Joe Mansueto: Top Of The MorningstarPallavi Gogoi
After a two-year hiatus, Joe Mansueto is back in the top job at Morningstar. "We need a different Internet business plan" that reflects the market, says Mansueto, the 44-year-old founder and majority owner of the Chicago-based fund researcher.
Mansueto, who started Morningstar from his living room in 1984, took time off to think more deeply about his business. He was chairman until Dec. 8, when he replaced Don Phillips, who was demoted from CEO to managing director. Under Phillips, Morningstar struggled to capitalize on the Net revolution and posted a loss last year. This year, Morningstar expects revenues of $69 million. Although just shy of its $71 million target, that's up about 26% from $51 million last year. Mansueto expects double-digit growth in 2001 and hopes to take a "path to profitability." He plans to slash the spending splurge that came after he sold a 20% stake to Tokyo-based Softbank for $91 million. Morningstar is expected to move aggressively on the Net with paid investment advice.