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Munster native and Munster High School graduate Joe Mansueto, one of the most successful businessmen ever to emerge from Northwest Indiana, will step down as CEO from the investment firm he founded next year.

On Jan. 1, Mansueto will become executive chairman of Morningstar, a leading independent investment research firm with offices in 27 countries and $185 billion in assets under advisement. He will continue to serve as chairman of the board.

“As I turn 60, I’m ready to transition to an executive chairman role. 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,” Mansueto said. “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. I’ve given this change a lot of thought over the past year, and I’m looking forward to having a more flexible schedule and more time to think about investing and technology.”

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Morningstar President Kunal Kapoor will replace Mansueto, a major donor to Munster schools, as chief executive officer.

“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. “Kunal He’s a Morningstar veteran who lives and breathes our mission of creating great products that help investors reach their financial goals. He has a breadth of experience across nearly every area of Morningstar—including research, data and software products, and investment management. Kunal has a unique ability to bring people together to help solve problems for investors.” and I’m confident that his energy and management talent will help us drive operational excellence and future growth.”

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.