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 companies; the CEO compensation package and the Nonprofit 100 as well as the Quarterly Deals and Quarterly Money Managers reports.
Recent content from Patrick Kennedy
CEO Pay Watch: Polaris' Scott Wine's compensation declined 70 percent in 2016

CEO Pay Watch: Polaris' Scott Wine's compensation declined 70 percent in 2016

Scott Wine Polaris Industries Inc. Chairman, CEO Total compensation: $5,603,493 for the year ended December 31, 2016 Salary: $985,000 Nonequity incentive pay: $0 Other…
More companies embrace virtual annual shareholder meetings

More companies embrace virtual annual shareholder meetings

In the age of technology, some see cost savings and increased participation with the option.
Professional landscapers help Toro post record results

Professional landscapers help Toro post record results

The Bloomington firm beat analyst expectations with a "solid" first quarter.
Tennant announces $350 million deal for Italian company

Tennant announces $350 million deal for Italian company

The company's biggest ever acquisition was announced along with positive fourth quarter earnings.

Dental unit hampers Patterson results

The company also saw margin pressure in its animal health business.
Deluxe Corp. is buying Canadian company RDM Corp. for $70 million

Deluxe Corp. is buying Canadian company RDM Corp. for $70 million

Purchase of software maker will help the firm expand services to banks.
CEO Paywatch: Toro's Michael Hoffman made $21.5 million

CEO Paywatch: Toro's Michael Hoffman made $21.5 million

The fiscal year that ended Oct. 31 was Hoffman's last as CEO. Now retired, he remains as board chairman.
Select Comfort misses mark in fourth-quarter results

Select Comfort misses mark in fourth-quarter results

But the company says it already has seen a pickup in sales at start of 2017.

C.H. Robinson reports better-than-expect results in Q4

C.H. Robinson reported better-than-expected fourth-quarter results in what the company called a challenging transportation market. For the last several quarters the company has been contractually…
Minnesota corporate deals topped $50B in 2016

Minnesota corporate deals topped $50B in 2016

The St. Jude Medical blockbuster countered a slight decline from 2015.

Local money pros see Dow's close above 20,000 as a confidence boost

Local money pros see the 20,000 mark as good sign for investor psychology.
Better Business Bureau names Adams Loyd as president and CEO

Better Business Bureau names Adams Loyd as president and CEO

She will take over Jan. 30, replacing Dana Badgerow.
Great Clips CEO stepping down at end of year

Great Clips CEO stepping down at end of year

Long-term succession plan at hair salon chain results in promotions on leadership team.

H.B. Fuller ends fiscal year on a strong note

The industrial adhesives company reported 56 percent increase in net income during fourth quarter.
Founder of Eagan-based CaringBridge to retire

Founder of Eagan-based CaringBridge to retire

Mehring wants to spend time encouraging positive uses of technology.

Fastenal shares jump 5 percent as sales, profit gains resume

The company's shares jumped 5 percent and reached a 52-week high after the news Wednesday.
Minnesota sees fewest venture capital deals in a dozen years

Minnesota sees fewest venture capital deals in a dozen years

The deals raised $339.4 million for 23 companies.
Volatile outlook for stocks could benefit financial pros

Volatile outlook for stocks could benefit financial pros

Cheaper, passive investment options have ruled lately.
Minnesota investment professionals see the bull market marching on in 2017, but with more volatility

Minnesota investment professionals see the bull market marching on in 2017, but with more volatility

The Trump administration will usher in a lot of change that could propel the stock market and economy out of slow growth. But the participants in our annual Investors' Roundtable said there could also be some pain along the way.
Select Comfort's new bed tracks how you sleep, and then does something about it

Select Comfort's new bed tracks how you sleep, and then does something about it

Select Comfort and Resound were Minnesota's innovation winners at CES, the big tech trade show.
Valspar results affected by merger costs

Valspar results affected by merger costs

The company absorbs $19M in expenses for Sherwin-Williams deal, but still increases profits.
CEO Paywatch: Ron Konezny, Digi Interntional

CEO Paywatch: Ron Konezny, Digi Interntional

Ron Konezny, Digi International Inc. president, CEO Total compensation: $1,774,863 for the year ended Sept. 30, 2016 Salary: $465,000 Nonequity incentive pay: $776,550 Other compensation:…
H.B. Fuller cutting 40 local jobs as part of restructuring, 220 positions overall

H.B. Fuller cutting 40 local jobs as part of restructuring, 220 positions overall

The $17 million to $20 million restructuring is part of the company's 2020 strategic plan.
Bloomington-based Toro reports record annual earnings of $231 million

Bloomington-based Toro reports record annual earnings of $231 million

A strong fourth quarter put the Bloomington company over the top.
Donaldson's first-quarter earnings jump 50 percent

Donaldson's first-quarter earnings jump 50 percent

CEO is cautious, but firm sees encouraging signs.

Patterson stock drops after disappointing quarter

The company missed expectations and lowered guidance for the year.
Stratasys shares drop sharply after disappointing third-quarter results

Stratasys shares drop sharply after disappointing third-quarter results

Revenue dropped for the fifth quarter in a row for the maker of 3-D printers.
Investors take stock of a Trumped-up market

Investors take stock of a Trumped-up market

Shaking off the campaign rhetoric, market watchers are embracing the prospect
Investors bet Trump will boost spending and cut taxes, Minnesota analysts say

Investors bet Trump will boost spending and cut taxes, Minnesota analysts say

American investors looked on the upside of Trump's victory, seeing the prospect of more spending and eased regulations.

Datalink Corp. will be acquired for $258 million by Insight Enterprises

Eden Prairie-based data center services provider merging with Insight Enterprises of Arizona.
Toro agrees to buy German maker of irrigation equipment and sprinklers

Toro agrees to buy German maker of irrigation equipment and sprinklers

Regnerbau Calw makes the Perrot brand.

Securian Financial Group to spend $142 million on Canadian acquisition

Securian Financial Group is making the largest acquisition in its history to expand outside the United States for the first time. St. Paul-based Securian is…
Select Comfort moving headquarters to downtown Minneapolis

Select Comfort moving headquarters to downtown Minneapolis

It's leaving Plymouth in the latest and one of the largest moves by companies into Minneapolis in the past few years.

Profits down for C.H. Robinson in the third quarter

C.H. Robinson Worldwide reported third-quarter results after the market closed on Tuesday. The Eden Prairie-based global logistics firm earned $129 million in the quarter or…

Slow industrial sector hurts Tennant's Q3 results

Golden Valley-based company expects revenue growth to return in fourth quarter.

Money managers say let politics be politics, not influence long-term investment plans

Money managers advise not trading your portfolio based on the election.
Who's Driving app aims to help parents in need of a carpool

Who's Driving app aims to help parents in need of a carpool

Funding troubles nearly put the brakes on a promising new product, but entrepreneurs say they have new momentum.

Venture capital investments down but still more than $10 billion

Five companies in the state receive funding even as national financing declined in Q3.

Fastenal's third-quarter earnings down slightly

The company just missed analysts' expectations; stock trading down.
C.H. Robinson acquires Australian freight forwarding business

C.H. Robinson acquires Australian freight forwarding business

The Eden Prairie company adds new region with deal costing more than $225M.
Deluxe Corp. launches web series to highlight its evolution to a small-business services firm

Deluxe Corp. launches web series to highlight its evolution to a small-business services firm

Deluxe hopes to display diversity of companies, spotlight own evolution.
IPO market remains a shadow of its former self

IPO market remains a shadow of its former self

Investment banks have not seen initial offering revenue this low since mid-1990s.

Level and Rocket55 form joint venture called Workhorse Content

Rocket55 and Level believe their joint venture offers better analytics, content.
Obituary: Rabbi Moshe Weiss survived the 'Shark Tank,' but true love was education

Obituary: Rabbi Moshe Weiss survived the 'Shark Tank,' but true love was education

Rabbi Moshe Weiss was a self-described “rabbipreneur” and inventor. He gained some fame when he appeared on the reality TV show “Shark Tank” in 2013,…

Donaldson fails to meet expectations for fourth quarter

Flat sale and a strong dollar limited income in the fourth quarter and for the year, but it's projecting a better 2017.
CEO Pay Watch: Regis' Dan Hanrahan made $2.6 million last fiscal year

CEO Pay Watch: Regis' Dan Hanrahan made $2.6 million last fiscal year

Dan Hanrahan Regis Corp. president and CEO Total compensation: $2,556,484 for the year ended June 30 Salary: $882,000 Nonequity incentive pay: $1,315,694 Other compensation:…

Cogentix receives $25 million infusion of capital from Accelmed Growth Partners

Accelmed transaction helps clean up Cogentix's balance sheet and gives it cash to add to portfolio of products.

Great Clips celebrates 48 consecutive quarters of growth

Bloomington-based chain's CEO wants to step up pace of new salons opening in new markets.
Christopher & Banks does not meet its own expectations in second quarter

Christopher & Banks does not meet its own expectations in second quarter

The company's stock was off 20 percent after reporting a dip in sales and a $4 million loss.

Patterson rescinds some stock options for CEO Scott Anderson

Because of a special one-time offering, the total stock could have exceeded the limit in the company's shareholder-approved compensation plan.
Toro records record quarterly earnings despite sales slip

Toro records record quarterly earnings despite sales slip

The company said it was hit with unfavorable weather conditions and currency translations.
CEO Paywatch: General Mills' Ken Powell made $14.3 million last fiscal year

CEO Paywatch: General Mills' Ken Powell made $14.3 million last fiscal year

Ken Powell General Mills Inc. chairman, CEO Total compensation: $14,302,884 for the year ended May 31, 2016 Salary: $1,206,500 Nonequity incentive pay: $2,258,568 Other compensation:…
CEO Paywatch: Scott Anderson of Patterson Cos.

CEO Paywatch: Scott Anderson of Patterson Cos.

Anderson took home $4.1 million for the last fiscal year, but it does not include the grant-date value of new stock options and a one-time stock option grant.

Tactile Systems lowers IPO offering price

The move would mean it makes $46 million, instead of $78.2 million, if it goes public.

Ameriprise earnings drop in second quarter

Lower average equity markets and low interest rates hurt the results, CEO said.

Tennant posts positive second-quarter results, buoyed by record sales in Americas region

Stock was up more than 10 percent in morning trading.
Mergers-and-acquisitions business slowed in 1st half of '16

Mergers-and-acquisitions business slowed in 1st half of '16

It's a trend locally and nationally, but analysts aren't worried after two "really good years."
Compensation for Minn. public company execs drops 19 percent

Compensation for Minn. public company execs drops 19 percent

A soft economy generated reduced income for business leaders in the state and across the U.S. The format for executives' financial packages is continuing to evolve.
Fastenal shares drop after 2Q earnings miss

Fastenal shares drop after 2Q earnings miss

Fastenal Co. shares fell Tuesday after the company’s second-quarter results missed investor expectations. The Winona-based distributor of fasteners, construction and industrial equipment said its profit…
Summit Brewing, at 30, finds itself in tight craft beer market

Summit Brewing, at 30, finds itself in tight craft beer market

More than 30 years ago, a serious home-brewer named Mark Stutrud wrote a letter to the head of the American Brewer's Association.
Northwestern Mutual's Timothy Bohannon believes in empowering his employees

Northwestern Mutual's Timothy Bohannon believes in empowering his employees

Tim Bohannon, the GM of Northwestern Mutual, shares his leadership tips.
HelpSystems CEO believes in an open-book style of leadership

HelpSystems CEO believes in an open-book style of leadership

Chris Heim of HelpSystems doesn't believe you can over-communicate, shares company's financial results.
CEO Jim Nelson of ACR Homes believes in the power of happiness

CEO Jim Nelson of ACR Homes believes in the power of happiness

Jim Nelson of ACR Homes uses positive reinforcement for his workplace culture.
Progress slow on reaching gender parity on corporate boards

Progress slow on reaching gender parity on corporate boards

In Minnesota, the percentage for all of the state's public companies is lagging behind the national average.
Obituary: Sister Patricia Binko opened music schools after studying with Suzuki

Obituary: Sister Patricia Binko opened music schools after studying with Suzuki

Patricia Binko took to music at an early age and was persuaded by her parents to take violin lessons starting in third grade. Years later Binko would teach violin using the popular Suzuki Method that she learned directly from Shinichi Suzuki in Japan.
Epoch Lacrosse expansion in Roseville paying off in new products

Epoch Lacrosse expansion in Roseville paying off in new products

The company plans to have 65 percent of revenue from U.S.-made products by 2017.
Minn. public company profits down 11%, first big dip since recession

Minn. public company profits down 11%, first big dip since recession

Strong dollar, oil slump are putting a drag on Minnesota corporate profits.
Even with gains and losses, state's business climate has remained remarkably resilient

Even with gains and losses, state's business climate has remained remarkably resilient

With 25 years of gains and losses, Minnesota's economic climate has stayed strong, thanks to the state's unique business culture.
IPOs play a role in upcoming additions to the list

IPOs play a role in upcoming additions to the list

Tactile Systems Technology Inc. is the most likely company to be added to the Star Tribune 100. But the Minneapolis-based company first will have to…
Persistent low interest rates challenge U.S. Bancorp, Ameriprise and TCF

Persistent low interest rates challenge U.S. Bancorp, Ameriprise and TCF

Driven in part by persistent low interest rates, the Twin Cities’ public financial firms saw flat revenue growth in 2015 as a group. The largest…
Acquisitions take out three companies from Star Tribune 100 ranking

Acquisitions take out three companies from Star Tribune 100 ranking

Six companies are missing from last year’s list. Three of them are gone after being acquired. Three others are gone for a variety of reasons…

Cogentix moves up the most spots on Star Tribune 100

Minnetonka-based Cogentix Medical Inc. — a company born from two small medical device companies looking to grow — jumped the most spots this year on…
St. Jude, Valspar likely in last year on Star Tribune 100

St. Jude, Valspar likely in last year on Star Tribune 100

Fewer than 40 companies from our original Star Tribune 100 list in 1992 are still on the 25th edition this year. Some have gone out…

Safco acquires maker of ergonomic furniture

New Hope-based firm expands reach with Focal Upright Furniture.

Ameriprise unit buys New York investment adviser Emerging Global Advisors

Columbia Threadneedle's deal for Emerging Global Advisors is expected to close later in 2016.
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