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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
Ameriprise Financial chairman and CEO James Cracchiolo

CEO Pay Watch: Ameriprise's James Cracchiolo made $60.6 million last year

His $41 million realized from previously issued stock options fueled a 300 percent increase in his compensation.
Supervalu is selling some of its Farm Fresh Food & Pharmacy stores, similar to this 37,000-square-foot supermarket in Richmond, Va.

Supervalu selling its Farm Fresh Food stores

Eden Prairie company will part with 21 of its 38 markets in Virginia and North Carolina.
Microsoft co-founder Bill Gates, through his investment firm Cascade and his family foundation, owns more than 10 percent of Ecolab. (AP Photo/Ted S.

Bill Gates' investment firm raises its ownership in Ecolab

Cascade Investment, already the largest shareholder, purchased nearly 700,000 more shares in the St. Paul-based company.
Eyes back: PeopleNet’s cameras can sort out liability when crashes happen, but can also help drivers see what they can do better in the future.

PeopleNet in Minnetonka makes monitoring equipment to document crashes and provide training for truck companies

Minnetonka-based PeopleNet's products have helped trucking firms steer clear of liability while enhancing driver training.
U.S. Bank CEO Andrew Cecere

CEO pay watch: U.S. Bank's Andrew Cecere made about $16 million last year

Andrew Cecere U.S. Bancorp President and CEO Total compensation: $15,957,348 for the year ended Dec. 31, 2017 Salary: $941,538 Nonequity incentive pay: $1,659,867 Other…
Donaldson Company's plant in Bloomington. (ELIZABETH FLORES/Star Tribune file photo)

Donaldson's adjusted quarterly earnings are up 23 percent

Donaldson Co. reported a net loss for the second quarter, but when one-time charges including $109.7 million for changes in the federal tax law are excluded, adjusted earnings were up 23 percent over the same quarter last year.

Passive investors Vanguard and Blackrock are big players among Minnesota public companies

Firms must work harder than active fund investors to exert influence.
Patterson's Mendota Heights headquarters.

Patterson's stock dives after earnings miss

The company also reported a continuing slide in revenue.
Robert “Bob” Biesterfeld was promoted to COO of Eden Prairie-based C.H. Robinson Worldwide

Biesterfeld, head of biggest unit at C.H. Robinson, takes on more duties as COO

The position creates a clear No. 2 to John Wiehoff, chief executive and chairman.
John McKenna Jr., chairman and CEO of Eagan-based ConvergeOne Holdings Inc. (Provided photo)

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.
Chris Killingstad, CEO of Golden Valley-based Tennant Co. (Provided photo)

Tennant reaches $1 billion annual revenue milestone

Company still recorded a net loss for fiscal 2017.
A poor snow season impacted sales of Boss snow equipment. (Provided photo)

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

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

Net income down from 2016 because of one-time tax charge; new regulations also affected business.
The consumer and business credit rating agency Experian says in its State of Credit report for 2017 that Minnesotans have the highest credit scores in

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

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.
Richard Olson, CEO of Toro (Provided photo)

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:…
A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average, Monday, Feb. 5, 2018. Th

Twin Cities investment experts not alarmed by steep market declines

Twin Cities investment pros say they are not alarmed by upheaval in stock indexes.
Plaintiffs are suing Peter Dahl, former CEO of Crown Bank, for $2.8 million.

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

Lawsuit alleges Crown Bank's Peter Dahl tricked customers out of millions.
Sleep Number CEO Shelly Ibach and NFL Commissioner Roger Goodell announced the partnership on Thursday.

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.
Toro, headquartered in Bloomington, is among the Minnesota companies that survived the Great Recession in relatively good shape. And their stocks move

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 CEO Jim Owens (Provided photo)

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…
Eolab is based in St. Paul. (KRISTOPHER TRIPPLAAR/Provided photo)

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.
A bale of paper to be reprocessed in a paper machine

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

The Eden Prairie-based firm is working with partners on new venture.
Fastenal fourth-quarter sales were up nearly 15 percent. (Provided photo)

Fastenal posts 15 percent sales increase in fourth quarter

Earnings up 33 percent for Winona-based distributor of industrial equipment.
The ad campaign highlights planning for a variety of financial challenges.

Ameriprise launches next phase of ad campaign

Telling clients' stories through the ads has proved effective for the company, officials said.
Intricon CEO Mark Gorder

Hot stock market outpaced Minnesota stocks in 2017

Tech shares made much of the difference in big year.
Epoch Lacrosse product engineer Emily Plahn helped design the Roseville company’s first lacrosse head built for women. The new stick costs $250.

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.
A California investment company has taken a 5 percent stake in WSI Industries of Monticello, Minn.

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.
Micheal Lane is helping commercial printer Meyers position itself for growth and will eventually hand off to family members.

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.
Jim Snee, Hormel's chief executive

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.
Martin Holiday put the finishing touches on a sweeper built in the Tennant Co. manufacturing facility in Golden Valley. Tennant said it “will carefu

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 reported record sales and earnings for the 2017 fiscal year that ended Oct. 31.

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 Companies CEO Andrew Duff is retiring at the end of the year.

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.
Bloomington-based industrial filter maker Donaldson had a solid first quarter. (ELIZABETH FLORES/Star Tribune file photo)

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…
Dr. Paul Belvedere

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…
Attorney Sandra Feist says she’s buried under government requests for paperwork and fearful that H-1B applicants are being demonized.

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.
President Donald Trump talks about the Republican tax plan alongside Rep. Kevin Brady (R-Texas), chairman of the House Ways and Means Committee, insid

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 missed expectations in the third quarter, earning less than half from a year ago.

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 has resigned 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

The appointment ends an unexpected transition at the supplier of dental and animal health products.
President Trump speaks to the Heritage Foundation's President's Club meeting in Washington on Oct. 17.

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?
Winnebago CEO Michael Happe said he understands that the company is in “a cyclical business,” but it’s enjoying a resurgence in 2017.

CEO maps new route for Winnebago

Michael Happe is leading a resurgence of one of the most famous names in the recreation vehicle industry.
Kevin Brown, chief marketing officer of Select Comfort, with the company's Sleep Number 360 bed in the showroom at the corporate offices in Plymouth.

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 sales have picked up. (Provided photo)

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.
Donaldson CEO Tod Carpenter

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.
C.H. Robinson has introduced a supply-chain tracking system that can detect shipping delays caused by weather and other disruptions all along the rout

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.
Ralph Acampora, known as “the godfather of technical analysis,” constructed the largest handmade chart of the stock market on the side of the barn

Chaska-area barn sports financial history lesson

Semiretired financial analyst brought his life work with him on his new adventure.
Brian Sullivan is CEO of 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.
A federal judge has upheld the Consumer Financial Protection Bureau’s charges against TCF Financial Corp. in regard to deceptive practices related t

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 Co. reported its first annual sales increase in two years. (ELIZABETH FLORES/Star Tribune file photo)

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

Fourth quarter results boosted the fiscal year outcomes.
Former Regis CEO Dan Hanrahan

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

President, CEO Rick Olson will be chairman Nov. 3.
John Egart

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.
A blue semi leads a line of interstate traffic on a foggy morning.

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.
The Minneapolis Grain Exchange in 2011, when CoCo was moving in. The original space was 17,000 square feet. Now a 15,000-square-foot expansion is comi

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.
Patterson Cos. met earnings expectations, but the interim CEO said to expect more changes. (GLEN STUBBE/Star Tribune file photo)

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.

Ronald Blue is one of the largest fee-only wealth-management firms in the country.
The Tennant Company manufacturing facility in Golden Valley. (GLEN STUBBE/Star Tribune file photo)

Tennant loses money in second quarter despite record revenue

Costs associated with an acquisition and a restructuring affected earnings.
Jon Theobald, chairman and CEO of St. Paul investment management firm Mairs & Power since 2012, will retire at the end of 2017.

Henneman to succeed Theobald as Mairs & Power CEO

Mark Henneman, currently chief investment officer, will be Theobald's successor.
Officials from New Brighton-based Calyxt Inc. rang the Opening Bell at Nasdaq to commemorate their initial public offering.

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.
John P. Wiehoff, the CEO of the Eden Prairie-based transportation firm C.H. Robinson Worldwide. (LEILA NAVIDI/Star Tribune file photo)

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

Profits squeezed by higher expenses, firm's CEO says.
Demand for Select Comfort’s new smart bed technology, shown here, surpassed company goals. But an inventory shortage meant the company didn’t meet

Inventory issue affects Select Comfort's Q2 results

Delayed order shifted sales into third quarter.
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