Marco "Mick" Hellman, formerly the managing director of a firm that owned a majority stake in LPL Financial, is expected to be elected to the board of the independent broker-dealer.
When LPL went public in 2010, private equity firm Hellman & Friedman owned more than 60% of LPL stock, along with Texas Pacific Group. Hellman later left his managing director post and founded HMI Capital.
Hellman "represents one of our larger shareholders whose investor perspective as well as financial, business and public company experience will further enhance our board discussions," said Mark Casady, LPL's CEO, in a statement.
Nine directors, including Hellman, will stand for election at LPL's shareholder meeting on May 10 in Boston. The current board of directors voted unanimously to nominate Hellman to stand for election.
"In a complex and often volatile world, independent advice should be a key element of financial planning for investors," Hellman said in a statement provided by LPL. "I believe strongly in LPL's business model and its mission to help financial advisors be more effective."
Hellman's nomination to the board comes at a time when shares of the country's largest independent broker-dealer remain sharply lower following 2015’s large share buyback. It also comes after activist investors, led by Richard "Mick" McGuire, purchased stakes in the company last year.
LPL shares now trade at about $25, down from about $43 on Oct. 29 when it announced a $500 million stock buyback program.
This story has been amended to show that Hellman has been nominated to the board, not yet elected or appointed.
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- Seeking Share Price Boost, LPL Sets $500M Stock Buyback Plan
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