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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 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

Kenneth Roering named chairman of Arctic Cat board

The longtime board member succeeds retiring chairman Christopher Twomey.
CEO paywatch: Patterson's Scott Anderson made $2.3 million last fiscal year

CEO paywatch: Patterson's Scott Anderson made $2.3 million last fiscal year

CEO Pay Watch Patterson Cos. Inc. Scott P. Anderson, chairman, president and CEO Total compensation: $2,258,990 for the year ended April 30, 2015 Salary:…

JAMF Software inks deal with IBM to help with Mac installations

As Apple products grow in schools and other workplaces, the Minneapolis company will benefit.

Ecolab meets expectations in mixed quarter

Strong industrial and institutional gains offset sluggish energy sector.
The deals, small and large, just kept coming in first half of 2015

The deals, small and large, just kept coming in first half of 2015

213 deals involving a Minnesota buyer or seller reflected strongest market since 2008.
Life Time sells $900M in real estate, including 2 Twin Cities facilities

Life Time sells $900M in real estate, including 2 Twin Cities facilities

The fitness company is using proceeds from the sales to help pay for its leveraged buyout.
March: Life Time Fitness sold for more than $4B

March: Life Time Fitness sold for more than $4B

A $4 billion investment from private equity investors will take Life Time Fitness private and position it for further growth.
Obituary: Vernon Albertson, a powerhouse in energy studies at the U

Obituary: Vernon Albertson, a powerhouse in energy studies at the U

Prof. Vernon Albertson’s pioneering research on the effects of geomagnetic storms has saved the electric utility industry millions of dollars by helping to prevent blackouts…
Founder Jack Cameron back in as CEO of Appliance Recycling

Founder Jack Cameron back in as CEO of Appliance Recycling

Founder Jack Cameron will return after activist investor’s slate of directors was elected.

Watches cause a hiccup for Evine Live's turnaround

The markets reaction to the first quarter revenue miss of Evine Live masked successful steps in their transformation.
Star Tribune debuting new Minnesota stock index

Star Tribune debuting new Minnesota stock index

  The Star Tribune has joined with Piper Jaffray & Co. to create a new Minnesota stock index. The Piper Jaffray Minnesota index is an…
What's new and what's off the Star Tribune 100

What's new and what's off the Star Tribune 100

The Star Tribune had stretched its rules of inclusion the past couple of years to ensure that we had enough Minnesota-based public companies to have…
Star Tribune 100: Signs point to a new round of companies going public

Star Tribune 100: Signs point to a new round of companies going public

Few Minnesota companies have gone public in recent years, but that soon may change

What analysts are saying: Cardiovascular Solutions has foundation for growth

Last week, Cardiovascular Solutions announced its third-quarter financial results. The company reported a net loss for the quarter and doesn’t expect to be profitable in…
TCF Financial failed in its say-on-pay vote for second year in row

TCF Financial failed in its say-on-pay vote for second year in row

Despite changes to pay and governance, more shareholders voted no than last year.
Minnesota saw a brisk pace for corporate deals in the first quarter

Minnesota saw a brisk pace for corporate deals in the first quarter

Life Time Fitness' buyout is just one of the deals in a quarter marked by low rates, available credit and companies looking to grow.

First-quarter revenue rises 27% at Proto Labs

Proto Labs Inc., an online and technology-enabled quick-turn manufacturer of custom parts for prototyping and short-run production, announced record first-quarter revenue of $58.5 million, up…
Deluxe Corp. reports strong first-quarter results

Deluxe Corp. reports strong first-quarter results

The small business and financial services provider met expectations.
Father 'primary suspect' in Barway Collins' homicide

Father 'primary suspect' in Barway Collins' homicide

Missing boy’s identity is confirmed, but the “manner and cause of death” remain under investigation.
Xcel Energy CEO Benjamin Fowke made $7.3 million in 2014

Xcel Energy CEO Benjamin Fowke made $7.3 million in 2014

CEO Pay Watch Xcel Energy Inc. Benjamin Fowke III, chairman, president and CEO Total compensation: $7,315,660 for the year ended Dec. 31 Salary: $1,200,000…
UnitedHealth CEO Stephen Hemsley made more than $66 million in 2014

UnitedHealth CEO Stephen Hemsley made more than $66 million in 2014

CEO Pay Watch UnitedHealth Group Inc. Stephen Hemsley, CEO Total compensation: $66,125,208 for the year ended Dec. 31, 2014 Salary: $1,300,000 Non-equity incentive pay:…

Feb. 27: Life Time Fitness beats estimates with fourth-quarter earnings

4th-quarter revenue up 8.3 percent over last year.
Healthier companies provide superior results

Healthier companies provide superior results

Why a virtual portfolio of 42 Top Workplaces companies is outperforming the Standard & Poor’s 500 index.
Feb. 6, 2015: Andersen to distribute employee profit sharing for first time in 5 years

Feb. 6, 2015: Andersen to distribute employee profit sharing for first time in 5 years

Eligible employees at Andersen Corp. will split $8 million.
CEO Pay Watch: Andrew Duff of Piper Jaffray

CEO Pay Watch: Andrew Duff of Piper Jaffray

CEO Pay Watch Piper Jaffray CompaniesAndrew Duff, chairman, CEOTotal compensation: $5,355,624 for the year ended Dec. 31Salary: $650,000Non-equity incentive pay: $3,403,400Other compensation: $312,136Exercised stock…
Ameriprise-owned asset management units unify under single brand

Ameriprise-owned asset management units unify under single brand

Columbia Threadneedle Investments brings two brands together with a new logo.
CEO Pay Watch: Sally Smith, Buffalo Wild Wings Inc.

CEO Pay Watch: Sally Smith, Buffalo Wild Wings Inc.

CEO Pay Watch Buffalo Wild Wings Inc.Sally Smith, president, CEOTotal compensation: $4,898,032 for the year ended Dec. 31Salary: $750,000Non-equity incentive pay: $1,184,725Other compensation: $161,634Value…
CEO Pay Watch: Daniel Starks, St. Jude Medical

CEO Pay Watch: Daniel Starks, St. Jude Medical

CEO Pay Watch St. Jude Medical Inc. Daniel Starks, chairman, president, CEO Total compensation: $6,823,764 for the year ended Dec. 31 Salary: $1,097,574 Non-equity…
CEO Pay Watch: Inge Thulin, 3M Co.

CEO Pay Watch: Inge Thulin, 3M Co.

His total compensation was $17,184,365 for the year that ended Dec. 31.

What analysts are saying: 'Buy' ratings maintained after Evine Live reports earnings

Evine Live in midst of ‘metamorphosis’ Evine Live reported its fourth-quarter and year-end results on Wednesday. The quarter was solid, with net sales up 4…
CEO Pay Watch: Chris Killingstad of Tennant Co.

CEO Pay Watch: Chris Killingstad of Tennant Co.

CEO Pay Watch Tennant Co. H. Chris Killingstad, president and CEO   Total compensation: $2,779,614 for the year ended Dec. 31 Salary: $684,896 Non-equity…
CEO Pay Watch: Richard Davis, U.S. Bancorp

CEO Pay Watch: Richard Davis, U.S. Bancorp

CEO Pay Watch U.S. Bancorp Richard Davis, chairman, president and CEO Total compensation: $18,137,729 for the year ended Dec. 31 Salary: $1,200,000 Non-equity incentive…
Obituary: George Zirnhelt leaves legacy of entrepreneurship and faith

Obituary: George Zirnhelt leaves legacy of entrepreneurship and faith

  George Zirnhelt, president and CEO of market research and consulting firm Power Systems Research, died Feb. 23 from injuries suffered in an accident while…

What analysts are saying: Downgrades at Fastenal, job cuts at Target

Downgrades for Fastenal, other distribution companies Last week, Ryan Merkel, an analyst with William Blair & Co., lowered ratings on several companies in the industrial…

Arctic Cat acquires premium snowmobile clothing maker Motorfist

New CEO ’s first takeover, Motorfist, makes clothing, gear for snowmobilers.
CEO paywatch: Fastenal's Willard Oberton made $1.5 million last year

CEO paywatch: Fastenal's Willard Oberton made $1.5 million last year

CEO Pay Watch Fastenal Co. Willard Oberton Total compensation: $1,468,943 for the year ended Dec. 31 Salary: $597,500 Non-equity incentive pay: $867,564 Other compensation:…

Appliance Recycling amends employment contract of its CEO Mark Eisenschenk

Mark Eisenschenk’s contract now has a change-of-control provision.
Activist investor wants former CEO at helm of ARCA

Activist investor wants former CEO at helm of ARCA

Edward “Jack” Cameron stayed on as chairman but stepped down as CEO in August, but San Diego-based Jon Isaac wants him out of the retirement track.
Entellus Medical has better-than-expected IPO

Entellus Medical has better-than-expected IPO

The Plymouth company raised $78.3 million, more than expected.

Andersen Corp. sets new corporate sustainability goals

It’s the first window and door maker to sign the Ceres Climate declaration.

Duluth-based Allete Inc. acquires majority stake in U.S. Water Services

Duluth company is investing in U.S. Water Services.
Minnesota sees strongest M&A action since 2007

Minnesota sees strongest M&A action since 2007

Minnesota saw 416 deals last year, the state’s most active M&A market since 2007.

Ameriprise Financial to rebrand two fund businesses as Columbia Threadneedle Investments

Company says the move will enhance its standing in the global market.
Investors' Roundtable: Bullish about U.S. economy, markets

Investors' Roundtable: Bullish about U.S. economy, markets

When nine Minnesota money managers reconvened this month and looked out to 2015, we learned that home is now where their hearts are — and wallets, too.
St. Cloud looking to secure its daily airline flights to Chicago.

St. Cloud looking to secure its daily airline flights to Chicago.

SkyWest Airlines plans to end service between St. Cloud and Chicago on April 6 unless officials come up with a way to make the flights economically feasible.

Minneapolis based N'compass Solutions acquired by Florida firm

N’compass Solutions will become a subsidiary of AlphaPoint Technology and will keep its operations in Minneapolis.

Minnesota's nonprofit employment growth proves to be resilient

After posting modest employment gains during a recession that wiped out thousands of jobs in Minnesota, the nonprofit sector has continued to add jobs during…

Woman, 19, dies, three others injured in a two-vehicle crash near St. Cloud.

A 19-year old woman from Monticello is dead and three others were injured when two vehicles collided head-on on Hwy 23 west of Interstate 94…
ValueVision to change name to Evine Live

ValueVision to change name to Evine Live

Executives hope the Evine Live name will end the shopping network’s identity confusion.
Christopher Metz named president and CEO at Arctic Cat

Christopher Metz named president and CEO at Arctic Cat

Arctic Cat Inc., the Plymouth-based maker of snowmobiles, side-by-sides and ATVs, has named Christopher Metz its new president and chief executive. Metz succeeds Christopher Twomey,…
Minnesota mergers and acquisitions already top full-year 2013 volumes

Minnesota mergers and acquisitions already top full-year 2013 volumes

Minnesota’s mergers and acquisitions have already surpassed all of 2013. Food and technology led the way.
With focus on keeping members, Life Time Fitness regains momentum

With focus on keeping members, Life Time Fitness regains momentum

Attention to member retention paid off with revenue growing.

Eden Prairie-based Datalink to acquire California company for $18.5 million

Datalink Corp. will expand its West Coast presence through acquisition of San Francisco-based Bear Data Solutions.
Obituary: Benjamin B. Crabtree, dignified dean of Twin Cities banking, dies at 72

Obituary: Benjamin B. Crabtree, dignified dean of Twin Cities banking, dies at 72

  Many people called Ben Crabtree the dean of banking analysts. During introductions, Craig Mueller, senior vice president at Minneapolis-based Oak Ridge Financial Services where…
MSP Airport plans to build state's largest solar power project

MSP Airport plans to build state's largest solar power project

The $25.4 million project, which will be built on two parking ramps in front of the main terminal, is expected to generate nearly 20 percent of the airport’s electricity after its completion in the fall of 2015.

World's biggest private equity firm takes stake in maker of Boomchickapop

New investor in Angie’s Artisan Treats to fund the company’s next level of growth.

IT rollout contributes to 3Q earnings miss at H.B. Fuller

Problems with a new IT platform trimmed profit and will lower executives’ bonuses.
Great Clips hits milestone after a close shave during polar vortex

Great Clips hits milestone after a close shave during polar vortex

Executives told franchisees how this past winter nearly ruined the chain’s streak.
New leader for ValueVision has big plans

New leader for ValueVision has big plans

The operator of the No. 3 cable shopping channel, ShopHQ, has been through a tumultuous shake-up. Now, the new CEO says, it's time for stars.
Startup Venture Loft expands into larger space

Startup Venture Loft expands into larger space

Peter Kane is expanding the co-working space for technology start-ups and building a community to support them.
Life Time's largest shareholder says do the split

Life Time's largest shareholder says do the split

Life Time’s largest shareholder urges company to proceed quickly with a plan to split off its real estate holdings.
Eden Prairie's XRS Corp. to be acquired by Omnitracs

Eden Prairie's XRS Corp. to be acquired by Omnitracs

The acquirer in the $178 million deal is Omnitracs, a rival in the trucking analytics industry.
December 2013: XRS shifts focus from hardware to software

December 2013: XRS shifts focus from hardware to software

CEO recognized that mobile technology would make his company obsolete if it didn’t change its strategy.
Obituary: Ralph Hofstad, president and CEO of Land O'Lakes for 15 years

Obituary: Ralph Hofstad, president and CEO of Land O'Lakes for 15 years

Ralph Hofstad was the son of Methodist minister, and in his youth he had to decide between pursuing the ministry or a business career. He…
Life Time Fitness shares jump 16% on real estate plan

Life Time Fitness shares jump 16% on real estate plan

Shares were up 16% after the Chanhassen fitness company announced it may spin off its real estate holdings.
Toro's 3Q profit rose 25 percent

Toro's 3Q profit rose 25 percent

Favorable summer growing conditions helped Toro deliver good results.

ValueVision reports 2Q loss after costly proxy battle

ValueVision Media Inc.’s sales and profit improved in the second quarter, its results showed Wednesday, before accounting for about $5 million in costs for a…
Start-up Epoch Lacrosse brings new designs, materials classic team sport

Start-up Epoch Lacrosse brings new designs, materials classic team sport

Eden Prairie-based upstart Epoch Lacrosse is making a splash in the lacrosse equipment market with a brand that embraces technology. The company is utilizing new…
At long last, a seller's market in Minnesota mergers, acquisitions

At long last, a seller's market in Minnesota mergers, acquisitions

Mergers and acquisitions activity in Minnesota jumped 40 percent in the first half of 2014.

Towle Financial Services to merge with Cleveland firm Bellwether

Combination of 105-year-old Towle and a Cleveland firm means increased lending services.

Mosaic's Prokopanko returning after medical leave

Jim Prokopanko had been on leave for cancer treatment.

New Target CEO signs for up to $36.6 million

Target Corp.’s new chairman and CEO, Brian Cornell, is getting a compensation package worth up to $36.6 million to join the Minneapolis-based retailer.The package is…
Ameriprise 2nd-quarter results top estimates

Ameriprise 2nd-quarter results top estimates

Revenue surpassed $3 billion, and earnings per share were 23 percent higher than in 2013.
Paying up: Hiring a new CEO from outside can be pricey

Paying up: Hiring a new CEO from outside can be pricey

Annual Star Tribune Executive Compensation Report: Corporate boards sometimes have to open the bank to bring in a new CEO from outside.

Winona-based Peerless Industrial Group to be sold

The maker of industrial chains and lifting devices will be acquired by Japan’s KITO Corp.
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