LPL Financial’s president Robert Moore is leaving to become CEO of the U.S. arm of U.K.-based Legal & General Investment America, the company announced late today.

LPL said its chief financial officer, Dan Arnold, would replace Moore as president effective March 13.

"We thank Robert for his contributions to LPL and congratulate him on his new role," said Mark Casady, chairman and chief executive officer of LPL. "Leading LGIMA is an exceptional opportunity for Robert and we know he will remain a passionate advocate and friend of LPL. We wish him all the best."

Moore had joined LPL as chief financial officer in 2008 and was promoted to president several years later. He was widely seen as Casady's successor.

In November 2010, LPL raised $470 million in an initial public offering (IPO) that proved quite lucrative for many executives at the firm. Some industry observers say the IPO explains the high turnover at the broker-dealer since then, although the entire brokerage business is known for its frequent job switching.
Casady said he was happy Arnold agreed to become president. Arnold has many years of experience driving revenue growth in sales, marketing and business development roles, he added.

"I look forward to the opportunity to work more closely with the advisors and institutions we serve as we further our mission of providing independent advice," said Arnold. "We have an outstanding group of over 14,000 advisors and continuing to provide them with the high level of service they are accustomed to remains our top priority."

Tom Lux has been named acting chief financial officer while LPL conducts a search for a new CFO. Lux joined LPL in 2009, and has worked in several positions including executive vice president and chief accounting officer.

LPL also announced that it has promoted Andy Kalbaugh and Bill Morrissey to the positions of divisional presidents for Institution Services and Independent Advisor Services, respectively. Kalbaugh and Morrissey will report to Arnold.