The founder and global chief executive of Morningstar, Joe Mansueto, has resigned and will be replaced by the fund data provider’s president, Kunal Kapoor.
Mansueto will become the company's executive chairman and will also remain chairman of the board.
In a statement, Mansueto said he was ready for an executive chairman role as he approaches 60. He will remain involved in the day-to-day management of Morningstar, and will focus on strategy and capital allocation, and advising Kapoor and the firm’s senior team.
Kapoor joined Morningstar as data analyst in 1997 and steadily rose through the ranks, becoming president in October 2015. At present, he is responsible for product development and innovation, sales and marketing, and driving execution and accountability across the company.
In his new role Kapoor will also replace managing director Don Phillips on the company's board of directors. Morningstar said Phillips voluntarily opted to step down from the board, as of December 31, 2016, in order to limit the number of internal directors.
Mansueto launched Morningstar from his home in Chicago in 1984. The firm was recently valued at $3.6 billion (€3.2 billion). At launch, the company provided data on 423 funds and has grown to cover 530,000 financial vehicles.
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