Staff Directory 10645186

Patrick Kennedy

Reporter | Business, Research
phone: 612-673-7926
Patrick Kennedy, reporter and researcher, produces the annual Star Tribune 100 ranking of Minnesota's biggest public companies; the CEO compensation package and the Nonprofit 100. He also covers certain public companies.
Recent content from Patrick Kennedy
Eagan-based ConvergeOne goes public

Eagan-based ConvergeOne goes public

ConvergeOne will trade on Nasdaq under the symbol CVON.

General Mills purchase of Blue Buffalo is 8th-largest deal by Minnesota firm

It is the biggest deal since UnitedHealth Group's 2015 purchase of Catamaran.
Tennant reaches $1 billion annual revenue milestone

Tennant reaches $1 billion annual revenue milestone

Company still recorded a net loss for fiscal 2017.
Toro records solid first quarter

Toro records solid first quarter

Toro Co. CEO Richard Olson said the company's fiscal 2018 is off to a good start, once again recording record revenue in the first quarter.Revenue…
Ann Kaari, former Minneapolis school board member who dedicated life to helping schools, dies at 75

Ann Kaari, former Minneapolis school board member who dedicated life to helping schools, dies at 75

She served on the board for 12 years, including several as chairwoman.
Allianz Life earnings meet company expectations

Allianz Life earnings meet company expectations

Net income down from 2016 because of one-time tax charge; new regulations also affected business.
Minnesota ranked as having best average credit rating in nation

Minnesota ranked as having best average credit rating in nation

Credit rating agency Experian also ranked the Twin Cities metro as tops.
Sleep Number 360 Smart Bed contributes to record financial results

Sleep Number 360 Smart Bed contributes to record financial results

Revenue up 16 percent in fourth quarter, while earnings jump 50 percent over same period a year ago.

Median CEO-to-employee ratio on pay is 149:1 in the Midwest

Equilar, in advance of new reporting rules requiring companies to disclose the ratio, found the overall median ratio in the U.S. to be 140:1.
CEO Pay Watch: Toro's Richard Olson made $2.8 million in his first year at the top

CEO Pay Watch: Toro's Richard Olson made $2.8 million in his first year at the top

Richard Olson, the Toro Co. Chairman, president and CEO Total compensation: $2,816,430 for the year ended Oct. 31, 2017 Salary: $775,000 Nonequity incentive pay:…
Twin Cities investment experts not alarmed by steep market declines

Twin Cities investment experts not alarmed by steep market declines

Twin Cities investment pros say they are not alarmed by upheaval in stock indexes.
Lawsuit accuses former Crown Bank CEO of a $2.8M Ponzi scheme

Lawsuit accuses former Crown Bank CEO of a $2.8M Ponzi scheme

Lawsuit alleges Crown Bank's Peter Dahl tricked customers out of millions.
Each NFL player will receive voucher for Sleep Number 360 Smart Bed

Each NFL player will receive voucher for Sleep Number 360 Smart Bed

As part of the five-year agreement, Sleep Number will also offer 300 vouchers each year to rookies coming into the league.

Graco reports 7 percent quarterly sales increase

Gains met expectations, but earnings by the Mpls.-based company fell short.
Minnesota public companies fared better over the last decade than couple years

Minnesota public companies fared better over the last decade than couple years

Dozens of Minnesota public firms outperformed major indexes over past decade.
H.B. Fuller lost money in Q4 but results were helped by acquisition

H.B. Fuller lost money in Q4 but results were helped by acquisition

The largest acquisition in H.B. Fuller's history is already helping boost the adhesive company's results, but it was not enough to bring earnings into the…
Ecolab issues upbeat earnings forecast, announces $25 million nonprofit donation

Ecolab issues upbeat earnings forecast, announces $25 million nonprofit donation

The contribution to its corporate foundation and positive economic predictions are because of the new tax law.
C.H. Robinson helps to digitize paper-recycling industry

C.H. Robinson helps to digitize paper-recycling industry

The Eden Prairie-based firm is working with partners on new venture.
Fastenal posts 15 percent sales increase in fourth quarter

Fastenal posts 15 percent sales increase in fourth quarter

Earnings up 33 percent for Winona-based distributor of industrial equipment.
Ameriprise launches next phase of ad campaign

Ameriprise launches next phase of ad campaign

Telling clients' stories through the ads has proved effective for the company, officials said.
Hot stock market outpaced Minnesota stocks in 2017

Hot stock market outpaced Minnesota stocks in 2017

Tech shares made much of the difference in big year.
Epoch player/designer helps company build its first women's lacrosse head

Epoch player/designer helps company build its first women's lacrosse head

Epoch Lacrosse selected player and product engineer Emily Plahn to help design its first women's lacrosse head.
California company taking at least 5 percent stake in WSI Industries

California company taking at least 5 percent stake in WSI Industries

DPW Holdings could add more shares in the future.

Southpoint Office Center sells for $47.8 million

Bloomington complex bought by real estate firm in Portland, Ore.
Meyers printing company hires Micheal Lane as first nonfamily CEO

Meyers printing company hires Micheal Lane as first nonfamily CEO

Micheal Lane aims to help execute a long-term growth plan and groom the next generation.
CEO Pay Watch: Hormel's James Snee made $3.1 million last fiscal year

CEO Pay Watch: Hormel's James Snee made $3.1 million last fiscal year

After becoming CEO in November 2016, Snee saw his total compensation rise 40.3 percent compared with the previous year.
Activist fund urges Tennant to merge with Danish company Nilfisk

Activist fund urges Tennant to merge with Danish company Nilfisk

London-based PrimeStone says in filing that it has talked with both companies about combining.
Toro posts strong fourth quarter, surpassing internal goals

Toro posts strong fourth quarter, surpassing internal goals

Bloomington firm's earnings up almost 16 percent and sales grew by about 5 percent.
Piper Jaffray CEO Andrew Duff retiring

Piper Jaffray CEO Andrew Duff retiring

Chad Abraham will assume the CEO position on Jan. 1

Altus Capital Partners buying Vadnais Heights medical diagnostic company for $50.3 million

MGC Diagnostics had been exploring strategic alternatives since January.
Donaldson records quarterly revenue growth of 16 percent

Donaldson records quarterly revenue growth of 16 percent

Donaldson Co. Inc. reported a solid start to its new fiscal year, with profits up 5 percent and revenue up 17 percent during the company’s…
Paul Belvedere, dentist for Minnesota North Stars, dies at 87

Paul Belvedere, dentist for Minnesota North Stars, dies at 87

Paul Belvedere was born in 1930 on the recovery bed of his uncle’s small town dental office in Hobart, Ind. He was destined to join…
Minnesota employers of skilled immigrant workers say Trump aims to shame, not reform

Minnesota employers of skilled immigrant workers say Trump aims to shame, not reform

Critics say Trump administration is shaming employers, not reforming immigration system.

Patterson Cos. misses quarterly expectations again

Sales declined 2.3 percent, and earnings dropped more than 10 percent.
GOP tax plan adds up to big savings for Minnesota corporations

GOP tax plan adds up to big savings for Minnesota corporations

Many would see steep cuts in rate, but it's unclear how they would spend cash.
Tennant misses mark in Q3 because of acquisition costs

Tennant misses mark in Q3 because of acquisition costs

CEO Chris Killingstad said integration of IPC operations is going well.
Tile Shop CEO Chris Homeister resigns under pressure

Tile Shop CEO Chris Homeister resigns under pressure

Company founder and former CEO Robert Rucker has stepped in as interim CEO while the company searches for a new leader.
Patterson hires Mark Walchirk, a McKesson executive, as its next CEO

Patterson hires Mark Walchirk, a McKesson executive, as its next CEO

The appointment ends an unexpected transition at the supplier of dental and animal health products.
Tax reform could add up to billions for Minnesota's biggest companies

Tax reform could add up to billions for Minnesota's biggest companies

Minnesota's biggest companies would see billions in relief – but what about workers?
CEO maps new route for Winnebago

CEO maps new route for Winnebago

Michael Happe is leading a resurgence of one of the most famous names in the recreation vehicle industry.
Select Comfort misses Wall Street mark for third quarter

Select Comfort misses Wall Street mark for third quarter

The company, which will become Sleep Number on Nov. 1, reported a 9.4 percent increase in sales.
Fastenal seeing sales increase at faster pace

Fastenal seeing sales increase at faster pace

Despite hit from storms, growth was at its fastest clip in nearly three years.

Regis sells nearly 1,100 mall-based salons

The move makes the Beautiful Group the Edina company's largest franchisee.

H.B. Fuller has good quarter despite interruption caused by hurricane

Company reported adjusted net income for the quarter was up.
CEO Pay Watch: Donaldson's Tod Carpenter made $2.5 million last fiscal year

CEO Pay Watch: Donaldson's Tod Carpenter made $2.5 million last fiscal year

That was an increase from the $1.3 million he took home the previous fiscal year.
New C.H. Robinson system kept distribution moving during hurricanes, eclipse

New C.H. Robinson system kept distribution moving during hurricanes, eclipse

Eden Prairie's C.H. Robinson launches a new supply-chain visibility platform that gives customers a better view of global shipments as they move closer to their destinations.
Chaska-area barn sports financial history lesson

Chaska-area barn sports financial history lesson

Semiretired financial analyst brought his life work with him on his new adventure.
Minnesota sees third IPO of the year with Celcuity

Minnesota sees third IPO of the year with Celcuity

Friday's closing of $13.63 was up 43.5 percent from the initial offering price.

Ameriprise's Columbia Threadneedle buying Lionstone Investments

Lionstone Investments manages $6B in assets.
Judge dismisses two claims in lawsuit against TCF, upholds consumer protection charges on overdraft fees

Judge dismisses two claims in lawsuit against TCF, upholds consumer protection charges on overdraft fees

A U.S. district judge narrowed the scope of the case, dismissing counts regarding disclosures around electronic transfers but upholding claims of deceptive practices surrounding overdraft fees.

Allete buying Tonka Water in Plymouth

The purchase for subsidiary U.S. Water expands its water treatment business.
Donaldson reports an annual sales increase for first time in two years

Donaldson reports an annual sales increase for first time in two years

Fourth quarter results boosted the fiscal year outcomes.
CEO Pay Watch: Regis' fired CEO Dan Hanrahan made $15.3 million last year

CEO Pay Watch: Regis' fired CEO Dan Hanrahan made $15.3 million last year

New CEO Hugh Sawyer received $585,000 sign-on bonus and will make $950,000 in base salary.
Toro CEO Rick Olson to succeed Mike Hoffman as chairman

Toro CEO Rick Olson to succeed Mike Hoffman as chairman

President, CEO Rick Olson will be chairman Nov. 3.
John Egart, former CEO of in-line skate company First Team Sports, dies at 67

John Egart, former CEO of in-line skate company First Team Sports, dies at 67

Together with fellow local company Rollerblade Inc., First Team Sports popularized the in-line skating industry in the 1980s and 1990s.
Innovation helps truckers meet logging-device deadline

Innovation helps truckers meet logging-device deadline

Truckers must install a new tracking device by December. One20 and C.H. Robinson have paired up to make it easier.
CoCo expanding space in Grain Exchange building

CoCo expanding space in Grain Exchange building

15,000 square feet includes offices connected by skyway to original space.

Celcuity could become third Minnesota company to go public this year

The Plymouth-based company hopes to raise $15 million through an IPO.

Professional segment drives Toro Co.'s quarterly earnings

Net income was up more than 22 percent and beat analysts' expectations.
Changes to continue at Patterson Cos.

Changes to continue at Patterson Cos.

The company continued to struggle on the sales front in its first quarter of fiscal 2018.
Thrivent Trust acquires Atlanta-based Ronald Blue & Co.

Thrivent Trust acquires Atlanta-based Ronald Blue & Co.

Ronald Blue is one of the largest fee-only wealth-management firms in the country.
Tennant loses money in second quarter despite record revenue

Tennant loses money in second quarter despite record revenue

Costs associated with an acquisition and a restructuring affected earnings.
Henneman to succeed Theobald as Mairs & Power CEO

Henneman to succeed Theobald as Mairs & Power CEO

Mark Henneman, currently chief investment officer, will be Theobald's successor.
Calyxt stock rises as it become Minnesota's newest public company

Calyxt stock rises as it become Minnesota's newest public company

Company sells more shares than expected in its initial public offering of stock but at the low end of its offering range.
Higher expenses hurt C.H. Robinson's second-quarter earnings

Higher expenses hurt C.H. Robinson's second-quarter earnings

Profits squeezed by higher expenses, firm's CEO says.
Inventory issue affects Select Comfort's Q2 results

Inventory issue affects Select Comfort's Q2 results

Delayed order shifted sales into third quarter.
High turnover a bigger factor than usual in Minn. executive pay raises

High turnover a bigger factor than usual in Minn. executive pay raises

Annual Star Tribune executive compensation report: Stock gains, severance payouts contribute to salary increases.
Fastenal reports strong second-quarter results

Fastenal reports strong second-quarter results

Onsite sales and service locations helped drive its best results since 2014.
Strong first half for stocks, though Minnesota index lagged

Strong first half for stocks, though Minnesota index lagged

State companies were paced by smaller players like Tactile Systems, Graco.
Select Comfort stock gets bump after acquisition rumor

Select Comfort stock gets bump after acquisition rumor

Some analysts question whether a merger with Tempur Sealy would be a good fit.
H.B. Fuller's second quarter income off 22 percent

H.B. Fuller's second quarter income off 22 percent

CEO says spike in raw materials costs plus timing of price increases impacted the adhesives company's results.
Agricultural biotechnology company Calyxt files for IPO

Agricultural biotechnology company Calyxt files for IPO

The company, with roots at the University of Minnesota, is seeking to raise $50 million.
Known for Sleep Number beds, Select Comfort will soon call itself that

Known for Sleep Number beds, Select Comfort will soon call itself that

The change will unify the company's identity.
Patterson Cos. becomes state's 18th Fortune 500 company

Patterson Cos. becomes state's 18th Fortune 500 company

Minnesota now has 18 companies on the list.
Russell Swansen stepping down June 30 as Thrivent's chief investment officer

Russell Swansen stepping down June 30 as Thrivent's chief investment officer

The chief investor will be replaced by David Royal.
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