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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
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.
From fishing to yoga, Minnesota's Accent and Cannon make paddles for every use

From fishing to yoga, Minnesota's Accent and Cannon make paddles for every use

The Accent and Cannon brands in Minneapolis have specialty products for fishing, racing, surfing and recreation.

St. Jude Medical deal sheds light on key Minnesota industry

St. Jude is the third largest medical device employer.
Pentair's profit flat as sales fell in valves, filters

Pentair's profit flat as sales fell in valves, filters

The water products firm got a boost from an acquisition it made last summer.
UnitedHealth CEO Stephen Hemsley made $20.1 million in 2015

UnitedHealth CEO Stephen Hemsley made $20.1 million in 2015

STEPHEN HEMSLEY | UnitedHealth Group Inc. Chief Executive Officer Total compensation: $20,093,213 for the year ended Dec. 31, 2015 Salary: $1,350,000 Non-equity incentive pay:…

Board fissure at Insignia made public through resignation letter

When Edward Corcoran resigned from the Insignia Systems board of directors, he took the unusual step of submitting a public letter to the board…

MTS adding to sensors business with purchase of PCB Group

$580 million acquisition was a "natural" choice for the local maker of test systems.
Move over bulls and bears, make room for the bunny stock market

Move over bulls and bears, make room for the bunny stock market

The markets struggled back to positive territory in a first quarter that got off to a bearish start. Now, a 'bunny market' may be ahead.
CEO pay watch: Inge Thulin, 3M Co.

CEO pay watch: Inge Thulin, 3M Co.

CEO Pay Watch 3M Co. Inge Thulin, chairman, president, CEO Total compensation: $15,620,581 for the year ended Dec. 31, 2015 Salary: $1,448,153 Non-equity incentive…
CEO Pay Watch: TCF Chairman William Cooper made $3.9 million in 2015

CEO Pay Watch: TCF Chairman William Cooper made $3.9 million in 2015

WILLIAM COOPER TCF FINANCIAL Co. CHAIRMAN AND FORMER CEO   Total compensation: $3,941,789 for the year ended Dec. 31, 2015 Salary: $1,500,000 Nonequity incentive…
Graco CEO Patrick McHale made $4.2 million in 2015

Graco CEO Patrick McHale made $4.2 million in 2015

Patrick McHale CEO of Graco Inc. Total compensation: $4,247,052 for the year ended Dec. 31, 2015 Salary: $750,400 Non-equity incentive pay: $910,538 Other compensation: $18,864…
Paywatch: St. Jude Chairman Daniel Starks made $13.5 million last year

Paywatch: St. Jude Chairman Daniel Starks made $13.5 million last year

Daniel starks St. Jude Medical Inc. Executive chairman Total compensation: $13,538,010 for the year ended Dec. 31, 2015 Salary: $1,110,000 Non-equity incentive pay: $1,453,545…
U.S. Bancorp CEO Richard Davis had $21.8 million in total compensation for 2015

U.S. Bancorp CEO Richard Davis had $21.8 million in total compensation for 2015

Richard Davis chairman and CEO of U.S. Bancorp Total compensation: $21,754,748 for the year ended December 31 Salary: $1,300,000 Non-equity incentive pay: $2,304,900 Other compensation:…
Retired United Way CEO James Colville lived to give

Retired United Way CEO James Colville lived to give

Friends say James Colville was a critical thinker and problem solver who used his business background to help raise more than $1.2 billion for local…

Appliance Recycling Centers of America CEO Jack Cameron retires for second time

Tony Isaac is leading the firm on an interim basis.

Data storage shifts hurting Eden Prairie-based Datalink

The shifting preferences in the way corporations choose to store their data is having a negative impact on the margins of Eden Prairie-based Datalink.
CEO Pay watch: Willard Oberton, Fastenal Co.

CEO Pay watch: Willard Oberton, Fastenal Co.

CEO Pay Watch Fastenal Co. Willard Oberton, chairman, former CEO Total compensation: $614,089 for the year ended December 31, 2015 Salary: $572,292 Non-equity incentive…

Mitsui investment moves BioAmber project closer to reality

BioAmber Inc., which has its main office in Montreal and executive offices and a research facility in Plymouth, has a joint venture with Tokyo-based Mitsui…

Sit Investment Associates, Thrivent ranked in top three of Barron's/Lipper Fund Family list

Sit Investment Associates, Thrivent finish first, third in the fund rankings.

Sales force turnover helps trim sales guidance at SPS

Minneapolis-based SPS Commerce reported better-than-expected fourth-quarter results, but its revenue guidance for 2016 raised concerns for one analyst.
CEO Pay Watch: Michael Hoffman, The Toro Co.

CEO Pay Watch: Michael Hoffman, The Toro Co.

CEO Pay Watch The Toro Co. Michael Hoffman, chairman and CEO Total compensation: $11,070,525 for the year ended Oct. 31, 2015 Salary: $960,000 Non-equity…

Piper Jaffray posts stronger-than-expected earnings

CEO Andrew Duff said this performance was four years in the making.

IPOs started strong in 2015, then the stock market stumbled

Despite strong years for mergers and acquisitions and venture capital funding, the appetite for initial public stock offerings waned in 2015, especially in the second half.
2015 was busiest for Minnesota deals since Great Recession

2015 was busiest for Minnesota deals since Great Recession

Minnesota firms stayed busy in 2015 with mergers, acquisitions.

Wells Fargo's John Stumpf named Morningstar's CEO of the Year

Last week Morningstar, the independent investment research firm, named Wells Fargo CEO John Stumpf its CEO of the Year.

Ameriprise's fourth-quarter results top expectations of analysts

The company has a solid fourth quarter despite soft markets and low rates.

Tactile Systems Technology registers for IPO

The move by Tactile Systems Technology, whose devices treat chronic conditions, could raise $86 million.
Andersen Windows debuts VeriLock, its integrated home security technology for windows and doors

Andersen Windows debuts VeriLock, its integrated home security technology for windows and doors

Andersen's VeriLock technology can tell homeowners if windows and doors are open, but it also signals homeowners through a variety of connected devices if those windows and doors are locked.

Resignation of Silver Bay's CEO signals shift

The sudden resignation of a company's CEO generally signals more changes are ahead.

Analyst maintains 'outperform' rating on SPS Commerce after acquisition of ToolBox Solutions

The addition of ToolBox strengthens the Minneapolis-based SPS' foothold within the convenience, grocery and drugstore market.

Nautilus CEO visits Octane Fitness in Brooklyn Park

Bruce Cazenave, CEO of Vancouver, Wash.-based Nautilus Inc., was in town on Wednesday to visit employees and managers two days after his company acquired Brooklyn Park-based Octane Fitness.
Polaris Industries acquires maker of snowmobile helmets

Polaris Industries acquires maker of snowmobile helmets

Polaris Industries Inc. acquired 509 Inc., maker of carbon fiber snowmobile helmets and other products, adding to its portfolio of accessory brands.509, which started in…

Nautilus buys Brooklyn Park-based Octane Fitness

Brooklyn Park company makes a wide array of fitness equipment.

Analyst has long-term optimism for Stratasys

Stratasys stock has been down 69 percent this year, but Oppenheimer analyst Holden Lewis earlier this month reiterated his buy "outperform" rating after recent visits with company management.
Some nonprofits, hurt by the recession, are now expanding

Some nonprofits, hurt by the recession, are now expanding

Recent expansions are evidence of a turn in fortunes for successful small nonprofits that bit the bullet during the Great Recession and the lean years following when donations dipped.
Analysts: Medtronic deal starts to deliver consistent growth

Analysts: Medtronic deal starts to deliver consistent growth

Analysts have been keeping an eye on Medtronic's growth since the completion of the Covidien merger at the start of the year.
Former Donaldson CEO earned $4.85 million in last fiscal year

Former Donaldson CEO earned $4.85 million in last fiscal year

CEO Pay Watch Donaldson Co. Inc. William Cook, chairman Total compensation: $4,849,808 for the year ended July 31, 2015 Salary: $861,246 Non-equity incentive pay:…
CEO David Martin to take medical leave from Cardiovascular Systems

CEO David Martin to take medical leave from Cardiovascular Systems

David Martin will focus on treatment for his cancer.
H.B. Fuller wins case against Accenture

H.B. Fuller wins case against Accenture

Ruling went against management consultant agency Accenture.

Russell King and Jacob Simms acquire Oak Ridge Financial Services

The firm will be run separately from King Capital and the Peter J. King Family Foundation.
TDK to buy Hutchinson Technology for $126 million

TDK to buy Hutchinson Technology for $126 million

No layoffs were announced in the deal with the big Japanese electronics maker.

U.S. Bancorp targets mobile, compliance programs

U.S. Bancorp has been carefully monitoring expenses for the last several quarters as it anticipates a higher interest rate environment and more robust economic growth,…

Capella stock drops after mixed 3Q report

Capella had better-than-expected enrollment growth but missed revenue projections.

Deluxe reports strong 3Q results

Financial services paved the way as revenue rose 6 percent in quarter.

Arctic Cat misses quarterly sales forecasts

Company lowers guidance for fiscal 2016 but CEO says company positioned for future growth.

ConvergeOne unifies units under one name

New corporate structure also organizes acquisitions under divisions.

Qumu Corp. names Vern Hanzlik CEO

Sherman Black resigned from the company's top job as part of a planned succession process

Tile Shop Holdings shares up 14.5 percent after reporting strong quarterly earnings

Shares of Tile Shop Holdings rose 14.5 percent Tuesday after the Plymouth company reported stronger-than-expected third-quarter revenue and earnings. The specialty retailer of manufactured and…
Epoch Lacrosse moves into new Roseville facility

Epoch Lacrosse moves into new Roseville facility

Equipment maker settles into new Roseville home, says it will greatly help R & D and design.

Former Melting Pot owner pleads guilty on 'conspiracy to defraud' the government

David Dale Ahern helped steal $860,000 in withheld employment taxes.
Minnesota stocks slide with the market

Minnesota stocks slide with the market

The stock market was on a record run, but now it's stumbling, and Minnesota is no exception.

Canterbury Park wants to create subsidiary for land development

The new entity would develop land not used for horsetrack operations.
Toro could get more exposure during Ryder Cup at Hazeltine

Toro could get more exposure during Ryder Cup at Hazeltine

Ryder Cup will be a showcase for Bloomington company

Alerus Financial expands in Twin Cities by acquiring Beacon Bank

The deal would give Alerus five offices in the Twin Cities and Duluth.
Reemo developing technology to help seniors live independently

Reemo developing technology to help seniors live independently

Reemo is developing apps to keep elderly independent
Cardiovascular Systems president and CEO David Martin will work through cancer treatments

Cardiovascular Systems president and CEO David Martin will work through cancer treatments

David Martin will continue to lead the New Brighton company while getting treatment.
St. Olaf Choir's Kenneth Jennings remembered for his musicianship, humble manner

St. Olaf Choir's Kenneth Jennings remembered for his musicianship, humble manner

Kenneth Jennings is credited with using his humble manner and consummate musicianship to elevate an already world-class St. Olaf Choir. Jennings, 90, died Aug. 20…
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