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
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.
CEO Shelly Ibach said she expects Sleep Number’s positive run to continue.

Sleep Number more than doubles earnings per share in fourth quarter

The results, which were released after the markets closed Wednesday, had Sleep Number shares up more than 10 percent in aftermarket trading.
Bob Biesterfeld, chief operating officer of C.H. Robinson, will become CEO on May 9.

Eden Prairie-based C.H. Robinson names new CEO

Bob Biesterfeld, now the COO, will be taking over for John Wiehoff in May.
Cub Foods, owned by Supervalu, opened a store in Oakdale in 2016. United Natural Foods bought Supervalu in 2018 for $2.8 billion in one of the state�

Market for big mergers slumps in 2018 as action shifts to small firms

High-profile deals slumped in 2018, but overall volume held firm.
Toro's Richard Olson

CEO Pay Watch: Toro's Richard Olson

Richard Olson,  The Toro Co. chairman, president, CEO Total compensation: $2,829,831 for the year ended Oct. 31 Salary: $875,000 Non-equity incentive pay: $918,803 Other compensation:…

Minnesota investment star Proto Labs stumbles; shares fall 22% after profit miss

An acquisition proved disappointing and an equipment move dampened efficiency at the end of 2018.

Old National laying off 83 Minnesota workers after Klein merger

The Indiana-based bank notified the state of the move as it integrates Klein into its network.
A person waves for a photo from behind frozen Minnehaha Falls Saturday, Feb. 2, 2019, in Minneapolis.

Minnesotans take advantage of the thaw to get outdoors

The window was short as fog moved in and the next few days are expected to be a mixed bag of weather.
Stuart Lee, a co-owner of a paddle-making company, successfully launched his new kayak business through Indiegogo.

With a successful Indiegogo campaign, Minneapolis company launching new pedal-driven kayak

Stuart Lee used one of the largest Indiegogo campaigns in Minnesota to fund his firm's Strike kayak

Volatile stock market presented challenges for Minneapolis-based Ameriprise

While the company met expectations, net revenue was nearly flat.
Pentair's adjusted per-share earnings rose 15 percent in the last three months of 2018.

Pentair's earnings are better than expected

The company completed its first year as a stand-alone water company.
Paul Leavitt banked at the TCF branch on W. 50th St. Monday afternoon.

Road to TCF-Chemical Financial merger began in 2015

TCF, Chemical officials have been keeping an eye on each other since 2015
TCF Bank CEO Craig Dahl.

TCF merges with Detroit bank Chemical Financial

The merger of equals transaction will create a financial services company with $34 billion in total and 500 branches across nine states, primarily in the Midwest. The HQ will be in Detroit.
Dana and Cynthia House were in a fatal car crash Jan. 14 on their way to Goodyear, Ariz. Both were 71, and they had been married since 1968. A promine

Entrepreneurs Dana House, Cynthia House were devoted to service

In 50 years of marriage, Dana and Cynthia (Walstrom) House built a family, started businesses and gave selflessly to others both locally and internationally. Former…
Shelly Ibach, Sleep Number president and CEO, hopes the NFL initiative will yield data to help players’ health and wellness through improved sleep.

Minneapolis-based Sleep Number betting big on its 'innovative' NFL partnership

The cornerstone of the agreement was a plan to give the new 360 Smart Beds to all eligible players in the league in 2018.
Bell Bank branch in Alexandria, Minn. (Provided by Bell Bank)

Bell Bank's parent company sells Fargo-based sister company for $425 million

Wex Inc. to buy Fargo-based Discovery Benefits for $425 million.

Winona-based Fastenal's focus on placing sales sites in factories translates to earnings growth

Earnings grew 11 percent during the company's Q4.
Vicki Hellenbrand, Baker Tilly partner and public-sector practice leader.

Baker Tilly acquiring St. Paul-based Springsted Inc.

The deal aims to build one of the largest municipal finance advisory firms in the United States.
Bear year ahead? Trade wars, rising interest rates and a slowdown after the long economic recovery may move the U.S. economy into recession this year.

Volatile 2018 ends on down note for majority of Minnesota's big firms

Among 72 major public firms, only 32 saw positive returns last year.
Evine Live, the Eden Prairie-based home shopping network, did a segment on Swagway, or self-balancing scooters, in 2015.

President of Eden Prairie-based Evine shopping network resigns

Anne Martin-Vachon had been with the shopping network for four months.

One relationship piece between the stock market and interest rates explained

Low interest rates led to quantitative easing, which meant more capital was released to the markets.
Star Tribune's annual Investors Roundtable: From left is Beth Lilly, CIO of Pohlad Companies; Lisa Erickson, head of traditional investments group at

Investors Roundtable: Volatile markets cause optimism to wane

The stock market continued its volatile ride in the last week of the year, with some of the widest swings ever seen. When the Star…
Lyle Berman

Casino industry veteran Lyle Berman bets on esports gaming

Lyle Berman is using a special-purpose acquisition company to get into the esports gaming industry.
Mary Ann Fath, known at St. Catherine University as 'Sister John Deere,' dies at 84

Mary Ann Fath, known at St. Catherine University as 'Sister John Deere,' dies at 84

Mary Ann Fath, a member of the Sisters of St. Joseph of Carondelet, spent 44 years working for St. Catherine University — 40 of them…
Mayo Clinic leads the the Nonprofit 100.

Minnesota's 100 largest nonprofits by revenue and CEO pay

Mayo Clinic's top boss made $3.2M; see where other nonprofit leaders landed on our annual list.
1 Ecolab Place in downtown St. Paul. (Provided by Ecolab)

Ecolab Foundation giving $5 million to University of Minnesota for sustainability programs

Will fund sustainability research, scholarships and a new conference series.
Toro, based in Bloomington, had increased earnings and sales in the fourth quarter. (DAVID JOLES/Star Tribune file photo)

Toro's fourth-quarter results hit by tariffs, inflation

Company still ended fiscal year with record earnings.
Donaldson in Bloomington makes industrial filtration products and equipment. (ELIZABETH FLORES/STar Tribune file photo)

Bloomington-based Donaldson Co. sets pace for record year but still faces gross margin pressure

Firm facing pressure on slightly down gross margin.

Securian, Allianz fund accelerator program for insurance technology startups

The program is the latest accelerator in the Twin Cities and will be run by Gener8tor.

DiaMedica Therapeutics in Plymouth files for additional stock offering

A Plymouth biopharmaceutical company, DiaMedica Therapeutics Inc., is proposing a stock offering to raise $15 million for the development and commercialization of a new drug…

Bloomington-based software company MatrixCare to be acquired for $750 million

Bloomington-based MatrixCare will operate as stand-alone unit after sale.
A logo sign outside of a Mattress Firm retail store in Altoona, Pennsylvania on September 23, 2017. Photo by Kristoffer Tripplaar(Sipa via AP Images)

Eight Mattress Firm stores in Minnesota to close as part of Chapter 11 bankruptcy

Eight of more than 30 Mattress Firm stores in Minnesota will close as a result of the company's Chapter 11 bankruptcy proceedings.

Tennant reports strong third-quarter earnings

Despite sales slowing in Europe and higher freight and raw-material costs, Tennant Co. raised its financial outlook for the remainder of the year after reporting…

Ameriprise beats estimates for third quarter

The company's earnings were down, but remained within expectations.
Pentair's operational headquarters in St. Louis Park. (GLEN STUBBE/Star Tribune file photo)

Pentair beats third-quarter estimates

Pentair, still adjusting from the spring spinoff of its electric enclosures business, saw core revenue growth in its three operating segments.
Augeo CEO David Kristal pivoted into a new business after the Embers restaurant venture with the help of wealthy family-office investors.

Wealthy families making a difference with investments in Minnesota companies

Wealthy families displace private-equity firms by banking on the long term, like with St. Paul's Augeo.
SuperAmerica will soon be rebranded.

SuperAmerica is becoming Speedway, and card holders need to take action

SuperAmerica rewards customers will have to transfer to a new customer loyalty program.
Fastenal is seeing results by placing more sales centers and industrial vending machines in customers' facilities. (Provided photo)

Strong manufacturing economy helps Fastenal's earnings

As production at factories and construction sites has picked up to levels not seen in years, the need for supplies from Fastenal has increased, producing…

Perforce acquiring software-testing firm in $200 million deal

It is the fifth and largest acquisition for the Minneapolis company.
A Mattress Firm retail store in Altoona, Pa.

Mattress Firm to close stores, including one in Willmar, as part of bankruptcy

The Houston-based company filed for Chapter 11 bankruptcy.
Mark Olson

Mark Olson, bank executive and Federal Reserve Board member, dies at 75

Mark Olson brought rural banking values to prominent public-sector positions in Washington, D.C., leading to appointments on the Federal Reserve Board of Governors and a…

State Farm to lay off 88 workers in Mendota Heights

Mendota Heights claims center is closing, part of a streamlining of operations nationally for the insurer.
A “living room” at Sleep Number headquarters has smart beds and a video display that shows installation of Sleep Number mattresses across the coun

From a new home, Sleep Number rolls out new product line

The company emphasizes technology in its bed and brand awareness in its downtown Minneapolis offices.

Fuller reports sales, profits up after big acquisition

Fuller's acquisitions helped its Q3 earnings to increase 50%, still missed analysts' expectations.

Incentives firm Augeo sells Augeo FI division to investor for $140 million

Augeo, a St. Paul-based provider of consumer and employee loyalty programs, sold a division that serves the financial services industry for $140 million. The unit,…
Donaldson’s e-commerce system now serves its industrial air filtration, compressed air and process filtration, engine and hydraulic customers.

Donaldson Co.'s 2016 upgrade made new global, e-commerce system possible

At Donaldson, a tricky companywide system upgrade in 2016 made a new e-commerce system possible this year.
Regis is cutting dozens of jobs at its Edina headquarters.

Regis cuts as many as 75 workers at Edina headquarters

Edina-based company is restructuring to improve profits.
Bio-Techne President and CEO Charles Kummeth (ANTHONY SOUFFLE/Star Tribune file photo)

CEO Pay Watch: Bio-Techne's Charles Kummeth made $4.75 million last fiscal year

Kummeth, who became CEO of the Minneapolis-based company in 2013, took home $4.75 million, a 78 percent increase over the previous year.

Donaldson buys stake in U.K. company

Bloomington company to pay about $103 million for BOFA International.
Donaldson Company reported strong fourth quarter results. Pictured is one of the company's filtration labs in Bloomington.

Donaldson records strong fourth quarter across segments

Bloomington-based company recorded sales of $2.7 billion in fiscal year.
Patterson Companies headquarters in Mendota Heights (GLEN STUBBE/Star Tribune file photo)

Patterson misses the mark in Q1 earnings

CEO says it must do more to im­prove mar­gins.
Good weather meant increased sales of Toro mowers.

Better weather this summer was good news for Toro

Homeowners bought more lawn mowers, both walking power mowers and zero-turn riding mowers, from Toro this summer after a long, wet spring dampened their sales…
Regis Corp. shares jumped Tuesday after its latest quarterly results showed a long-unfolding corporate makeover starting to boost its performance.

Regis restructuring results in more profitable quarter

The Edina-based hair salon company is now a leaner company.
General Mills CEO Jeff Harmening

CEO Pay Watch: General Mills' Jeff Harmening made $4.1 million in fiscal 2018

Harmening got an increase to his base salary to $1.2 million that accounts for his new role as CEO.
Rich Wasielewski, CEO of Nortech Systems Inc., announced on Wednesday that he will retire. The board of director’s has hired a search firm to find a

Rich Wasielewski to retire as CEO of electronics maker Nortech Systems

The announcement came as Nortech reported its best quarterly profit in seven years.

At investment conference, executives discuss growth plans as fund managers contend with fee pressure

The CFA Society's annual gathering captured economic optimism and industry worry.
Students in this year’s Silicon North Stars program explained their tech startup ideas Thursday in the Grain Exchange Building in downtown Minneapol

Nonprofit plugs Twin Cities teens into Silicon Valley tech

Silicon North Stars introduces students to career possibilities.
John P. Wiehoff, the CEO of the Eden Prairie-based transportation firm C.H. Robinson Worldwide, said pricing and volume trends helped second quarter r

C.H. Robinson expects freight market to remain strong through end of year

Company expects freight market to remain strong.
Toro conducted a contest at an industry trade show in February 2017 to name the vehicle. A South Carolina golf course superintendent suggested Outcros

Toro's Outcross a new type of vehicle for turf professionals

Long an idea in the works, Toro's "super-utility" vehicle for turf professionals goes into official production in August.
Minnesota could drop to 17 Fortune 500 companies if Supervalu's headquarters leaves with its acquisition by United Natural Foods.

Here's what the Supervalu sale means to Minnesota's corporate bragging rights

If Supervalu leaves, the state will have 17 firms on the Fortune 500 list.
A Sleep Number display on Nicollet Mall in Minneapolis in early 2018 for the Super Bowl.

Sleep Number ready to leverage full lineup of 360 Smart Beds

The company is looking to add 40 new stores in the second half of the year, CEO also says.

Tennant reports strong growth in second quarter

Tennant Co. announced progress in its integration of the Italian firm it acquired last year and said organic sales growth across its geographic regions contributed…
Marie Moilanen

Retiree from Edina schools was pioneer in adaptive sports

Marie Moilanen was a swimmer, runner, golfer, tennis player, kayaker and paddleboarder. Her friends and family say she enjoyed participating in sports — and helping others be physically active, too.
Target Corp. disclosed a pay ratio of 408-1 between CEO Brian Cornell, at top, and employees.

New CEO pay ratio rule offers narrow view into executive compensation

The rule does not offer apples-to-apples comparison.
Fastenal vending machine inside a factory. (Provided photo)

Fastenal stock has big day on strong earnings report

On a down market day, Fastenal on Wednesday saw its stock rise 10 percent after reporting double-digit sales and earnings growth. CEO Dan Florness told…
Chris Neugent, president and CEO of Post Consumer Brands, is moving to its parent company as executive vice president.

Post cereal CEO Chris Neugent promoted to corporate executive position

Neugent joined Post after it bought MOM Brands; Howard Friedman will become CEO of Lakeville-based business from Kraft-Heinz.
Decliner: Sleep Number Slower earnings and sales growth at the Minneapolis-based mattress maker helped fuel a 21.5 percent decline in the first half,

Stocks slow in wake of big 2017 gains and economic drags on the horizon

The robust hikes of a year ago are fading in the rearview mirror, but market watchers remain measured about the volatility of the next few months

Apogee posts strong first quarter thanks to country's construction boom

National construction spike pushed sales up 24 percent in the first quarter.
Patterson headquarter (Provided photo)

Patterson has good stock day after meeting Q4 expectations

New CEO expects to "return to profit growth" in second half of FY 2019.

Old National Bancorp moves to acquire Twin Cities-based Klein Financial for $434 million

Old National to add 2nd Twin Cities community bank in $434M deal.
Teamwork is stressed at York Solutions as a business objective. Shown is the company’s break room. Provided

Teamwork makes for happier employees — and a better bottom line

Midsize business leaders say fostering camaraderie and common purpose is essential to their companies' success.

MidCountry Bank acquired by local investors

Local investors have acquired Bloomington-based MidCountry Bank from a bank holding company in Macon, Ga.The seller, MidCountry Financial Corp., also owns consumer-banking operation Pioneer Services,…
Microsoft acquires Minneapolis tech firm Flipgrid

Microsoft acquires Minneapolis tech firm Flipgrid

Video-sharing platform already serves educators, students in 180 nations.
Fourteen Twin Cities companies that drive growth.

Companies come, companies go. Do headquarters still matter?

The region's strength may lie in the wide variety of Twin Cities firms
The Supervalu Inc. logo is displayed on a truck at a distribution center in Hopkins.

Supervalu plans a corporate restructuring into a holding company

Company officials say the move would both boost its wholesale business and shareholder value.
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