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SOURCE LPL Financial
BOSTON, March 18, 2013 /PRNewswire/ -- LPL Financial – the nation's largest independent broker-dealer*, a leading RIA custodian, institutional service provider and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA) – today announced that Anne Mulcahy, former chairman and CEO of Xerox Corporation, will join the Company's Board of Directors, pending stockholder approval at the Company's annual meeting in May. Mulcahy will also serve on the Board's Audit Committee.
"We're delighted to welcome Anne to our Board of Directors, and we look forward to having an independent director with her stature and experience strengthen our Board and broaden our perspective on management and leadership," said Mark Casady, chairman and CEO of LPL Financial. "As we continually evolve and enhance the governance of our firm, we look forward to LPL Financial benefiting greatly from Anne's ability to identify potential issues before they arise and suggest policies and processes that will strengthen our Company over the long term."
Mulcahy served as CEO of Xerox Corporation from 2001 to 2009, and chairman of the company from 2002 to 2010. She is currently a board director of Johnson & Johnson, Target Corporation and The Washington Post Company, and is Chair of the Board of Trustees for Save the Children.
"I was immediately drawn to this opportunity with LPL Financial because the company is a true industry innovator with all of the attributes necessary to continue to grow and redefine the financial services space," explained Mulcahy. "Mark and his leadership team recognized early on the value and opportunity in providing investors with access to independent, objective financial advice. I look forward to contributing my corporate leadership experience as LPL Financial continues to define best practices in a business that carries great responsibility--primary among those being protecting and growing the financial assets of mainstream individual investors."
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2012), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers integrated technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 13,300 financial advisors and approximately 700 financial institutions. In addition, LPL Financial supports over 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,900 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Statements in this press release regarding Ms. Mulcahy's election and service as a director, as well as any other statements that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the Company's expectations as of March 18, 2013 and are not guarantees of future results. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, which may cause actual results, or the timing of events, to be materially different than those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include: approval by stockholders holding at least 60% of our outstanding shares of an increase in the size of our board of directors at our 2013 annual meeting of stockholders; election by stockholders of Ms. Mulcahy as a director at our 2013 annual meeting of stockholders; and the other factors set forth in Part I, "Item 1A. Risk Factors" in the Company's 2012 Annual Report on Form 10-K. Except as required by law, we specifically disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date of this earnings release, and you should not rely on those statements as representing the Company's views as of any date subsequent to the date of this press release.
Securities offered through LPL Financial. A Registered Investment Advisor. Member FINRA/SIPC
LPL Financial is not affiliated with Xerox.
*Based on total revenues, Financial Planning magazine, June 1996-2012
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