CHICAGO - Morningstar, Inc. (NASDAQ:MORN), a prominent provider of independent investment research with annual revenues exceeding $2.2 billion, announced today that Michael Holt will assume the role of chief financial officer starting January 1, 2025. Holt, who has been with the company since 2008, will succeed Jason Dubinsky, who is transitioning to a consulting role after his tenure as CFO concludes at the end of this year.
Holt's career at Morningstar has been marked by a series of progressive leadership roles, including his most recent positions as chief strategy officer and president of the Research and Investments group. In his new role as CFO, Holt will be responsible for leading Morningstar’s global finance organization, reporting to chief executive officer Kunal Kapoor.
Kapoor praised Holt's strategic acumen and leadership skills, noting his focus on value creation and financial accountability. He expressed confidence in Holt's ability to support the company's ongoing growth and value creation, citing his extensive operational knowledge and collaborative approach across the business.
During his tenure at Morningstar, Holt has been instrumental in shaping the company's revenue profile and expanding its capabilities through strategic capital allocation and acquisitions. He has also led the global equity research team, contributing to Morningstar’s reputation for rigorous, independent analysis.
Holt, a Chartered Financial Analyst, holds an MBA from the University of Chicago Booth School of Business and a bachelor's degree in business from Indiana University. He will continue to operate from the company's headquarters in Chicago.
Morningstar, Inc. serves a diverse clientele, including individual and institutional investors, financial advisors, asset managers, and retirement plan providers. With operations in 32 countries, the company manages approximately $328 billion in assets under management and advisement as of September 30, 2024. InvestingPro analysis shows the company trading near its 52-week high of $361.73, reflecting strong market confidence. InvestingPro subscribers have access to over 10 additional exclusive insights about Morningstar's financial outlook and market position.
This announcement is based on a press release statement from Morningstar, Inc. and contains forward-looking statements that involve risks and uncertainties. The company cautions that actual results and events may differ materially from those anticipated, and advises reviewing further disclosures in its SEC filings. For detailed financial analysis and real-time updates on Morningstar's valuation and performance metrics, visit InvestingPro.
In other recent news, Morningstar, Inc. has experienced significant developments. The company's third-quarter earnings report indicates a continued growth trajectory and margin expansion. However, the CFO, Jason Dubinsky, has announced his decision to step down at the end of the year. In analyst news, Redburn-Atlantic downgraded Morningstar from Buy to Neutral, while UBS initiated coverage with a Buy rating, indicating potential for significant earnings improvement.
In terms of mergers and acquisitions, Morningstar Wealth has entered into a strategic alliance with AssetMark, Inc., resulting in AssetMark's acquisition of approximately $12 billion in assets from Morningstar Wealth's Turnkey Asset Management Platform. The company has also maintained its quarterly dividend at 40.5 cents per share.
These are recent developments and Morningstar has also highlighted potential risks and uncertainties, such as maintaining brand reputation, mitigating cybersecurity threats, and adapting to regulatory changes. A series of investor questions and responses have been disclosed in a recent SEC filing, emphasizing the company's commitment to transparency.
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