Albert J. Ko
LPL Financial HoldingsAbout Albert J. Ko
Albert J. Ko, age 50, has served as an independent director of LPL Financial Holdings Inc. since 2023. He is currently CEO of Auctane (ShipStation, Stamps.com, Metapack, Packlink), and previously served as CEO of Early Warning Services (operator of the Zelle Network) from May 2019 to June 2023; before that, he held senior roles at Intuit (chief transformation officer, GM of Mint, head of product for the Small Business Group). He holds a B.A. from Yale University and a J.D. from Harvard Law School . LPL’s Board has affirmatively determined Ko is independent under Nasdaq rules, and he serves on the Audit and Risk Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Auctane (ShipStation, Stamps.com, etc.) | Chief Executive Officer | Current | Leads global delivery experience brands |
| Early Warning Services (Zelle Network) | Chief Executive Officer | May 2019 – June 2023 | Oversaw real-time payments; institutional risk management |
| Intuit | Chief Transformation Officer; GM of Mint; Head of Product, Small Business Group | Feb 2006 – May 2019 | Led transformational change, product strategy, consumer insights |
| Boston Consulting Group; McKinsey & Company | Management Consultant | Prior to 2006 | Advised technology and industrial clients |
External Roles
| Organization | Type | Role | Tenure |
|---|---|---|---|
| Public company boards | Public | None | Current/Past 5 years: None |
| Elation Health, Inc. | Private | Director (prior service) | Not disclosed; former |
Board Governance
- Committee assignments: Audit and Risk Committee member; committee chaired by H. Paulett Eberhart; other members include Bernard, Schifter, Thomas .
- Independence: Independent under Nasdaq and Rule 10A-3; all standing committees composed solely of independent directors .
- Attendance and engagement: Board held 12 meetings in 2024; each director attended at least 75% of Board and committee meetings during their service period; all nominees attended the 2024 annual meeting (one telephonic) .
- Tenure: Director since 2023 .
- Board leadership: Independent Chair (James S. Putnam) with CEO role separated .
Fixed Compensation
Policy framework and 2024 actuals for Ko:
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual director retainer (cash portion) | $100,000 | Lump sum; director may elect stock in lieu of cash |
| Annual equity retainer (restricted stock) | $185,000 | Granted under 2021 Plan; time-based vesting |
| Audit & Risk Committee member retainer | $15,000 | Paid in cash; chair is $30,000 |
| Chair of the Board retainer | $140,000 | Not applicable to Ko |
| 2024 total fees earned (Ko) | $115,000 | Cash received by Ko for retainer + committee |
| 2024 stock awards (Ko) | $187,779 | Aggregate grant date fair value (ASC 718) |
| 2024 total director compensation (Ko) | $302,779 | Sum of cash fees + stock awards |
Ownership guidelines: Directors must own shares equal to 5x the cash retainer (i.e., $500,000) within five years; all non-employee directors, including Ko, satisfied this as of March 24, 2025 .
Performance Compensation
Director equity awards are time-based (no performance metrics). 2024 grant details:
| Grant Date | Instrument | Shares | Grant Date Fair Value per Share | Vesting |
|---|---|---|---|---|
| May 2024 (annual grant) | Restricted Stock | 699 | $268.64 | Vests in full on May 21, 2025 (subject to service) |
Notes:
- Directors can elect to defer equity and/or cash into deferred stock units (no deferral elections in 2024) .
- LPL prohibits hedging and pledging of company stock by directors (alignment safeguard) .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public boards | None |
| Past five-year public boards | None |
| Private boards | Elation Health, Inc. (prior service) |
| Interlocks/conflicts | None disclosed; related-party transactions with directors require Audit & Risk Committee review/approval; policy bars participation by related directors in approvals |
Expertise & Qualifications
- 20+ years in fintech, payments, delivery/logistics tech, and SMB software; at-scale product leadership .
- Strategic planning and organizational effectiveness (consulting at BCG/McKinsey; transformation at Intuit) .
- Financial services industry insight and institutional risk management (CEO of bank-owned fintech operating Zelle) .
- Education: B.A., Yale; J.D., Harvard Law School .
Equity Ownership
Ownership and alignment snapshot:
| Date | Direct/Indirect Shares | Unvested RS/DSUs | Vested DSUs | Notes |
|---|---|---|---|---|
| March 24, 2025 (proxy record date) | 1,656 | 699 RS (unvested; vests 5/21/2025) | 0 | Beneficial ownership per proxy; “<1%” of outstanding |
| May 23, 2025 (Form 4 post-transaction) | 2,566 | — | — | Reflects awards reported; see Form 4 entries below |
Insider trading and award history (Form 4):
| Filing Date | Transaction Date | Type | Shares Transacted | Post-Transaction Owned | SEC Link |
|---|---|---|---|---|---|
| 2025-05-28 | 2025-05-23 | A (Award) | 308 | 2,566 | https://www.sec.gov/Archives/edgar/data/1397911/000139791125000076/0001397911-25-000076-index.htm |
| 2025-05-28 | 2025-05-23 | A (Award) | 602 | 2,258 | https://www.sec.gov/Archives/edgar/data/1397911/000139791125000076/0001397911-25-000076-index.htm |
| 2024-05-14 | 2024-05-10 | A (Award) | 699 | 1,656 | https://www.sec.gov/Archives/edgar/data/1397911/000139791124000065/0001397911-24-000065-index.htm |
| 2023-05-16 | 2023-05-12 | A (Award) | 784 | 957 | https://www.sec.gov/Archives/edgar/data/1397911/000139791123000091/0001397911-23-000091-index.htm |
| 2023-02-03 | 2023-02-01 | A (Award) | 173 | 173 | https://www.sec.gov/Archives/edgar/data/1397911/000139791123000012/0001397911-23-000012-index.htm |
| 2023-01-11 | 2023-01-09 | Form 3 | — | — | https://www.sec.gov/Archives/edgar/data/1397911/000139791123000006/0001397911-23-000006-index.htm |
Governance Assessment
- Board effectiveness: Ko brings deep fintech/payments technology and risk oversight experience to the Audit and Risk Committee, aligned with LPL’s heightened focus on cybersecurity, enterprise risk management, and regulatory oversight .
- Independence and attendance: Independent status, committee-only independent composition, and documented attendance support investor confidence in oversight quality .
- Alignment: Director pay combines cash and time-based equity with firm-wide anti-hedging/anti-pledging rules and robust ownership guidelines; Ko met ownership requirements, and equity grants vest only with continued service (no short-term performance gaming) .
- Compensation governance: Director compensation was benchmarked versus peers, with a 2024 increase to equity retainer to align with median peers; Compensation Committee engages independent consultants for pay governance .
- RED FLAGS: None disclosed regarding related-party transactions, pledging, hedging, low attendance, or say-on-pay concerns (2024 say-on-pay approval ~97%) .
Director Compensation (Structure Overview)
| Element | Cash | Equity | Vesting | Notes |
|---|---|---|---|---|
| Annual Board retainer | $100,000 | $185,000 (restricted stock) | Equity vests at next annual meeting (May 21, 2025 for 2024 grants) | Directors may elect shares in lieu of cash; deferral plan available |
| Committee service (member) | Audit: $15,000; Compensation: $12,500; Nominating: $10,000 | — | — | Chair retainers higher: Audit $30k; Compensation $25k; Nominating $20k |
| Chair of the Board | $140,000 | — | — | Not applicable to Ko |
Director stock ownership guidelines: Minimum 5x cash retainer; all non-employee directors compliant as of March 24, 2025 .
Compensation Committee Analysis (Context for governance)
- Committee composition: Independent directors only; chaired by Allison H. Mnookin .
- Independent consultant: Frederic W. Cook & Co. advised on compensation matters, including director compensation benchmarking .
- Policies: Clawbacks aligned with SEC rules; anti-hedging/pledging; annual risk assessment of compensation .
Related Party Transactions
- Policy: Audit & Risk Committee reviews/approves transactions >$120,000 involving related persons; related directors excluded from approval discussions; ongoing oversight protocols in place .
- Disclosures: No related-party transactions disclosed involving Ko in the latest proxy .
Say-on-Pay & Shareholder Feedback (context)
- 2024 say-on-pay approval: ~97% in favor (supportive signal on compensation governance); annual votes adopted per shareholder preference .
Committee Assignments and Roles
| Committee | Role |
|---|---|
| Audit & Risk Committee | Member (Eberhart, Chair; Bernard, Ko, Schifter, Thomas) |
Overall, Ko’s independence, attendance, Audit & Risk Committee role, and equity ownership compliance, combined with LPL’s strong governance practices (separate Chair/CEO, majority independent Board, anti-hedging/pledging, clawbacks), present favorable board effectiveness and alignment signals for investors .