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
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.

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…
Ameriprise Financial headquarters in Minnespolis. (Star Tribune file photo)

Ameriprise reports strong first-quarter results and increases quarterly dividend.

Mpls.-based company cited adjusted earnings of $3.70 per share.
Stephen J. Hemsley

CEO Pay Watch: Stephen Hemsley, UnitedHealth Group executive chairman

The company's long-term success has also made Hemsley, who retired as CEO in September, a wealthy man.

Sleep Number misses first-quarter expectations

The company, though, says it remains on track to meet 2018 earnings goals.
Seen from the 24th Street footbridge, a man blows snow Saturday in Minneapolis.

A look at other big snowstorms to hit Twin Cities

Snowfall numbers won't be in till Sunday, but here's a look at snow depths from other big storms.
Sleep Number president and CEO Shelly Ibach, with NFL Commissioner Roger Goodell in January.

CEO Pay Watch: Sleep Number's Shelly Ibach made nearly $4.2 million last year

Ibach's pay more than doubled in a year that saw a major product launch, corporate name change and move to a new headquarters.
In the first quarter, Fastenal added 100 new Onsite locations, which are dedicated Fastenal sales areas in customers' facilities. (Provided by Fastena

Fastenal's stock drops despite good first-quarter report

Shares of Fastenal sank 6.2 percent Wednesday after the release of the company’s first-quarter results. The Winona-based company met Wall Street expectations, reporting a 13.2…

Bloomington software firm Connexeo receives $110 million in equity funding

The Bloomington-based software firm wants to alter image, expand offerings.
Specialist Mario Picone works at his post on the floor of the New York Stock Exchange, Friday, April 6, 2018. Stocks are falling again as trade tensio

Local investment analysts see 'clouds forming on horizon'

Market's fundamentals undercut by trade-war discussions, tech cool-off.
Xcel CEO Benjamin Fowke (JERRY HOLT/Star Tribune file photo)

CEO Pay Watch: Xcel Energy's Benjamin Fowke made $17.3 million last year

His compensation was less than in 2016 because earned less from restricted stock awards.
Digi plans to cut about 60 jobs, chiefly in its Eden Prairie location.

Digi International will eliminate 60 positions

Digi International, the Minnetonka-based provider of internet of things connectivity products for business, will cut 10 percent of its workforce as it shifts work done in its Eden Prairie plant to contract manufacturers.
H.B. Fuller Company CEO James Owens

H.B. Fuller's first-quarter sales jump 42 percent after acquisition

The Royal Adhesives addition also allowed cost savings as the two companies integrate.
SPS Commerce employees hold their daily morning meeting at the company's downtown Minneapolis headquarters. (ELIZABETH FLORES/Star Tribune file photo)

SPS Commerce adds directors as part of agreement with activist investor group

SPS, which provides cloud-based supply chain software and analytics, increased the size of its board from seven to 10 directors.
Toro announced its acquisition of Indiana company L.T. Rich Products. (MONICA HERNDON/Star Tribune file photo)

Toro buys Indiana company L.T. Rich Products

The move is to expand offerings to landscape and grounds professionals.
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.
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