Joe Mansueto

Last updated

Joe Mansueto
Born
Joseph Daniel Mansueto

(1956-09-03) September 3, 1956 (age 67)
Munster, Indiana, U.S.
Education University of Chicago (AB, MBA)
Known forFounder, majority owner and executive chairman of Morningstar, Inc.
Owner of Chicago Fire FC and FC Lugano
SpouseRika Yoshida
Children3

Joseph Daniel Mansueto (born September 3, 1956) is an American billionaire entrepreneur; the founder, majority owner and executive chairman of Morningstar, Inc. [1] he is also the owner of Major League Soccer club Chicago Fire FC [2] and Swiss Super League club FC Lugano. [3]

Contents

Early life and education

Joe Mansueto was born in Munster, Indiana, the son of Mario Mansueto, an Italian doctor. [4] [5] He attended Munster High School [6] and graduated with a bachelor's and master's degrees in Business Administration from the University of Chicago. [7]

Career

In 1984, Mansueto founded Morningstar out of his home [5] with $80,000. Morningstar went public in May 2005. [5]

Through his company Mansueto Ventures, Mansueto purchased the financial magazines Inc. and Fast Company in June 2005. [5] He was a limited partner in the publication of the entertainment magazine Time Out Chicago from 2005 to 2013. [8]

As of June 2008, Mansueto owned about 60.4% of Morningstar common stock. [9]

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. [10] [1]

In July 2018, it was announced that Mansueto had purchased a 49 percent stake in the Chicago Fire, a Major League Soccer team based in Bridgeview, Illinois. [11] On September 13, 2019, it was announced that Mansueto had acquired full control of the Fire from Andrew Hauptman ahead of the club's move to Soldier Field. [12]

In August 2021, it was announced that Mansueto had purchased FC Lugano, a soccer team competing in the Swiss Super League, and that they would work with Chicago Fire, interchanging players when needed. [3]

In 2024, his majority ownership of Morningstar gained him inclusion on the Forbes World's Billionaires list, with a net worth at time of publication of $6.7 billion. [13]

Philanthropy

In May 2008 it was announced that Mansueto and his wife Rika pledged $25 million to the expansion of the Joseph Regenstein Library at the University of Chicago. The new wing, called the Joe and Rika Mansueto Library and designed by Chicago-based architect Helmut Jahn, was completed 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, [14] as part of The Giving Pledge started by Warren Buffett. [15]

In the spring of 2016, Mansueto and his wife Rika announced a donation of $35 million to found the Mansueto Institute for Urban Innovation, a part of the University of Chicago committed to advancing urban science through interdisciplinary scholarship. [16]

Personal life

In 1998, Mansueto married Japanese-American Rika Yoshida, a Morningstar analyst. [5] They have three children, Jenna, Daniel, and Johnny, [17] and live in a home in Lincoln Park, Chicago that cost an estimated $22 million to build. [18]

Mansueto's younger brother John died in 2003 of West Nile virus. [5]

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References

  1. 1 2 Yerak, Becky (September 6, 2016). "Kapoor to replace billionaire founder Mansueto as Morningstar CEO". Chicago Tribune .
  2. ↑ Mikula, Jeremy (September 16, 2019). "How MLS helped steer Joe Mansueto to become the Chicago Fire owner — and why he "loves" the team's name". Chicago Tribune .
  3. 1 2 "Chicago Fire FC Owner and Chairman Joe Mansueto Purchases Swiss Super League Club FC Lugano | Chicago Fire FC". chicagofirefc.
  4. ↑ Matthews, Dave Lee (October 31, 2013). "Morningstar's Joe Mansueto lists Magnificent Mile condo". Chicago Real Estate Daily. Crain's Chicago Business. Retrieved May 25, 2015.
  5. 1 2 3 4 5 6 "The Quiet Billionaire". Chicago Magazine. Retrieved July 17, 2018.
  6. ↑ Janet Kidd Stewart (October 14, 2012). "Executive Profile: Joe Mansueto, founder of Morningstar Inc". Chicago Tribune . Retrieved January 17, 2014.
  7. ↑ "Joe Mansueto". Bloomberg Business. Bloomberg LP. Retrieved May 25, 2015.
  8. ↑ "Mansueto to sell Time Out Chicago". Crain's Chicago Business. March 19, 2013.
  9. ↑ "Stock Ownership of Joe Mansueto".[ permanent dead link ]
  10. ↑ "News Archive | Morningstar, Inc". newsroom.morningstar.com.
  11. ↑ Bannon, Tim (July 11, 2018). "Chicago billionaire Joe Mansueto buys 49 percent stake in Fire". Chicago Tribune. Retrieved July 11, 2018.
  12. ↑ "Chicago Fire announce ownership change and relocation". mlssoccer.com. September 13, 2019. Retrieved October 26, 2019.
  13. ↑ "Joseph Mansueto - Forbes" . Retrieved July 30, 2024.
  14. ↑ "Mansueto answers Buffett's collect call". Chicago Tribune. December 10, 2010.
  15. ↑ "Joe Mansueto on Morningstar, Warren Buffett, the Financial Collapse, and More (posted Dec. 10, 2010)".
  16. ↑ AvenueChicago, The University of ChicagoEdward H. Levi Hall5801 South Ellis; Us, Illinois 60637773 702 1234 Contact (March 9, 2016). "University launches Mansueto Institute for Urban Innovation". The University of Chicago.{{cite web}}: CS1 maint: numeric names: authors list (link)
  17. ↑ "Parker Welcomes New Board President". May 18, 2018.
  18. ↑ "Status Update: The $22 Million Mansueto Mansion Off Lincoln Park". November 21, 2012.
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