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
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…
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/

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/

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.
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.
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