William M. Lyons, the former president and chief executive officer of American Century Investments, has joined the board of directors of Morningstar and will also sit on the audit committee.

Lyons joined American Century in 1987 as assistant general counsel and laso served as general counsel, executive vice president and chief operating officer.

Before joining American Century, he was an associate at McCutchen, Doyle, Brown & Enersen, now Bingham McCutchen. Before that, he was a law clerk at the United States Court of Appeals, Ninth Circuit.

Lyons also served for more than 10 years as a member of the board of governors and executive committee of the Investment Company Institute.

“We’re pleased to welcome Bill to our board,” said Joe Mansueto, chairman and chief executive officer of Morningstar. “He brings a deep understanding of the financial services industry to Morningstar, and shares our goal of improving the investing experience.”

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