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
Eden Prairie-based C.H. Robinson Worldwide's logistics business handles the delivery routes of 56 million pounds of fresh flowers for Mother's Day.

Eden Prairie's C.H. Robinson a big reason why so many people can get fresh flowers for Mother's Day

From South America and Africa to Miami then stores and florists, logistical challenges are great.
Managing Partner and Executive Chair Rory O'Neill and Managing Partner and CEO Evan Carruthers who founded the private investment firm Castlelake have

Minneapolis' Castlelake investment firm getting $1.5B infusion from Canadian global asset manager

The deal with Toronto-based Brookfield Asset Management should close by the end of the third quarter.
Best Buy CEO Corie Barry greeted employees and then customers as the the Richfield Best Buy store opened on Thanksgiving.

Best Buy CEO Corie Barry's compensation fell more than 20% to $10.3M last year

The company failed to meet financial goals, triggering lower payouts for executives.

Ecolab sells surgical business for nearly $1 billion

Medline, an Illinois-based private company, bought the unit, which makes products such as operating room drapes.
Brian Cornell has been CEO since 2014, his realized pay went down despite improved earnings because value of previously issued long-term equity awards

Target CEO was paid $18.1 million in 2023

The company's profits improved last year but Brian Cornell's realized pay dropped 47%.
Sleep Number's Minneapolis headquarters. (AP Photo/Jim Mone)

Sleep Number sales slump as company plans to close 30 stores

The mattress industry has been in decline for more than a year.
UnitedHealth Group CEO Andrew Witty

UnitedHealth Group's CEO made $25 million in 2023

A cybersecurity attack may cost UnitedHealth Group billions, but their CEO made $25 million before the attack.
Anoka has been the home of Federal ammunition for more than 100 years. Federal's parent company Vista Outdoor is giving U.S. investors another change

Vista Outdoor gives American investors another chance to raise their bid

Vista's board still prefers the deal with Prague-based Czechoslovak Group but urged MNC Capital to raise its offer.
David Royal, Thrivent's chief investment officer, and Jen Wilson, Thrivent’s senior managing director of private equity. Thrivent is bringing a priv

Thrivent has found a way for everyday folks to get a piece of the private equity market

Investors can pay as little as $50 a month to join Thrivent's popular asset allocation funds, which will now carry private equity investments.
Anoka-based Federal is among Vista Outdoor's ammunition brands that may be sold to a Prague-based company.

Conservative lawmakers lead objections to Vista's deal to sell Federal ammunition to Czech firm

Pressure being put on Treasury Secretary Janet Yellen and federal panel that must approve foreign investments in U.S. businesses.
The APi Group's headquarters in New Brighton.

New Brighton's APi Group continues its expansion with $570M acquisition

The addition of Tampa-based Elevated Facility Services Group is APi's largest acquisition since its 2021 acquisition of the Chubb fire and security business.
Xcel CEO Bob Frenzel and other executives were awarded a retention bonus.

Xcel CEO Bob Frenzel awarded $9M retention bonus

Bob Frenzel's compensation is down because of stock awards and bonuses being lower than in 2022.
Archie Black, executive chairman and retired CEO of SPS Commerce, saw a 48% increase in his pay last year.

Archie Black's $20M payday, his last and biggest leading SPS Commerce

Black retired as CEO of SPS Commerce in October after 22 years leading the Minneapolis-based software company.
Lloyd Greer, left, talked with customer and Indian motorcycle owner Tony Hines who stopped by to purchase some parts and to view the showroom offering

Indian Motorcycle gets a refresh as it's riding its biggest success

Polaris Industries is rebooting its most popular model. The success of the Indian Scout helped Polaris turn its first annual profit on motorcycles.
Bright Health had its headquarters in Bloomington before announcing in January the company's move to Florida.

Bright Health CEO's bonus grew to $1.95M amid slashed workforce

The company, which was founded in Minnesota, cut its workforce by more than half after exiting the health plan business.
3M CEO Mike Roman made $7.2 million in 2023.

Outgoing 3M CEO made $7.2M last year, less than half new CEO's recruitment deal

Mike Roman is retiring May 1; new CEO Bill Brown's initial pay package is $19.1 million.
30 cal empty brass shell casings at ATK ammo plant in Anoka came off the polishing machine. GENERAL INFORMATION: Anoka, MN., Tuesday, 3/4/2003. Photo

Plans to sell Federal ammunition to Czech company progress as U.S. group makes another offer

MNC Capital Partners, led by a former Vista Outdoor board member, ups its bid and looks to take Anoka company private.
Andrew Cecere, CEO of U.S. Bancorp, saw his compensation drop in 2023.

U.S. Bank CEO's compensation drops 19%, but is still nearly $14M

More than half of Andrew Cecere's compensation in 2023 came from restricted stock awards that vested last year.
Pierson "Sandy" Grieve, retired Ecolab chief executive, died in February at age 96.

The man who turned Economics Laboratory into Ecolab and made it a billion-dollar company dies at 96

The retired CEO and civic leader died at 96 in late February.
Vista Outdoor, which includes Federal ammunition in Anoka, has received an unsolicited bid to buy the company.

Anoka's Vista Outdoor, which includes Federal ammunition, receives $2.9B acquisition bid

Dallas-based MNC Capital offers $35 a share to acquire all of Vista, including its ammunition and outdoor products businesses.

Minneapolis company that provides services for M&A deals makes another acquisition of its own

Datasite is acquiring Sherpany, a provider software to manage board room meetings and communication.
Agiliti CEO Tom Leonard outside the New York Stock Exchange when they completed their IPO.

Minnesota losing public company in $366M deal as Agiliti's biggest shareholder takes it private

Thomas H. Lee Partners owns 73% of Agiliti's shares and will buy the rest.
Lindsay Schroeder, Senior Director, Transformation Management Office and Marvin Connected Home, and Jim Flaherty, Director, Digital Product and Engine

First came smart thermostats. Now Marvin has windows, doors that you can open and close remotely.

While there are aftermarket products that you can add to windows, these are the first mainstream products with the feature baked in.
Tennant, based in Eden Prairie, is investing more in a company to help expand its autonomous industrial cleaners.

Amid worker shortages in factories, Tennant investing more in cleaning robots

Tennant is extending its existing partnership with the autonomous technology company Brain Corp. to develop and improve its autonomous floor cleaners.
Polaris headquarters in Medina. (Provided photo)

Polaris says owners of recalled snowmobiles should use E10 fuel to avoid potential fire hazard

In 2022 Polaris recalled 230,000 snowmobiles to fix a fuel tank issue; now the company says owners should take additional safety steps.
Rendering of proposed BAE manufacturing facility in Maple Grove.

British defense contractor BAE to build factory in Maple Grove, promises up to 500 jobs

The company's Systems Land & Armaments business has filed for approval for a 167,000-square-foot complex.
Ecolab chairman and CEO Christophe Beck Thursday, January 5, 2023, in St. Paul, Minn. Ecolab closed its centennial year posting annual revenue over $1

Ecolab surpasses $15B sales milestone, buoyed by strong launch of new products

CEO Christophe Beck says the company needs to continue a strong R&D pipeline to meet an operating margin goal of 20%.
C.H. Robinson has new AI-driven technology to help automate appointments at big facilities like this one in Laredo, Texas.

C.H. Robinson using artificial intelligence to help automate shipping

Artificial intelligence and a huge database of shipping information used to further automate supply chains.
***FREELANCE PHOTO - POSTMEDIA NETWORK USE ONLY*** TORONTO: February 21, 2017 Ceridian CEO David Ossip poses for photos in their Yonge Street offices

One of Minnesota's newer public companies has a new name, Dayforce

Ceridian has rebranded to match its most popular human resources software program.
Deluxe CEO Barry McCarthy was pleased to announce the company's move to downtown Minneapolis.] Deluxe announcing it is moving headquarters to downtown

Shifting a company's focus is hard. Ask Minneapolis-based Deluxe

Deluxe's latest plan to shift to small-business services from check printing involves more than $100 million in cost cuts.
The Baker Center in Minneapolis used framing systems from Apogee Enterprises Tubelite subsidiary.

Apogee laying off 250 workers, closing plant in restructuring

The company says it must shift focus from revenue growth to profitable growth.
The Ranger XD 1500 introduced in 2023 was designed for the demanding work of ranchers, farmers, big-game hunters and large landowners.

Polaris will focus on trimming costs this year after a big fourth quarter miss

Profits fell 47% in the quarter and this year's landscape is already causing big challenges.
Ecolab is converting its California fleet to all-electric over the next 18 months.

Ecolab buying 1,000 Ford EVs in first step to all-electric fleet in North America

FordPro, a commercial vehicle division of Ford, will start by converting 1,000 Ecolab sales and service vehicles in California over the next 18 months.
Pohlad is selling its Carousel Motor Group, which includes a Ferrari dealership.

With sale of Carousel Motors, Pohlad leaving auto dealership business

Lithia Motors, one of the largest dealerships in the U.S., is taking over the nine dealerships in the Twin Cities area.
The Uponor North America plant in Apple Valley makes pipes for residential projects and is now part of Swiss company Georg Fischer.

Apple Valley's Uponor hopes new owner will accelerate its Mexico, South America growth

It was a down year in 2023 for mergers and acquisition, but Uponor's merger with a Swiss company was one of the bigger deals for a Minnesota employer.
Fastenal had a good enough year to reward shareholders.

Fastenal rewards shareholders with special dividend after solid 2023

Fastenal invested heavily on inventory in 2021 and 2022, but as supply chains stabilized in 2023, it was able to redirect extra cash to shareholders.
Sportech, based in Elk River, is being sold.

Elk River-based Sportech is being acquired for $315M

The maker of components for the powersports market is joining Patrick Industries, a leading supplier to the RV market.

Minnesota companies capitalize on America's sleep problems

Companies from Inspire and Sleep Number to Gem Health and Cryosa are addressing sleep conditions through technology.

Which Minnesota companies' stock performed the best last year might surprise you

Technology stocks were the leaders on the big national stock indexes but Minnesota's best performers were more diverse

Activist shareholder wants to pick two new board members at Minneapolis-based Regis

A Florida-based investment firm that became a shareholder a year ago now offers "to assist in the process of growing the company."
The panelists in this year's Star Tribune roundtable of local investment executives: from left, Roger Sit, Sonali Dalal, Jean-Roch Sibille, David Roya

Defying gravity: Minnesota investors on unexpected stock market year and what's next

Our panel of six investment professionals met on Dec. 11 to review the market year that was and what investors might expect in 2024.
Bright Health Group's headquarters in Bloomington, 2022. Star Tribune staff photo by Evan Ramstad.

Reverse stock splits grow as more companies seek quick fix for low share prices

The rising number of reverse splits — including from Foxo, Bright Health and Regis this year — has prompted Nasdaq to create new disclosure rules.
Augeo founder and CEO David Kristal is bringing blockchain technology to the Happenings and Entertainment coupon books through his company’s Kigo su

A St. Paul company now owns the maker of those coupon books you sold as a kid

Augeo recently acquired Entertainment, the company behind the Happenings and Entertainment coupon books.
The Marvin family council has voted to keep the windows and doors manufacturer family-owned and headquarters in Warroad.

Minnesota window-maker Marvin to share $20M in profit with employees

The profit-sharing is a way to retain and recruit employees, and is part of the family-owned company's long-term plan for growth.
John Oslund Jr.

John Oslund, Star Tribune assistant business editor who oversaw Minnesota's biggest business stories, dies at 70

He was a business reporter and assistant business editor at a time when business and personal finance news was gaining more importance to newspapers and readers.
Winnebago said it will introduce an updated version of its popular Revel RV in the second quarter.

Winnebago's profits down more than 50% in a tough quarter

The RV industry faced macroeconomic challenges in 2023, but Winnebago expects conditions to improve in second half of 2024.

CEO Paywatch: Hormel leader's compensation drops as share price slides

Hormel CEO Jim Snee's realized compensation fell 44.5% from last year.
General Mills corporate headquarters and sign in Golden Valley.

General Mills shakes up senior leadership team

The company is rearranging who is in charge of its top divisions.
Actors Julianne Hough, left, and Nina Dobrev were co-founders of Fresh Vine Wine but have since ended their licensing agreements.

Fresh Vine Wine finds a buyer, appears to move out of Minnesota

Fresh Vine Wine announced it was seeking strategic alternatives, and it may have found one with a live entertainment company based in Colorado.
Federal, part of the Vista Outdoors’ sporting products business being sold to Czech firm CSG Group, has been making ammunition in Anoka for more tha

Anoka's Vista Outdoor rejects offer, sticks with first merger plan

The unsolicited $2.6 billion offer from Czech firm Colt CZ would have been for the entire company. The first plan sells off the ammunitions business.
Anoka-based Vista Outdoor, which manufactures Federal-brand ammunition, has received a new offer for the company.

Anoka's Vista Outdoor receives new $2.6B takeover offer from Czech company

The company's board said that while it is reviewing the offer, it still supports a deal that would sell the ammunition business to a different Czech company.
Stratasys’ mergers and acquisitions strategy cost the company $17.3 million over the third quarter.

Steep merger costs contribute to $47.3M quarterly loss for Stratasys

Revenue for the third quarter was steady with last year.
Winnebago Industries CEO Mike Happe drove the company’s Chris-Craft Launch 25 GTe electric concept boat in Prior Lake in June.

Winnebago's Mike Happe is first Minnesota exec to win Ernst & Young entrepreneur award since 1999

Cheri Beranek, president and CEO of Brooklyn Park-based Clearfield Inc., was one of 11 executives from nine companies named as a finalist.
Fiber-optic cable ready to be laid on the Fond du Lac Reservation near Cloquet. The Fond du Lac Band is in the process of providing broadband Internet

Minn. broadband equipment provider hopes federal spending will help lift it out of slump

Brooklyn Park's Clearfield said the market downturn is temporary and should get boost in next few years from government infrastructure programs.
Portrait of Shelly Ibach, Sleep Number's chief executive.

Sleep Number lays off 500 as part of $50M restructuring, reaches agreement with activist shareholder

The stock closed down 29% after the announcements, including that Sleep Number added two new board members as part of the cooperation agreement with Stadium Capital.
C.H. Robinson is trying to streamline efficiencies to make it through the downturn in the industry.

Eden Prairie's C.H. Robinson sees quarterly profits dip 64% as logistics disruptions continue

C.H. Robinson looks for more efficiency as freight markets remain depressed.
Leagh Turner is leaving Ceridian to be CEO of Coupa Software.

Co-CEO of Bloomington-based Ceridian departs for new job in California

Leagh Turner is leaving to be CEO of California-based Coupa Software.
Bio-Techne CEO Charles Kummeth will step down in 2024.

Shareholders take stand against Bio-Techne's executive pay plan

Discord comes amid the impending retirement of CEO Charles Kummeth.
The St. Paul-based provider of water, hygiene and infection prevention solutions and services earned $404 million, or $1.41 a share, in the third qua

Ecolab's strong third quarter boosts end-of-year confidence

While many economists are expecting a slower economy, Ecolab said it can maintain its momentum.
Blue Clay Capital, a long-time Sleep Number shareholder, has issued critical comments in the past and called for management changes at the maker of sm

More Sleep Number shareholders join push for new board members

Shareholders Blue Clay Capital and Stadium Capital continue to call for change at the Minneapolis-based company.
New SPS Commerce CEO Chad Collins outside the company’s office in Minneapolis on Friday.

New SPS Commerce CEO aims for more geographic expansion beyond Minneapolis

Chad Collins succeeded Archie Black as CEO on Oct. 2, and in his first earnings call, he pointed to the potential for an international presence.
People worked out on treadmills at Life Time’s fitness center in Edina’s Southdale Center.

Life Time expects to be 'cash flow-positive' by middle of next year

That's two years earlier than originally expected after the chain of fitness centers weathered COVID-19 closures and capacity limitations.
Minneapolis-based Thrivent has a record surplus this year.

Thrivent to pay a record $542M in dividends to members

Investment and financial performance by Thrivent has built the surplus to record levels leading to record dividends to eligible members.
Life Time fitness company has seen its stock value go up and down like a roller coaster since it went public a second time. It is not the only new Min

Minnesota's newest public companies from Bright Health to Life Time stumbling on stock market

In 2020 and 2021 Minnesota companies completed 10 IPOs. On average, their stock prices are down more than 60%.
Winnebago and Camping World partnered to open a new Camping World store in Green Bay, Wis., selling only Grand Design products.

Winnebago expanding Grand Design brand, predicts RV industry to improve in spring and summer

Winnebago's Grand Design towable RV business will introduce motorized RVs late in their next fiscal year.
Employee store inside Vista Outdoor headquarters complex shows some of the brands that will be part of the spin-off.

In latest step ahead of split, Vista Outdoors reveals new name of its outdoors company

Vista is splitting into an ammunition company that will be named the Kinetic Group and an outdoors brand company named Revelyst.
David Ossip, co-CEO of Ceridian HCM, announced the company’s new branding on Wednesday.

Bloomington-based HR software company Ceridian changing name in rebranding effort

The new name will be Dayforce, which is also the name of Ceridian's signature human capital management software offering. Other Ceridian products will be renamed Dayforce as well.
Ian Thompson got a trim Monday from Whitney Jones at Roosters Men’s Grooming Center in St. Louis Park. Roosters is one of Regis Corp.’s five main

Regis changed its business model — now what?

A decade ago, the Minneapolis-based company had more than 9,600 salons, with most being corporate-owned. The company is smaller now, with fewer than 5,000 salons, mostly owned by franchises.
Agiliti CEO Tom Leonard in front of the New York Stock Exchange on April 23, 2021, the day the Bloomington-based company went public.

Former CEO takes the helm again at Eden Prairie-based health equipment supplier Agiliti

Tom Leonard is returning as CEO of Agiliti after his successor, Tom Boehning, departed the company.
Stratasys’ shareholders rejected an acquisition proposal for Desktop Metal.

Shareholders of 3-D printing company Stratasys vote down acquisition plan

The company's shareholders roundly reject the board's proposal to buy Desktop Metal. New options could emerge as a result.
Shown is the Stratasys J750 3-D printer. The company is holding a shareholders meeting Thursday on its proposed acquisition of Desktop Metal.

Stratasys to put $552M acquisition deal to shareholder vote

The meeting Thursday will determine whether the purchase of Desktop Metal will be completed. Two companies that made unsolicited bids for Stratasys, as well as some analysts, have recommended a no vote.
An Alumacraft boat in 2012

Alumacraft laying off 68 workers at its St. Peter plant, a blow to town's economy

There are still 207 employees at one of the oldest aluminum boat manufacturers in the U.S.
The stump of a tree and its once water-covered roots at Atibainha reservoir, part of the Cantareira system, which is a major water source for the Sao

Ecolab study finds access to clean water a key issue around the world, especially Latin America

The study was released at the United Nations Climate Ambition Summit in New York.
Sleep Number’s long-time CEO, Shelly Ibach, added the board chair role in May 2022.

Sleep Number shareholder issues wake-up call to company's board of directors

Activist shareholder, Stadium Capital Management, is seeking a board seat citing underperformance.
Stratasys rejected a takeover bid by an Israeli company.

Stratasys rejects takeover bid, asks shareholders to approve its acquisition of competitor

A summer-long drama over merger partners with Stratasys looks headed to a resolution at the end of September.