Morningstar CEO to step down

Joe Mansueto, CEO of ETF and mutual fund research firm Morningstar, has announced plans to vacate the position

Major management changes lie ahead for investment research firm Morningstar.

In a recent statement, the company has announced that founder and current CEO Joe Mansueto will step down to become executive chairman on Jan. 1, continuing in his role as chairman of the board. “As I turn 60, I’m ready to transition to an executive chairman role. I love the company as much as I did when I started it in 1984 and am just as excited by our prospects as ever,” said Mansueto.

Taking the helm as new CEO will be the current president of the firm, Kunal Kapoor. “I can’t think of a better person than Kunal to lead Morningstar,” said Mansueto, who described his future successor as a Morningstar veteran with experience in nearly every facet of Morningstar’s operation, including research, data and software products, and investment management.

“Kunal has a unique ability to bring people together to help solve problems for investors, and I’m confident that his energy and management talent will help us drive operational excellence and future growth.”

To limit the number of inside directors, Managing Director Don Phillips, who was also the firm’s first mutual fund analyst, has volunteered to step down from the board effective on Dec. 31. He will continue to serve as managing director, focusing on research innovation. “Don has been an outstanding board member since we first formed a board in 1999, and his perspective on the industry is second to none,” Mansueto said.

Morningstar, Inc. is a leading provider of independent investment research worldwide. The company has provided valuable insights to professionals in the mutual funds and ETFs industries. Their recent publications include a semiannual Active/Passive Barometer study – which found a general underperformance of actively managed funds compared to passive funds – and their third annual Global Guide to Strategic-Beta Exchange-Traded Products.

The company also hosts an annual ETF conference, which is currently happening this year from September 7-9 at the Hyatt Regency Chicago.

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