Morningstar founder Mansueto to step down as CEO

Morningstar Inc., the investment research and mutual fund data firm, has promoted Kunal Kapoor to chief executive officer effective Jan. 1.

Kapoor, 41, has been president of the company since October 2015. He will also become a board member. Kapoor joined Morningstar as a data analyst in 1997.

Founder Joe Mansueto will give up the role of chief executive. He will become executive chairman of the company on Jan. 1 and continue as board chairman.

“I can’t think of a better person than Kunal to lead Morningstar as we head into the next stage of our company’s innovation and growth. He’s a Morningstar veteran who lives and breathes our mission of creating great products that help investors reach their financial goals,” Mansueto said in a news release.

Mansueto, who turns 60 this month, said his new role will focus more on strategy, capital allocation and advising Kapoor and the senior team.

“I’m looking forward to having a more flexible schedule and more time to think about investing and technology,” he said.

Don Phillips, a managing director and board member since 1999, will leave the board Dec. 31 to limit the number of inside directors.

“We have a unique opportunity to leverage our capabilities in research, data and software to solve problems for investors,” Kapoor said in a news release. “We’ll continue to invest in our workforce, expand our core strengths in design and technology, and build on our strong position in the industry. I’m committed to aligning our operations to accelerate innovation, focus on execution, and drive long-term results for our stakeholders.”

Mansueto is an investor in Wrapports LLC, which owns the Chicago Sun-Times.