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
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.
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.
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