Morningstar | TransUnion CEO to Retire, Will Be Replaced Internally
TransUnion announced that CEO James Peck will retire in May 2019. He will be replaced by Christopher Cartwright, who joined the company in 2013 and currently heads its domestic credit bureau operations, which is the largest part of the business. We like that the succession appears thought-out and that the company is promoting internally. In general, we have a favorable view of stewardship at TransUnion. In our view, Peck took over a historically sleepy operation and charted an aggressive course that has resulted in strong growth and a material improvement in profitability over time. However, at this point, we think his initiatives are largely realized and a hand off in control is well timed. We think his efforts to modernize the company’s data infrastructure is his most important achievement at TransUnion, and while this continues to pay off in terms of top-line growth, the cost savings are completely achieved. Going with an internal candidate suggests that the company will largely hold to its current course. We will maintain our $68 fair value estimate and wide moat rating.TransUnion is an information and insights company. The company provides consumer reports, actionable insights and analytics such as credit and other scores, and decisioning capabilities to businesses. The company has the following reportable segments: United States Markets, which provides consumer reports, actionable insights and analytics such as credit and other scores, and decisioning capabilities to businesses; International, which provides services similar to its United States Markets segment to businesses in select regions outside the United States; and Consumer Interactive, which provides solutions that help consumers manage their personal finances and take precautions against identity theft.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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