On Wednesday, independent investment research company Morningstar (NASDAQ:MORN) announced that Chief Financial Officer Scott Cooley has decided to step down at some point later this year. Cooley will remain in the CFO's chair, however, until Morningstar has named a replacement.

Explaining the news, Chairman and Chief Executive Officer Joe Mansueto noted that Cooley has spent 17 years at Morningstar, working first as a stock analyst, and ultimately becoming CFO five years ago. He is "ready for a new challenge," however. At this time, Cooley is said to be thinking about remaining at Morningstar in a different capacity, perhaps as a researcher, or possibly returning to school to pursue a doctorate.

In other executive news, Morningstar announced that it has hired former Wall Street on Demand founder James Tanner to serve as its global head of business development and sales.

Shares of Morningstar closed up 0.7% at $65.14.

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