By Dawn Rhodes | The president of Morningstar Associates, a unit of Morningstar Inc., is leaving the company next month, according to company officials.
Patrick Reinkemeyer will step down Dec. 15 but will remain as a consultant until Dec. 15, 2011.
“Patrick has decided it’s time for him to do something new,” Morningstar Chairman and CEO Joe Mansueto said in a press release. “We’re sorry to see him leave but are glad he’ll be serving as an adviser during a transition period.”
Reinkemeyer also had led Morningstar’s Investment Management division with Peng Chen. Chen has been named president all of Morningstar’s global investment management units, which now includes Morningstar Associates.
“Previously, these units operated separately,” Mansueto said. “More recently, they’ve been working more closely together, and we’re now at a point in the evolution of our business where it makes sense to combine the investment management units under one leader.”
Reinkemeyer joined the company in 1996 and became president of Morningstar Associates in 2004. According to an SEC filing, Reinkemeyer will receive $2.2 million in severance, including a $250,000 incentive bonus.
