Kunal Kapoor was named CEO of Morningstar, effective Jan. 1, said Nadine Youssef, Morningstar spokeswoman, in an e-mail.
Mr. Kapoor will replace Morningstar founder, CEO and Chairman Joe Mansueto, who will take on the title of executive chairman and continue as chairman of the board. Mr. Mansueto has been chairman since he began the company since 1984 and served as CEO from 1984 to 1996 and since 2000.
Mr. Kapoor will retain his current title of president and will also become a member of the board of directors on Jan. 1.
“As I turn 60, I’m ready to transition to an executive chairman role,” Mr. Mansueto said in the news release. “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. As I mentioned in my memo to employees I’ll still be very involved with Morningstar, but my role will focus more on strategy, capital allocation, advising Kunal and our senior team, and leading our board of directors.”