engineer and executive at other aerospace companies, in August.StarbucksFacing declining sales at home and abroad, Starbucks (SBUX) made a surprise CEO change in August when it hired Brian Niccol away from Chipotle Mexican Grill (CMG) to lead its turnaround effort. Laxman Narasimhan was ousted after just over a year in the top job at the coffee chain.NikeNike (NKE) announced a leadership change last month, with longtime executive Elliott Hill, who retired in 2020, set to take over as CEO from John Donahoe on Oct. 14. Analysts welcomed the move, and said a company veteran leading Nike should help it better face a number of issues, including including concerns about the "newness" of its products, rising competition, and persistent headwinds in China.Norfolk SouthernNorfolk Southern (NSC) last month announced the termination of Alan Shaw "for cause, effective immediately," days after reports emerged that its CEO had engaged in an inappropriate workplace relationship with the freight railroad's legal chief, who was also dismissed. Norfolk Southern said the relationship violated company policies, and tapped Chief Financial Officer (CFO) Mark George to take over the top post. Read the original article on Investopedia.
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