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
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

Mpls.-based 360 Smart Bed maker charges up the middle with innovative venture.
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.
Rich Wasielewski, CEO of Nortech Systems Inc., announced on Wednesday that he will retire. The board of director’s has hired a search firm to find a

Rich Wasielewski to retire as CEO of electronics maker Nortech Systems

The announcement came as Nortech reported its best quarterly profit in seven years.

At investment conference, executives discuss growth plans as fund managers contend with fee pressure

The CFA Society's annual gathering captured economic optimism and industry worry.
Students in this year’s Silicon North Stars program explained their tech startup ideas Thursday in the Grain Exchange Building in downtown Minneapol

Nonprofit plugs Twin Cities teens into Silicon Valley tech

Silicon North Stars introduces students to career possibilities.
John P. Wiehoff, the CEO of the Eden Prairie-based transportation firm C.H. Robinson Worldwide, said pricing and volume trends helped second quarter r

C.H. Robinson expects freight market to remain strong through end of year

Company expects freight market to remain strong.
Toro conducted a contest at an industry trade show in February 2017 to name the vehicle. A South Carolina golf course superintendent suggested Outcros

Toro's Outcross a new type of vehicle for turf professionals

Long an idea in the works, Toro's "super-utility" vehicle for turf professionals goes into official production in August.
Minnesota could drop to 17 Fortune 500 companies if Supervalu's headquarters leaves with its acquisition by United Natural Foods.

Here's what the Supervalu sale means to Minnesota's corporate bragging rights

If Supervalu leaves, the state will have 17 firms on the Fortune 500 list.
A Sleep Number display on Nicollet Mall in Minneapolis in early 2018 for the Super Bowl.

Sleep Number ready to leverage full lineup of 360 Smart Beds

The company is looking to add 40 new stores in the second half of the year, CEO also says.

Tennant reports strong growth in second quarter

Tennant Co. announced progress in its integration of the Italian firm it acquired last year and said organic sales growth across its geographic regions contributed…
Marie Moilanen

Retiree from Edina schools was pioneer in adaptive sports

Marie Moilanen was a swimmer, runner, golfer, tennis player, kayaker and paddleboarder. Her friends and family say she enjoyed participating in sports — and helping others be physically active, too.
Target Corp. disclosed a pay ratio of 408-1 between CEO Brian Cornell, at top, and employees.

New CEO pay ratio rule offers narrow view into executive compensation

The rule does not offer apples-to-apples comparison.
Fastenal vending machine inside a factory. (Provided photo)

Fastenal stock has big day on strong earnings report

On a down market day, Fastenal on Wednesday saw its stock rise 10 percent after reporting double-digit sales and earnings growth. CEO Dan Florness told…
Chris Neugent, president and CEO of Post Consumer Brands, is moving to its parent company as executive vice president.

Post cereal CEO Chris Neugent promoted to corporate executive position

Neugent joined Post after it bought MOM Brands; Howard Friedman will become CEO of Lakeville-based business from Kraft-Heinz.
Decliner: Sleep Number Slower earnings and sales growth at the Minneapolis-based mattress maker helped fuel a 21.5 percent decline in the first half,

Stocks slow in wake of big 2017 gains and economic drags on the horizon

The robust hikes of a year ago are fading in the rearview mirror, but market watchers remain measured about the volatility of the next few months

Apogee posts strong first quarter thanks to country's construction boom

National construction spike pushed sales up 24 percent in the first quarter.
Patterson headquarter (Provided photo)

Patterson has good stock day after meeting Q4 expectations

New CEO expects to "return to profit growth" in second half of FY 2019.

Old National Bancorp moves to acquire Twin Cities-based Klein Financial for $434 million

Old National to add 2nd Twin Cities community bank in $434M deal.
Teamwork is stressed at York Solutions as a business objective. Shown is the company’s break room. Provided

Teamwork makes for happier employees — and a better bottom line

Midsize business leaders say fostering camaraderie and common purpose is essential to their companies' success.

MidCountry Bank acquired by local investors

Local investors have acquired Bloomington-based MidCountry Bank from a bank holding company in Macon, Ga.The seller, MidCountry Financial Corp., also owns consumer-banking operation Pioneer Services,…
Microsoft acquires Minneapolis tech firm Flipgrid

Microsoft acquires Minneapolis tech firm Flipgrid

Video-sharing platform already serves educators, students in 180 nations.
Fourteen Twin Cities companies that drive growth.

Companies come, companies go. Do headquarters still matter?

The region's strength may lie in the wide variety of Twin Cities firms
The Supervalu Inc. logo is displayed on a truck at a distribution center in Hopkins.

Supervalu plans a corporate restructuring into a holding company

Company officials say the move would both boost its wholesale business and shareholder value.
Supervalu CEO Mark Gross

CEO Pay Watch: Supervalu's Mark Gross made $2.83 million last fiscal year

Mark Gross, Supervalu Inc. president and CEO Total compensation: $2,830,334 for the year ended Feb. 24, 2018 Salary: $1,126,923 Nonequity incentive pay: $1,676,854 Other compensation:…
Provided by Chris-Craft

RV company Winnebago buying boat maker Chris-Craft

RV company acquires boat maker in an effort to diversify its portfolio.
The inaugural Medical Alley Innovation conference (MANOVA) will be Oct. 8-11 in Minneapolis and will include keynote speakers such as Arianna Huffingt

Firm behind World's Fair bid finds new venture in global health conference

The group behind a failed bid to hold the 2023 World’s Fair in Bloomington has joined with the Medical Alley Association for a new venture.…
Michael Reger, former and returned CEO of Northern Oil and Gas Inc.

Once-fired Michael Reger returns as CEO of Northern Oil and Gas

New board leadership shakes up company's executive team.
Toro latest results were dampened by the late spring, which ate into sales of lawn mowers.

Late winter storms ding Toro sales of residential lawn mowers

One of the coldest Aprils in 20 years slowed sales of Toro Co.'s lawn mowers for residential users in North America and Europe.Yet sales to…

Minneapolis-based Frwd to be acquired by Bain & Co.

Frwd joins Bain's digital practice and will remain in Minneapolis.
mug

Westen Anderson, who loved the funeral industry and the American Swedish Institute, dies at 81

A second-generation mortician, he took over his father's funeral home, Henry W. Anderson Mortuary, when his father died in 1967. Westen Anderson was in his early 30s then and stayed active in the business until recently.
President Donald Trump shows off the tax bill after signing it in the Oval Office of the White House, Friday, Dec. 22, 2017, in Washington.

Businesses start to reap tax savings from new law, but find far more uncertainty

Beyond the numbers from big public companies, accountants and lawyers say the new law will have even more profound effects on smaller firms.
Deb Kilpatrick, CEO of Evidation Health, was named to the board of directors at Minneapolis-based Sleep Number. (Provided photo)

Sleep Number's board of directors now majority female

Sleep Number is one of only 12 companies on the Russell 3000 with a majority female board.
CEO Andy Reeher will join Blackbaud Inc. after the company bought his Reeher LLC software company.

Blackbaud Inc. buys Reeher LLC for $43 million

The St. Paul company should be able to accelerate growth by becoming part of Blackbaud, CEO says.
Lee Schram, CEO of Deluxe Corp, is retiring after 12 years in his position.

After leading Deluxe Corp.'s digital transformation, CEO Lee Schram is retiring

After 12 years leading a transformation from paper to a digital market, Schram will stay until the board finds his successor.
Ameriprise Financial shareholders rebuked the company over executive compensation by rejecting its say-on-pay vote at this week's annual meeting.

Investors rebuke Ameriprise over executive compensation

About three-fourths of the company's shareholders rejected its latest payout to top executives.
Ceridian Holdings raised more than $450 million in its IPO Thursday. The company, a maker of software for human resources and related services, is bas

Ceridian's initial public offering of stock is Minnesota's largest

The Bloomington company priced its initial public offering at $22 per share, which could result in proceeds that exceed $580 million by the end of the day.
Tennant Co., based in Golden Valley, had a strong first quarter.

Tennant's first-quarter revenue up 42.8 percent

Tennant is off to a strong start to fiscal-year 2018, with first-quarter revenue up 42.8 percent.The Golden Valley-based manufacturer of industrial cleaning equipment on Monday…
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