Morningstar Inc.'s CEO Joe Mansueto will be about $10 million richer each year, thanks to the company's decision to double the dividend payment for stockholders. Crain's Chicago Business reported
that the company announced last week the increase in quarterly dividend payment from 5 cents per share to 10 cents.
Mansueto is the founder and as of March 1 is the largest shareholder of the investment research provider. He owns a 49.7 percent stake in the company, or 24.87 million shares in all. Crain's incorrectly reported that Mansueto will be receiving around $124.35 million per quarter or $497.4 million per year in dividends. However, Morningstar spokeswoman Margaret Cohen clarified that Mansueto's dividend payments will only jump to about $10 million, from about $5 million.
The Chicago-based company also announced that it increased the existing $100 million share-buyback plan they announced in October 2010 by $200 million. Under the program, Morningstar has bought 792,526 shares for $44.1 million of stock as of November 30.
Mansueto was the recipient of the MFWire's Lifetime Innovator Award for 2011 and was the keynote speaker at the MFWire's Influencers Summit in Boston held in October.
Correction: This story has been updated to reflect an error in Crain's Chicago original report, regarding dividend payments to its Morningstar's chief, Joe Mansueto.
Stay ahead of the news ... Sign up for our email alerts now