Staff Directory 6165811

Patrick Kennedy

Reporter | Business, Research
Phone: 612-673-7926

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
Bright Health is in danger of being delisted after going public in 2021 in the biggest IPO in Minnesota at that time.

Market for Minnesota companies to go public cools off significantly

After a red-hot 2020 and 2021, only two companies went public last year.
Archie Black is retiring as CEO of SPS Commerce after more than 22 years leading the company from the very earliest stages to a category-defining comp

Retiring CEO Archie Black on why he had to improve as a leader for today's SPS Commerce

Black, who announced retirement plans in March, reflects on SPS' growth and the significant changes in the retail sector.
UnitedHealth wrapped up its deal to buy Change Healthcare, the largest acquisition in 2022 by a Minnesota public company.

Minnesota public companies are still making deals — with UnitedHealth making the largest

General Mills made the biggest divestiture in 2022.
Clearfield has more than 200 employees and ranks 50th on the list of Minnesota public companies.

Minnesota's public companies grow 7%, half as fast as the previous year

Yet while revenue grew, overall net profit and market capitalization fell.
With $324.2 billion in revenue, UnitedHealth again tops list of Minnesota public companies

With $324.2 billion in revenue, UnitedHealth again tops list of Minnesota public companies

The top 50 companies as a whole posted revenue of $750.7 billion, up 7% from the year before. However, growth was slower than in 2021.
Minnesota companies' progress on environmental goals obscured by lack of reporting standards

Minnesota companies' progress on environmental goals obscured by lack of reporting standards

Most public companies report sustainability progress, but not in a uniform way.
Miso Robotics’ signature product is Flippy, an autonomous robotic kitchen assistant that makes French fries and other fried items.

With fast-food labor crunch, Ecolab invests in firm that makes restaurant robots

Miso Robotics makes products that do the most repetitive tasks in restaurant kitchens, such as making French fries and filling drinks.
C.H. Robinson executed a second round of layoffs this month.

Eden Prairie's C.H. Robinson laying off 300 more employees

The firm, one of the largest logistics companies in the world, announced the second round of layoffs in seven months.
Tom Boehning succeeded Tom Leonard as CEO of Agiliti Inc. on March 10, 2023

Agiliti earnings slid, but Eden Prairie company says first quarter gives momentum for better year

Earnings slid but did better than expectations.
Numbers for the Dow Jones Industrial Average are displayed on a screen at the New York Stock Exchange on Sept. 13, 2022. Among the 30 companies in the

Could 3M lose its spot in the prestigious Dow Jones index?

3M is the worst performer on the key stock index since 2018 and is about to spin off health care, a quarter of its revenue.
CEO Dean Hager of Jamf Holdings announced he is retiring in September.

Jamf CEO Dean Hager retiring after eight years at helm of Minneapolis company

The company's president, John Strosahl, will succeed him in September.
Best Buy CEO Corie Barry

Best Buy's CEO pay drops to $13.4 million

Corie Barry's pay dipped 8% from the prior fiscal year.
Piper Sandler CEO Chad Abraham said inflation, interest rate hikes and a lack of confidence in economic growth led to a down quarter at the investment

Piper Sandler's results sink in declining markets for deals and financings

Piper Sandler first-quarter earnings sank 30% and revenue 15%
Ecolab corporate headquarters building in St. Paul.

Ecolab will remain on 'offense' for rest of year, building on momentum of strong first quarter

St. Paul-based Ecolab's first quarter sales and earnings beat expectations, with profits growing 36%.
Target CEO Brian Cornell

Target CEO Brian Cornell saw his compensation drop 41% last fiscal year

Cornell still received $34.2 million in payment from salary, bonuses and cashing in stock.
Golfers tee off on the 12th hole at Hiawatha Golf Course, July 8, 2021.

Hiawatha Golf Course added to the National Register of Historic Places

The Cultural Landscape Foundation confirmed the course's addition to the list.
Brian Johnson, left, and Dave Buhl are mid-career entrepreneurs who co-founded, Proserv Logistics, a logistics startup. Their offices occupy modest sp

Disruption in freight shipping industry could give Twin Cities startup a way to grow

ProServ does logistics for smaller loads and is concentrating more on human service than technology.
C.H. Robinson saw a big drop in profits in the first quarter.

Eden Prairie's C.H. Robinson quarterly earnings sink more than 50%

The earnings decrease was expected but revenue and earnings were still shy of analyst expectations.
Polaris will soon be shipping the new Ranger XP Kinetic from their Huntsville, Ala., plant.

Polaris shipping new electric ATV, announces quarterly profits up more than 60%

The Ranger XP Kinetic sold out within hours when it was first offered, and a new order window opens this summer.
Andrew Witty, UnitedHealth Group chief executive.

CEO Paywatch: UnitedHealth exec took home $23.8 million in 2022

Andrew Witty's $19.4 million in restricted stock gains fueled his compensation in 2022.
Besides loving great beer, Scott Johnson was also a huge music fan. A memorial service will be held May 4 at BlackStack.

Scott Johnson, founder of St. Paul's BlackStack Brewing, dies at 62

Entrepreneur Scott Johnson introduced people to new beer as an importer and then founder of BlackStack Brewing.
Tennant’s headquarters building in Eden Prairie

Eden Prairie-based Tennant plans to achieve net-zero carbon emissions by 2040

In 2018, the mechanized cleaning equipment company was among the first 103 companies to have Science Based Targets initiative-approved greenhouse gas reduction plans.
Former student Karen Julian was promoted to chief information officer at University of St. Thomas.

IT infuses everything about college life from financial aid to creating schedules

Karen Julian started work as a programmer when she was still an undergraduate at St. Thomas. She now is the university's chief information officer.
Xcel CEO Bob Frenzel at Xcel’s headquarters in downtown Minneapolis.

Xcel Energy's new CEO made $7.6M last year

His overall compensation — mainly because of his promotions — was up nearly 23% in 2022.
Donaldson is based in Bloomington.

Donaldson's hopes to become a $4B company by 2026

The company's new Life Sciences segment is expected to grow revenue faster and have higher margins than the rest of the company.
Archie Black has been CEO of SPS Commerce since 2001.

SPS Commerce's retiring CEO Archie Black earned $13.5 million in 2022

Archie Black is retiring as SPS Commerce's CEO and moving to executive chair this year
Vista Outdoor is restructuring bike brands ahead of its spinoff.

Anoka's Vista Outdoor announces restructuring of bike brands to save $50M

The company also named Jason Vanderbrink CEO of the Sporting Products group ahead of its spinoff.
A breast implant printed using a Stratasys 3D printer and CollPlant’s collagen-based bioink.

Stratasys announces joint development to bio-print breast implants

Stratasys and CollPlant Biotechnologies will collaborate on a project for the breast implant market.
CEO Beth Wozniak is overseeing nVent’s acquistion of ECM Industries in $1.1 billion deal.

nVent Electric acquiring Wisconsin company for $1.1 billion

ECM Industries provides electrical connectivity products, tools and test instruments, as well as cable management products.
The Stratasys J750 3-D printer printing a medical model in 2021. The company has rejected a second takeover offer.

Stratasys unanimously rejects Nano Dimension's second takeover bid

Nano Dimension raised its bid from $18 a share to $19.55 a share.
H.B. Fuller, which makes adhesives for construction, engineering and health and hygiene markets, says it will lay off 300 of its 6,500 employees.

H.B. Fuller will lay off 300 workers as it restructures operations

The restructuring will save the Vadnais Heights-based company $30 million to $35 million.
Winnebago has bought a battery company to further fuel its move into electric vehicles.

Winnebago buying lithium-ion battery maker as it continues push into electric vehicles

Terms of the deal were not disclosed but sale is expected to be finalized by end of May.
Polaris Xchange is an online marketplace for new and used powersports vehicles

Polaris launches new online marketplace for powersports vehicles

Polaris Xchange helps consumers through the sale process, with its dealers involved.
Ecolab, Starbucks and Gap are among companies contributing to clean water effort.

Ecolab contributes $10M to effort to provide clean water for 5 million people

Ecolab and other companies have contributed to a $140 million fund run by WaterEquity, whose co-founder is Matt Damon.
3M CEO Mike Roman. ] GLEN STUBBE • Friday, August 23, 2019 3M CEO Mike Roman’s compensation in 2022 decreased 21%

3M CEO's compensation sinks 21%

Mike Roman has faced criticism from a major 3M investor, and the say-for-pay vote dipped below 90% for the first time.
Inspire Medical Systems Chief Executive Tim Herbert.

Inspire Medical CEO's compensation up as the company continues to grow

Timothy Herbert, CEO of Inspire Medical, saw his value of his equity awards jump at the fast growing company.
Pay for Ecolab's CEO declined 73% in 2022

Pay for Ecolab's CEO declined 73% in 2022

Ecolab's stock sank 37% in 2022 limiting long-term equity gains for executives.
James Cracchiolo, CEO of Ameriprise

Ameriprise CEO's pay was down 17% last year to $54.2 million

Realized long-term equity awards, some 10 years old, fueled Jim Cracchiolo's pay once again.
Stratasys rejected a takeover bid by an Israeli company.

Stratasys rejects a $1.2 billion takeover bid

The board was unanimous in rejecting the bid from Nano Dimension.
Sales of Class C motorhomes were a bright spot in Winnebago’s second quarter.

Winnebago CEO confident increased interest in outdoor activities will continue

Although second quarter income fell, it was expected, and CEO Mike Happe said the Eden Prairie-based company can withstand what could be a challenging next few quarters.
Polaris is suing the former owner of a snow bike business it bought.

Polaris sues former employee, accusing him of stealing ideas for snow bikes

The suit involves kits that allow people to convert a dirt bike to ride on snow.
CEO Charlie Youakim of Minneapolis-based Sezzle is leading the way for his company listing its shares directly on Nasdaq.

Minneapolis-based Sezzle plans to list its shares on Nasdaq

The buy now/pay later fintech company needs to pass some regulatory hurdles before it can list its shares on Nasdaq.
People walk by the closed branch of Silicon Valley Bank in San Francisco on Friday.

Silicon Valley Bank's collapse: Here's what Minnesotans need to know

Minnesota-based banks' stocks slid this morning despite the federal government stepping in to quell fears. Meanwhile, experts say consumers should rest easy about their money.
Ecolab CEO Christophe Beck, left, celebrated on Sunday, March 12, as the snow came down with employee Tina Grant, and her husband Rick Grant, during a

Ecolab spearheads creation of downtown St. Paul park to mark 100th anniversary

The company and its foundation will invest $2 million in a 26,000-square-foot green space.
The Stratasys J750 3-D printer, which was printing a medical model in 2021.

Stratasys receives $1.2B buyout offer, asks shareholders to wait

Some analysts are skeptical that Nano Dimension, Stratasys' largest shareholder, can fulfill the $18 per share offer.
Aran Brosnan, a marketing manager for a Toro division, shows how batteries can be swapped in a new line of Toro snowblowers and lawnmowers, in this fi

Toro sees quarterly profits rise more than 50%

Improving supply chains helped drive manufacturing efficiencies and earnings growth.
Andrew Cecere

U.S. Bancorp's CEO made $17.3M last year

Andrew Cecere's income, figured by the formula the Star Tribune uses, or through new SEC reporting rules, went down.
Archie Black, who has been President and CEO of SPS Commerce since 2001, was photographed at the company Tuesday, May 19, 2015 in downtown Minneapolis

After two decades and more than 2000% revenue growth, SPS Commerce CEO is retiring

Archie Black has led the software company since 2001 through growth and an IPO, recession and the pandemic.
Schwan’s new-look delivery truck and logo of Yelloh, which rolled out in March 2022.

New York equity firm invests 'significant' funds in Schwan family's food delivery business

With the move, 4X4 Capital will take an active role in management of Yelloh.
Stabilizing inflation helped Donaldson in its second quarter.

Easing inflation helps lead Donaldson to 20% increase in quarterly profits

The company's price increases also helped the second quarter results.
The APi Group’s headquarters in New Brighton.

APi's acquisition of Chubb in 2022 leads to record fourth-quarter and year-end results

It beat expectations from analysts.
Securian employees will receive about 7.4% of their salaries in annual profit-sharing.

Sour stock and bond markets lead to loss for Securian Financial

Operating earnings grew, though, and employees will receive profit-sharing.
H.B. Fuller Co. former CEO James Owens

H.B. Fuller's CEO makes $10.3M in final year

It was Owens' largest pay package as CEO.
Price increases on Sleep Number products help offset decrease in demand for the beds.

Sleep Number lost money in the fourth quarter as consumer sentiment soured

Sleep Number had an 18% decrease in demand for the quarter.
Fastenal vending machines are also used within an Onsite location, such as this one.

Fastenal growing by getting closer to its customers

Since 2014 Fastenal has reduced its branch locations 36% but revenue is up 85% because of its Onsite growth.
Bloomington-based Donaldson made another acquisition that will fold into its growing Life Sciences segment.

Donaldson makes another Life Sciences acquisition

Donaldson makes another addition to its Life Sciences segment
Chris-Craft Launch 25 GTe

Winnebago debuts all-electric Chris-Craft concept boat

Winnebago introduced its all-electric Launch 25 GTe at the 2023 Miami International Boat show this week.
A Protolabs employee in 2019 works on injection molding at the company’s Rosemount facility.

Protolabs shares rise after company says it is narrowing its focus

The Maple Plain-based contract manufacturer will focus on its injection molding and automated CNC offerings and back off on 3-D printing business.
Richard Olson, chairman, president and CEO of Bloomington-based Toro. realized $5.5 million in total compensation.

Toro CEO's pay is down 21% to $5.5M

Cash incentives tied to annual performance goals decreased 53%, contributing to the drop in Rick Olson's executive compensation.
Minneapolis-based software firm Qumu bought by Canadian company

Minneapolis-based software firm Qumu bought by Canadian company

With the $18 million purchase, Qumu is no longer traded on the Nasdaq exchange.
NVent Electric CEO Beth Wozniak.

New products help drive growth for electrical product maker nVent

The company, run from St. Louis Park, aims to launch 50 new products each year.
Ecolab products are now available for the first time at Home Depot.

Ecolab now selling products at Home Depot — the first time available at retail stores

Ecolab products are familiar in the supply closets of hotels, restaurants, hospitals and manufacturing sites but rarely seen in residential settings.
Salo, whose CEO is Lisa Brezonik, was acquired by Los Angeles-based Korn Ferry.

Korn Ferry completes acquisition of Minneapolis-based staffing firm Salo

Salo becomes part of a multinational staffing agency
Chris Metz, who has been fired as CEO of Vista Outdoors.

Vista Outdoor fires CEO before company spinoff of businesses, including Federal Ammunition

Chris Metz has been CEO of Vista Outdoor since 2017 has agreed to resign.
C.H. Robinson missed analysts’ expectations for the fourth quarter.

Eden Prairie's C.H. Robinson prepares for what could be a tough year

Slowing economic growth drags down fourth quarter results.
CEO Barry McCarthy, at the opening of the company’s downtown headquarters, of Deluxe, which announced its exit from the web hosting sector.

Minneapolis' Deluxe sells web-hosting business as it continues shift to payment services

Deluxe is selling some small-business services companies to concentrate on electronic payments and data services.
Jiamond Mines works at an installation station on a 6x6 ATV at the Polaris manufacturing plant in Roseau in August. The company introduced 120 new pro

Polaris rides to success in fourth quarter but 2023 outlook includes bumps

Improving supply chains helped inventory levels but the powersports company expects slower growth in 2023.
Securian has agreed to sell its retail wealth business to California-based Cetera Financial Group.

St. Paul-based Securian Financial selling retail wealth business to L.A. firm

The business is a small part of Securian but will directly affect 155 employees who will be offered spots with the acquirer.
Fastenal reported a quarterly earnings bump of 6.2%.

Winona's Fastenal reported a 6% bump in Q4 profits

Fastenal's quarterly results are a good indicator of industrial, manufacturing and construction activity. It also released its first ever ESG report earlier this week.
Bob Biesterfeld, former CEO of C.H. Robinson

Eden Prairie-based C.H. Robinson's CEO departs abruptly

The company's board chair is now the interim CEO.
It is best to revisit your financial goals after this year and not make major shifts in long-term investing.

After a terrible year, what should you do with your retirement savings?

Financial advisers weigh in on some strategies to follow when investing your savings.
Biff Robillard of Bannerstone Capital Management in Wayzata.

Stock value of Minnesota's largest companies dropped nearly 12% last year

Some advisers look for a better 2023.
James Snee, chair, president and CEO of Hormel Foods

CEO Paywatch: Hormel CEO's pay fell slightly after it missed a profit goal

James Snee's realized compensation dipped 2.3% in the company's fiscal year that ended in October.
Top row: Lisa Erickson, Craig Johnson and Jim Paulsen. Bottom row: Martha Pomerantz, David Royal and Roger Sit.

Minnesota investment chiefs: Back to basics after a horrible stock market year

We gathered six investment pros from the Twin Cities to analyze this year's stock performance and tell us what to expect in 2023. Here's what they said.
Sample of the lab-grown salmon Wildtype — using equipment from a Donaldson unit — is growing in a lab.

Bloomington-based Donaldson part of project developing lab-grown salmon

The company is seeking to diversify the company by growing its position in the life sciences market.