Early Life and Education
Joe Mansueto was born on September 3, 1956, in Munster, Indiana. He is the son of Mario Mansueto, an Italian doctor. Mansueto graduated from Munster High School and went on to earn a bachelor's degree in Business Administration from the University of Chicago. He furthered his education at the University of Chicago, earning a Master's degree in Business Administration.
Rise to Success
In 1984, Mansueto founded Morningstar, Inc. in Chicago. He started the company with $80,000. The company went public in May 2005. He served as CEO of Morningstar from 1984 to 1996, and again from 2000 to 2017. Mansueto oversaw the company's international expansion and growth into new businesses, developing valuable intellectual property used throughout the financial industry. In 2011, his ownership of Morningstar earned him a spot on the Forbes World's Billionaires list.
Key Business Strategies
Mansueto's key strategy was to provide clear, trustworthy, and independent investment research. Morningstar's early products focused on providing detailed information about mutual funds, filling a gap in the market by offering accessible, understandable, and actionable data for average investors. The company's approach was data-driven and consumer-focused, setting a new standard in the industry. In 2016, he appointed Kunal Kapoor as CEO and became Executive Chairman.
Philanthropy
Mansueto is known for his commitment to philanthropy. In 2008, he and his wife, Rika Yoshida, pledged $25 million to expand the Joseph Regenstein Library at the University of Chicago, resulting in the Joe and Rika Mansueto Library. They also donated $35 million to the University of Chicago to found the Mansueto Institute for Urban Innovation. Mansueto signed The Giving Pledge, committing to donate the majority of their wealth to charitable causes.