Staff Directory 10645186

Patrick Kennedy

Reporter | Business, Research
Phone: 612-673-7926
Location: Minneapolis
Other languages: None

Business reporter Patrick Kennedy covers executive compensation and public companies. He has reported on the Minnesota business community for more than 20 years.

Kennedy also has written about nonprofit organizations and mergers and acquisition activity.
Recent content from Patrick Kennedy
Employees of a Plymouth-based insurance company will now be shareholders as well

Employees of a Plymouth-based insurance company will now be shareholders as well

Parent company Integrity Marketing shared $50 million in past profits with its employees and is making them new shareholders.
DTN meteorologists do forecast work at an office in Norman, Okla.

Burnsville company is one of the world's leaders in weather information

DTN has had a few owners but now has the capital to make acquisitions, increase business.
Patterson headquarters in Mendota Heights. (GLEN STUBBE/Star Tribune)

Patterson top performer among Minnesota stocks after better-than-expected quarter

Shares of the Mendota Heights-based provider of supplies to dental and veterinary markets rose more than 14% in trading on Thursday, closing at $23.10 per share
Brian Johnson, left, and Dave Buhl co-founded ProServ Logistics. They worked together at Fortune 500 company C.H. Robinson Worldwide.

'Long game' starting to pay off for logistics startup ProServ

Now five years in, the startup company has momentum.
Sleep Number headquarter in downtown Minneapolis (AP Photo/Jim Mone)

Competitor accuses Sleep Number of unfairly controlling search-engine results

Sleep Number accused of suppressing web searches.
Bob Biesterfeld, CEO of C.H. Robinson, said the company sees an eventual $70 billion market, encompassing close to 2 million companies, for products l

Eden Prairie's C.H. Robinson launches product aimed at increasingly complex logistics needs for smaller businesses

Freightquote by C.H. Robinson will assist smaller companies facing complexities.
Faegre Baker Daniels is in merger talks with a big Philadelphia firm.

Possible Faegre Baker Daniels merger would form one of nation's top 50 law firms

Resulting law firm would be in the nation's Top 50.
CEO Ron Konezny of Digi International.

Hopkins internet of things company making $140M acquisition

Digi International is buying Opengear, a New Jersey company whose customers include Target and Best Buy.
A shareholder is trying to stop the delisting of Plymouth-based Tile Shop, a chain of 140 home improvement retail stores. The shareholder says the mov

Shareholder sues to stop Tile Shop delisting that is set for Friday

Shareholder says founder is tanking shares, asks court to halt "going dark."
The shake-up in the senior management office continues at BBQ Holdings Inc., the Minnetonka-based barbecue restaurant owner and franchiser that, until

BBQ Holdings, the company formerly known as Famous Dave's, is seeking a new CFO

The barbecue chain is searching for its fourth financial chief since 2014.
Shipping has hit a downcycle, the latest results from C.H. Robinson show. The company's shares fell sharply Wednesday on the news.

Freight slowdown erodes profit at C.H. Robinson; stock falls sharply

The logistics firm reported a slowdown in American trucking and tariff-affected drops in air and ocean freight.
Ameriprise Financial headquarters in downtown Minneapolis.

Market uncertainty helped Ameriprise's advice and wealth-management unit

Minneapolis-based Ameriprise Financial has capitalized, seeing an 8% increase in profits for the quarter ended Sept. 30.
Tile Shop Holdings Inc. CEO Cabell Lolmaugh.

Plymouth's Tile Shop plans to delist shares from Nasdaq

The Plymouth company's shares fell by two-thirds after the announcement.
Shelly Ibach, Sleep Number president and CEO.

Minneapolis-based Sleep Number to refresh smart-bed lineup in 2020

Sleep Number's smart-bed lineup will get a refresh in the second half of 2020.CEO Shelly Ibach told analysts during the company's earnings call that while…
Angler Terry Bolton at a recent tournament hosted by Fishing League Worldwide. The tournament company, also known as FLW, was sold to Major League Fis

Six months after Irwin Jacobs' death, his fishing tournament firm is sold

Major League Fishing buys late Minnesota businessman's Fishing League Worldwide.
Donaldson CEO Tod Carpenter

CEO Pay Watch: Donaldson's Tod Carpenter earned almost $9M last fiscal year

While Carpenter's bonus was less, his stock awards are worth more than previous year.
Don Smithmier of GoKart Labs, which was acquired by Chicago-based West Monroe Partners.

Minneapolis digital firm GoKart Labs acquired

West Monroe Partners, which already has 60 local employees, will combine the two operations in new space.
Deluxe Corp President and CEO Barry McCarthy at the company’s Shoreview headquarters.

New Deluxe CEO focuses on solidifying shift away from legacy check business

Shoreview-based Deluxe has been known for paper checks, but continues to grow its suite of services.
Weldon Spangler, former head of Papa Murphy’s pizza, is the new CEO of Lift Brands, which owns several fitness franchises including Snap Fitness and

Former CEO of Papa Murphy's pizza will now lead Snap Fitness

Onetime Papa Murphy's executive named new leader of Lift Brands, which owns Snap.
H.B. Fuller will realign its business from five to three units.

St. Paul's H.B. Fuller to realign business units to respond to customers more quickly

The reorganization was announced along with third quarter results in which sales were down.
“I’m truly failing healthwise both physically and mentally.” Irwin Jacobs’ note

Inheritance fight lays bare decades of tension in Jacobs family

The fight spilled into the open last week after lawyers for daughter Randi Jacobs won a temporary court order stopping her brother Mark and other siblings from conducting an estate sale at their parents' Lake Minnetonka home.
The fight among Irwin Jacobs' children broke into the open last weekend after a court order was obtained to stop an estate sale at their parents’ La

Son says Irwin Jacobs left more than $110 million in debts

Siblings hold differing views about the size of estate, which has led to a court battle.
Bob Biesterfeld, CEO of C.H. Robinson.

Eden Prairie's C.H. Robinson pledges to spend $1B over five years on technology

The Eden Prairie-based company invested $1 billion in technology over the previous 10 years, so this doubles the company's investment pace.
A Minnesota Vikings themed food truck was produced by the specialty vehicles division of Winnebago Industries. The company on Monday said it was acqui

Winnebago Industries to buy luxury RV maker for $344M

Winnebago, which is based in Forest City, Iowa, but managed out of Eden Prairie, is expanding its portfolio of premium recreational vehicles by acquiring Newmar Corp., based in Indiana.
Melissa Barra, senior vice president and chief sales, services and strategy officer at Sleep Number, was named one of the 50 most powerful Latinas in

Sleep Number's Melissa Barra: Diversity important to bake into corporate culture

Melissa Barra was named one of the 50 most powerful Latinas in business by the Association for Latino Professionals for America. As Sleep Number’s senior…
Workers test filtration equipment at Donaldson's plant in Bloomington in this file photo.

Bloomington-based Donaldson expects 'uneven' demand for its filters because of trade uncertainty

Filtration giant boosts R&D to increase profit margins as buyers grow more cautious.
Augeo CEO David Kristal said it is a perfect time in the industry for his company to purchase MotivAction.

Two Twin Cities employee engagement companies merging to form $350M firm

Augeo acquires MotivAction as companies are looking more broadly at their missions.
APi CEO Russell Becker praised J2, which will close on the acquisition this year, as a partner because it is “used to running multibrand businesses.

One of Minnesota's largest private firms to be acquired for $2.9 billion

New Brighton-based company will be publicly traded when J2 Acquisition Ltd. takes over.
Patterson Companies' headquarters in Mendota Heights. (GLEN STUBBE/Star Tribune)

Now that Mendota Heights' Patterson Cos. saw earnings increase, sales are down

Supplier of veterinary and dental products is working a 3-year plan.
Regis is transitioning to a full franchise model for its salons. Pictured is a file photo of the salon in downtown Minneapolis.

Edina-based Regis selling rest of company-owned salons

Edina-based company plans to sell almost all its remaining corporate-owned stores.
Archie Black, president and CEO of SPS.

Minneapolis-based SPS Commerce buys longtime business partner for $11.5 million

"As far as deals go, it was one of the easier to do just because we knew the people so well and they knew us," SPS's Archie Black said of purchasing the Mapadoc EDI division.
CFO Tom Donnelly stood atop the Baker Center, where Merrill Corp. will consolidate next spring.

Merrill Corp., once a specialized printing company, is now centered on M&A software

It has divested its legacy printing companies to invest in the faster-growing suite of M&A data services.
Sales of Ditch Witch and other Charles Machine Works brands helped drive Toro's quarterly revenue up nearly 30%.

Toro's quarterly sales up nearly 30% thanks to its largest-ever acquisition

Acquisition of Charles Machine Works brands helped drive the increase.
Target Corp. shares were on track for their biggest one-day gain Wednesday. File photo of Target CEO Brian Cornell during a TV interview on the floor

By the numbers: Target's exceptional day on the market

Target's investors have never had a day like Wednesday.
The headquarters of Alerus Financial Corp. in Grand Forks, N.D.

Grand Forks banking company, with large Twin Cities presence, files for IPO

Financial-services company is raising money to accelerate expansion, add acquisitions.
A new study found growth in CEO pay since 1978 far exceeds that of private-sector workers.

CEO pay in last four decades grew 940.3% while average worker's increased 11.9%

Over the same time period, the pay of an average worker has increased 11.9%.
Several dozen top executives of publicly-traded companies from Minnesota and elsewhere met with Twin Cities investors and analysts Wednesday. Pictured

On rough day for stocks, Minnesota's top execs make pitches to local investors

Top executives from about 40 Minnesota-based companies pitched their strategies for getting through the next year.
Craig Dahl, president and CEO of TCF.

CEO: Keeping growth momentum biggest challenge in TCF-Chemical merger

Now that the merger is completed, CEO Craig Dahl says combining two successful operations without slowing progress is key.
“Both John and his wife were great citizens of the community,” Peter Heegaar said.

John Greenman, World War II bomber pilot who got Northwestern National Bank back up after massive fire, dies at 96

By the Monday morning after the big 1982 blaze, Greenman had found an office for everybody in the bank building.
Bob Biesterfeld, CEO of C.H. Robinson (Brian Peterson/Star Tribune)

C.H. Robinson expects 'soft' freight market for rest of year

Amid softer demand for its transportation services, Eden Prairie-based C.H. Robinson reported an 8% increase in its second-quarter earnings per share.The third-party logistics firm earned…
3M announced it would acquire Acelity of Texas, a health care equipment firm, in a deal valued at $6.7 billion.

M&A deals just keep on coming in Minnesota, U.S., but fewer since 2015

It's not as frothy as a few years ago, but a resilient economy keeps the buying and selling churning.
Sleep Number headquarters in downtown Minneapolis.

Bedmakers like Sleep Number beneficiaries of China trade dispute

Sleep Number shares surged in after-hours trading after it reported better-than-expected second quarter earnings after the market closed.
Xcel Energy's Ben Fowke, shown here with regional vice president Laura McCarten, is the third-highest paid CEO in Minnesota in this year's Star Tribun

More Minnesota companies tying environmental, social goals to executive pay

Executive pay more often being tied to 'ESG' goals
Piper Jaffray is buying Sandler O’Neill and Partners. (Provided by Piper Jaffray)

Jaffray will soon disappear from the Piper Jaffray name

The Piper Jaffray name has been a vital part of Minnesota business history for more than 100 years. But before that name emerged as one…
Vista Outdoors sold its firearms brands to concentrate on ammunition and accessories, including subsidiary Federal Cartridge.

Anoka-based outdoors company sells its firearms brands for $170M

Vista Outdoor is making the moves in a restructuring plan, including consolidation of its headquarters in the Twin Cities.
Tactile Medical executive Wade Zander and CEO Jerry Mattys have presided over one of the best medical-technology IPOs.

Trade winds, economic uncertainty can't derail U.S., Minnesota stock market gains

At midyear, the resilient market is continuing to push all-time highs.

Ownership of Grand Rapids-based ASV to switch hands in $70.7 million deal

Investors in the company based in Grand Rapids will get $7.05 per share from Yanmar affiliate.
Morrie's Inver Grove Mazda is part of Morrie's Automotive Group.

Morrie's Automotive Group names former AutoNation executive as CEO

Lance Iserman had been COO at the largest public auto group in the U.S.
Epoch Lacrosse founder and CEO James Miceli with some of his finished carbon fiber lacrosse sticks, in the company's Roseville facility.

Epoch Lacrosse on pace to produce $15 million in annual revenue

Fast-growing firm attracted the attention of buyers, but CEO James Miceli has rebuffed offers.
Shelly Ibach, Sleep Number president and CEO discussed how she navigated the grieving process after the death of her husband in fall 2017.

Sleep Number CEO Shelly Ibach on how important sleep is to the grieving process

The science that Sleep Number has used in marketing its beds is not just part of a report to CEO Shelly Ibach. She has started…
Deluxe CEO Barry McCarthy

Deluxe Corp.'s North American employees all being granted company stock

New CEO Barry McCarthy wants workers at Shoreview-based firm to think more like owners.
H.B. Fuller is headquartered in St. Paul. (Provided photo)

St. Paul-based H.B. Fuller selling Georgia unit for $71 million

It is part of the St. Paul company's plan to shed nonstrategic acquisitions.

Bio-Techne acquires Minneapolis-based gene-editing startup

B-MoGen, developed at the U, joins the company's growing collection.
Shares in Donaldson fell after the company reported an order dropoff as the auto sector's slowdown impacted its latest quarterly results.

Slowdown in off-road sector hits Donaldson

Orders plunged late in the quarter for Bloomington-based muffler and filter producer.
Minnesota's 4 largest member-owned firms add depth, diversity to state's economy

Minnesota's 4 largest member-owned firms add depth, diversity to state's economy

There are more ways for companies to have shareholders other than trading on a major stock exchange. And if you use a broadened definition, as…
Piper Jaffray is selling its asset management business.

Piper Jaffray sells asset-management business in deal worth at least $60M

Financial-services company is selling subsidiary in two pieces.

Bodies recovered from St. Croix River near Stillwater and Pickerel Lake in St. Paul

Details of what happened are not known.
Toro signed a multiyear agreement with the Minnesota United to be the turf maintenace supplier at Allianz Field.

Bloomington-based Toro's revenue rises, but profits take a hit in Q2

The Bloomington-based company's profits took a hit in the second quarter.

CoreLogic closing Bloomington office, affecting 184 jobs

The move is part of a restructuring for the California-based company, and some employees may be able to apply for jobs elsewhere in the company.
Rendering of Donaldson Co.'s new $15 million R&D center in Bloomington.

Donaldson breaks ground on $15M R&D center in Bloomington

$15M center should be operational next year.
Seasonal construction jobs upped the state's employment picture in April. Pictured is construction of the Vicinity Apartments in Minneapolis.

Seasonal construction boosts Minnesota monthly job growth

Minnesota companies have erased first-quarter job losses, adding 3,600 positions in April, the state said.

Doug Nelson, whose Brin Glass had a role in skyways and IDS Center, dies at 74

He long credited his business successes to good partners and employees.
Tennant, which makes cleaning equipment and supplies, was the latest manufacturer locally to report sluggish sales in the first quarter.

Golden Valley-based Tennant reported increased profits, but with sluggish sales

The maker of cleaning equipment and supplies said despite results, focus on expanding margins and earnings beginning to show progress.
Ameriprise Financial headquarters in Minnespolis. (Star Tribune file photo)

For second year, shareholders say no to Ameriprise's executive-compensation plan

It is rare for a company to lose the vote two years in a row, according to a firm that tracks the say-on-pay votes.
Many investors still shy about putting money into climate change, social equality

Many investors still shy about putting money into climate change, social equality

They are shy about putting money into climate change, social equality.
Ameriprise Financial headquarters in Minnespolis.

After a slow start, Ameriprise ends Q1 with solid numbers

The rocky stock markets affected client volume and growth of funds.
Sleep Number headquarters in downtown Minneapolis.

Minneapolis-based Sleep Number stock price takes a dive

The drop came a day after the company reported quarterly revenue that was slightly below expectations.

H.B. Fuller says it put tax cut to work for employees' health insurance

St. Paul company pays its workers for part or all of their health premiums.
Fastenal, always the first Minnesota company to report results in a calendar quarter, said its profit rose 11% during the first three months of 2019.

Winona-based Fastenal continues 2018 upward roll into this year

On-site sales still drive the industrial supply distributor's growth.
Tennant benefits from nationwide push to upgrade Walmart stores with new technology

Tennant benefits from nationwide push to upgrade Walmart stores with new technology

Giant retailer buying hundreds of autonomous cleaning machines.

CEO Paywatch: Archie Black, SPS Commerce Inc.

Black and other executives at Minneapolis-based SPS Commerce earned the maximum annual cash incentive award for the year.
Ameriprise Financial headquarters in Minnespolis. Star Tribune file photo

Ameriprise sells auto and home insurance business for $1.05 billion

Mpls. firm is reshaping itself, selling its home and auto insurance arm to American Family.
Xcel Energy CEO Benjamin Fowke

CEO Pay Watch: Benjamin Fowke III of Xcel Energy Inc.

Most of Fowke's compensation, $22 million worth, came from previously issued restricted stock awards.
Mike Roman became chief executive officer of Maplewood-based 3M last July.

In first year as CEO, 3M's Michael Roman got $5.2 million

Michael Roman, 3M Co. CEO Total compensation: $5,195,051 for the year ended December 31, 2018 Salary: $1,049,976 Non-equity incentive pay: $1,431,503 Other compensation: $141,771…
Augeo CEO David Kristal

Augeo adds option for people to use reward points for charitable donations

St. Paul-based Augeo is partnering with a global nonprofit organization to take employee loyalty and reward points and turn them into charitable donations. Many companies…