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
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.
Nelson

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.
Black

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…
Andrew Clarke, chief financial officer of C.H. Robinson, is leaving the Eden Prairie based company effective Monday.

C.H. Robinson CFO Andrew Clarke is leaving the company

No replacement has been named for Andrew Clarke, as the leadership transition proceeds.
Retired Deluxe CEO Lee Schram

CEO Pay Watch: Deluxe's Lee Schram, who retired in November, made $11.7 million last year

Most of Schram's pay came from exercising stock options.
Thrivent Financial’s investment division will move to six floors in the AT&T Tower in downtown Minneapolis a few blocks from the company’s future

Thrivent moving investment division to six floors of AT&T Tower in downtown Minneapolis

When Thrivent Financial moves into its new corporate headquarters next year, its investment division will move into space of its own.The 300-member team, which includes…
The maker of industrial cleaning equipment plans to move 500 people from its current headquarters to an office complex in Eden Prairie that will be re

Tennant is moving its headquarters from Golden Valley to Eden Prairie

The company will keep its main manufacturing plant in Golden Valley
Edward Doyle “Pete” Zimmer, one of the 13 original employees at Control Data Corp., died in February at age 93.

Edward Doyle "Pete" Zimmer, Control Data computing pioneer, dies at 93

The last survivor of that earliest group, Zimmer had a badge number of 13.
C.H. Robinson's acquisition of Space Cargo Group will expand its freight forwarding division. (Provided photo)

Eden Prairie-based C.H. Robinson acquires Spanish cargo company

The acquisition for $48 million will allow company to extend its reach into Spain and Colombia.
Patterson Companies Mendota Heights, Minnesota headquarters. (GLEN STUBBE/ gstubbe@startribune.com)

Mendota Heights-based Patterson's dental unit shows growth in Q3

Both the company's dental and animal health units saw revenue grow.
The Ed Napleton Auto Group has bought the Lexus dealerships in Wayzata and Maplewood. (AP Photo/Paul Sancya)

Minnesota's two Lexus dealerships, in Wayzata and Maplewood, have been sold

The Ed Napelton Auto Group is acquiring Village Automotive Group, which owns Lexus dealerships in Wayzata and Maplewood and Village Chevrolet.
Minnesota United owner William McGuire recognized early that partnering with global giant Allianz on the stadium would bring many benefits.

Minnesota United's stadium in St. Paul will be the eighth bearing Allianz's name

The German company is associated with soccer and rugby venues from Munich to Sydney and Vienna.
Golden Valley-based Tennant turned a profit in 2018 after posting a loss the year before. (GLEN STUBBE/gstubbe@startribune.com)

Golden Valley-based Tennant is making money again

Company posted stronger-than-expected results, leading to a yearly net income of $133M.
Heavy snow in some regions of the U.S. helped boost sales for Toro, which counts snow throwers among its products.

Snow may be tiresome for many, but it means big boost in profits for Bloomington-based Toro

The Bloomington-based company said sales were up 10 percent in its first quarter.
A Chuck & Don's pet store in North Oaks.

Minnesota-based Chuck & Don's pet-food chain sold to private-equity investors

New owners say they will retain the chain's 494 employees.
Bob Biesterfeld, new CEO of C.H. Robinson Worldwide Inc.: Employees should expect “that I’ll be committed to our culture and to ensure that C.H. R

Next C.H. Robinson CEO says technology is transforming freight business

Bob Biesterfeld faces a number of challenges brought about by technological changes in the trucking and shipping industry, including increased digital competition.