Morningstar replaces chief Don Phillips

Morningstar has brought in its original founder, Joe Mansueto, to replace Don Phillips as chief executive of the US-based business.

The change of personnel comes at a time when research house faces making a loss for the current year.

Don Phillips, perhaps the best known figure of Morningstar, will now fill the role of managing director, according to the company.

While Phillips will continue to play a role in the top management team, he will also be responsible for communication related operations, such as investor relations, media relations and creation and implementation of strategy.

Other managing directors working with Phillips are former president of the international division Tao Huang; previous company president Tim Armour; and Tom Florence, who was previously head of institutional services.

Mansueto stresses that the move was "certainly not a knock on Don". He says that the reasons for the change stem from his intentions to be more involved in the company's plans on a day-to-day basis, and foresees "incredible growth" ahead for the research house.

Mansueto does, however, acknowledge the losses the company made this year, but he believes they are a necessary outcome of the company's aggressive marketing campaign to graft new business.

And with the market returning to an emphasis on earnings after the spectacular fall of dotcom-related stocks, it is time to refocus Morningstar's goals, Mansueto says.