Joe Mansueto

Joe Mansueto
Born Joseph Daniel Mansueto
(1956-09-03) September 3, 1956
Munster, Indiana, US
Nationality American
Education Munster High School
Alma mater University of Chicago
Known for Founder and CEO of Morningstar, Inc.
Net worth US$2.2 billion (September 2015)[1]

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

Early life and education

Joe Mansueto was born in Munster, Indiana, the son of Mario Mansueto, an Italian doctor.[2][3] He attended Munster High School[4] and graduated from with bachelor's degree in Business Administration from the University of Chicago and a master's degree in Business Administration from the University of Chicago Graduate School of Business.[5]

Career

In 1984, Mansueto founded Morningstar out of his home[3] with $80,000. Morningstar went public in May 2005.[3]

Mansueto purchased the financial magazines Inc. and Fast Company in June 2005.[3] He was a limited partner in the publication of the entertainment magazine Time Out Chicago from 2005 to 2013.[6]

As of June 2008, Mansueto owned about 60.4% of Morningstar common stock.[7] 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]

Philanthropy

Rather than going on boards, Mansueto prefers to just chat with people to help with a specific task. "It's a better use of my time, rather than sitting through long board meetings," Mansueto has said.[8] 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,[9] as part of The Giving Pledge by Warren Buffett.[10]

Personal life

In 1988, Mansueto married Japanese American Rika Yoshida, a Morningstar analyst. She has said it took her five dates to realise he was genuinely "nice and kind", rather than being on his best behavior while they got to know each other.[8] They have three children and live in a newly constructed home in Lincoln Park estimated to cost $22 million to construct.[11] Mansueto keeps strict work hours, 8:30 a.m. to 5 or 6 p.m., with an occasional Saturday at the office. He enjoys early morning jogs along Lake Michigan and reading the occasional annual report. Mansueto's younger brother John died in 2003 of West Nile virus.[3]

References

  1. 1 2 "Joseph Mansueto - Forbes". March 9, 2011. Retrieved May 16, 2011.
  2. ↑ Matthews, Dave Lee. "Morningstar's Joe Mansueto lists Magnificent Mile condo". Chicago Real Estate Daily. Crain's Chicago Business. Retrieved 25 May 2015.
  3. 1 2 3 4 5 "The Quiet Billionaire".
  4. ↑ Janet Kidd Stewart (14 October 2012). "Executive Profile: Joe Mansueto, founder of Morningstar Inc.". Chicago Tribune. Retrieved 17 January 2014.
  5. ↑ "Joe Mansueto". Bloomberg Business. Bloomberg LP. Retrieved 25 May 2015.
  6. ↑ Mansueto to sell Time Out Chicago
  7. ↑ "Stock Ownership of Joe Mansueto".
  8. 1 2 Janet Kidd Stewart (October 15, 2012). "Morningstar founder turned mutual fund data processor into megamart for investment information". Chicago Tribune. Retrieved January 6, 2014.
  9. ↑ "Mansueto answers Buffett's collect call". Chicago Tribune. December 10, 2010.
  10. ↑ "Joe Mansueto on Morningstar, Warren Buffett, the Financial Collapse, and More (posted Dec. 10, 2010)".
  11. ↑ http://www.chicagoarchitecture.org/2012/11/21/status-update-the-22-million-mansueto-mansion-off-lincoln-park/
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