Joe Mansueto

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Joe Mansueto
Born
Joseph Daniel Mansueto

(1956-09-03) September 3, 1956 (age 62)
ResidenceLincoln Park, Chicago, Illinois, US
NationalityAmerican
Alma materUniversity of Chicago (BA) (MBA)
Known forFounder and executive chairman of Morningstar, Inc.
Net worthUS$2.6 billion (December 2017)[1]
Spouse(s)Rika Yoshida
Children3

Joseph Daniel Mansueto (born September 3, 1956) is an American billionaire entrepreneur; the founder, majority owner and executive chairman of Morningstar, Inc.[2]

Early life and education[edit]

Joe Mansueto was born in Munster, Indiana, the son of Mario Mansueto, an Italian doctor.[3][4] He attended Munster High School[5] and graduated with a bachelor's and master's degrees in Business Administration from the University of Chicago.[6]

Career[edit]

In 1984 Mansueto founded Morningstar out of his home[4] with $80,000. Morningstar went public in May 2005.[4]

Through his company Mansueto Ventures, Mansueto purchased the financial magazines Inc. and Fast Company in June 2005.[4] He was a limited partner in the publication of the entertainment magazine Time Out Chicago from 2005 to 2013.[7]

As of June 2008, Mansueto owned about 60.4% of Morningstar common stock.[8] In 2011, his majority ownership of Morningstar gained him inclusion on the Forbes World's Billionaires list, with a net worth at time of publication of $1.6 billion.[1]

In September 2016, Morningstar announced that it had appointed Kunal Kapoor as chief executive officer, effective January 2017, with Mansueto becoming executive chairman at the same time.[9][2]

In July 2018, it was announced that Mansueto had purchased a 49 percent stake in Chicago Fire, a Major League Soccer team based in Bridgeview, Illinois.[10]

Philanthropy[edit]

In May, 2008 it was announced that Mansueto and his wife Rika pledged $25 million to the expansion of the main University of Chicago library. The new wing, called the Joe and Rika Mansueto Library, designed by Chicago-based architect Helmut Jahn opened to the public on May 16, 2011.

As of December 2010, Mansueto was the only Chicagoan on the list of American billionaires pledging to give away half of their wealth,[11] as part of The Giving Pledge by Warren Buffett.[12]

Personal life[edit]

In 1998 Mansueto married Japanese American Rika Yoshida, a Morningstar analyst.[4] They have three children and live in a newly constructed home in Lincoln Park estimated to cost $22 million to build.[13] Mansueto keeps strict work hours, 8:30 a.m. to 5 or 6 p.m., with an occasional Saturday at the office. Mansueto's younger brother John died in 2003 of West Nile virus.[4]

References[edit]

  1. ^ a b "Joseph Mansueto - Forbes". March 9, 2011. Retrieved May 16, 2011.
  2. ^ a b Yerak, Becky. "Kapoor to replace billionaire founder Mansueto as Morningstar CEO".
  3. ^ Matthews, Dave Lee. "Morningstar's Joe Mansueto lists Magnificent Mile condo". Chicago Real Estate Daily. Crain's Chicago Business. Retrieved 25 May 2015.
  4. ^ a b c d e f "The Quiet Billionaire". Chicago Magazine. Retrieved 17 July 2018.
  5. ^ Janet Kidd Stewart (14 October 2012). "Executive Profile: Joe Mansueto, founder of Morningstar Inc". Chicago Tribune. Retrieved 17 January 2014.
  6. ^ "Joe Mansueto". Bloomberg Business. Bloomberg LP. Retrieved 25 May 2015.
  7. ^ "Mansueto to sell Time Out Chicago".
  8. ^ "Stock Ownership of Joe Mansueto".
  9. ^ "Morningstar U.S. - News Archive".
  10. ^ Bannon, Tim (July 11, 2018). "Chicago billionaire Joe Mansueto buys 49 percent stake in Fire". Chicago Tribune. Retrieved July 11, 2018.
  11. ^ "Mansueto answers Buffett's collect call". Chicago Tribune. December 10, 2010.
  12. ^ "Joe Mansueto on Morningstar, Warren Buffett, the Financial Collapse, and More (posted Dec. 10, 2010)".
  13. ^ "Status Update: The $22 Million Mansueto Mansion Off Lincoln Park - The Chicago Architecture Blog".