THE MILL EVAN RAMSTAD
The Fortune 500 and Minnesota
Fortune magazine published its latest version of its signature ranking of the nation's biggest publicly owned companies, the Fortune 500, this week. With it, the Minnesota business community comes to the moment of the year when measure is taken of the thing we so like to say to non-Minnesotans: how many Fortune 500 companies we have.
The number is now 17.
Actually, Fortune produces a list of the nation's 1,000 biggest companies, which includes 25 Minnesota-based companies.
The list starts, as our Star Tribune 100 does, with UnitedHealth Group, which dwarfed other stock-traded Minnesota companies last year with $130 billion in revenue. UnitedHealth's stock last week was pushed up by news that it is considering an even bigger acquisition of rival insurer Aetna, which would push its annual revenue past $200 billion, past even Apple.
Minnesota has been seeing a small, but steady, decline in the number of publicly traded companies based in the state. That's due chiefly to companies making the decision to go private or sell themselves to others that are out of state.
JUST LISTED KRISTEN LEIGH PAINTER
Chief executive Dutke to retire from United Properties
United Properties' President and CEO Frank Dutke plans to retire in June 2016, being succeeded by co-presidents Eva Stevens and Bill Katter.
Dutke, 63, oversaw the Bloomington-based commercial real estate firm during its largest business expansion in the company's 99-year history. United is owned by Marquette Companies, a real estate holding company of the Pohlad family. Once Dutke retires, the co-presidents will report to Marquette CEO Bert Colianni.
Katter and Stevens will be promoted from their current positions as executive vice presidents, assuming their new roles on July 1. Stevens' new title is president of United Properties Investment and chief investment officer, while Katter's title will be president of United Properties Development and chief investment officer. Stevens will manage the company's existing portfolio of more than 50 properties and business operations while Katter will work on new investment opportunities and manage the firm's development activities.
"This is part of an orderly transition in leadership over the next year," said Dutke, in a statement. "Fortunately, I have two valued, long-term colleagues in Eva and Bill, each with strong expertise and a proven, successful track record in their respective businesses of investment and development."