Research and consulting bigwig Morningstar announced Tuesday that Kunal Kapoor will take over from founder Joe Mansueto as the company’s leader effective Jan. 1, 2017.
Kapoor, 41, who currently serves as president for Morningstar, has also been appointed to Morningstar’s board of directors.
Mansueto will become executive chairman effective Jan. 1, 2017 and will continue to serve as chairman of the board. The company also said that in order to limit the number of inside directors, Don Phillips has voluntarily opted to step down from the board.
“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,” Mansueto said in a statement. “He’s a Morningstar veteran who lives and breathes our mission of creating great products that help investors reach their financial goals.”
Mansueto said his role will shift to focus more on strategy, capital allocation, advising and leading our board of directors.
Kapoor originally joined Morningstar as a data analyst in 1997 and has been president of the company since October 2015. In his current role, he is responsible for product development and innovation, sales and marketing, and driving execution and accountability across the company.
Phillips will step down from the board of directors, effective Dec. 31, 2016, and will be succeeded by Kapoor. He will continue in his role as a managing director for Morningstar, 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 added. “Don is a beloved leader in the Morningstar community, and I am grateful for his commitment to Morningstar’s success.”