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
Fastenal's sales were up in the first quarter. (Photo provided by Fastenal)

Bellwether Fastenal results show continued increase in factory production

Industrial supplier sees continued increase in safety products because of COVID-19 but also its core products.
Angie Freeman, chief sustainability officer for C.H. Robinson (Provided photo)

New C.H. Robinson tool will help companies measure their carbon footprints

C.H. Robinson's Emissions IQ tool will measure carbon footprint of shipments including hard to measure less-than-truckload loads.
Shelly Ibach, Sleep Number president and CEO. (DAVID JOLES • david.joles@startribune.com)

CEO Pay Watch: Sleep Number CEO's pay rose 65% in 2020

Business conditions rebounded for the Minneapolis-based company after COVID-19 downturns.
Geologists Brian Lentz, left, and Rob Bergmann discovered that industrial waste streams hold rich concentrations of critical electronic-vehicle batter

Minneapolis company wants to 'mine' garbage to find metals for EV batteries

New firm breaks ground on expansion to an existing Mich. recycling center to extract cobalt, copper, nickel from industrial waste.
Polaris Inc. and Boston-based Optimus Ride have signed a partnership to produce fully autonomous electric low-speed  vehicles. (Provided photo)

Polaris expands partnership to make new line of autonomous vehicles

The Medina-based company will work with Boston-based Optimus Ride to develop new electric platform.
3M CEO Mike Roman

CEO Paywatch: Total pay for 3M's Roman fell 3% in 2020

Michael Roman3M Co.Chairman and chief executiveTotal compensation: $6,825,832 for the year ended Dec. 31Salary: $1,299,948Non-equity incentive pay: $1,582,901Other compensation: $106,513Exercised stock options: $1,336,651Value realized on…
Solis RV by Winnebago

A rush in the RV lifestyle drives Winnebago sales, profits upward

Winnebago execs believe a major shift in demand is underway.
Tim Peterman, CEO of iMedia

Sales at iMedia Brands rose during the holidays for the first time in years

Fourth quarter sales grew 1% as it halted several negative sales and new customer growth trends.
Ecolab CEO Doug Baker (Provided by Ecolab) ORG XMIT: MIN2010291709080297

Baker's pay in final year as Ecolab CEO was biggest, nearly $74 million

Douglas Baker Ecolab Inc. Executive chairman, former CEOTotal compensation: $73,799,062 for the year ended Dec. 31Salary: $1,326,125Nonequity incentive pay: $0Other compensation: $123,393Exercised stock options: $64,127,215Value…
pandemic insurance: Securian Financial CEO Chris Hilger said he is proud of the company’s response during the pandemic. It paid out $275 million in

Even as life insurance payouts increased, Securian buckled down and saw growth for 2020

As a provider of life insurance, St. Paul-based Securian Financial knew more than most companies the devastating impact of the COVID-19 pandemic.Like other companies, Securian…
Scott Wine, former CEO of Polaris

CEO Pay Watch: Before departing Polaris, Wine gave up salary, bonus

Scott Wine, former chairman and chief executive, Polaris Inc.Total compensation: $6,125,708 for the year ended Dec. 31Salary: $318,462Nonequity incentive pay: $0Other compensation: $258,741Value realized on…
Jasmine Jirele

Allianz Life Insurance Co. names Jasmine Jirele as next CEO

Jirele, a financial services industry veteran, is succeeding Walter White, who has led the company since 2011.
Hawkins Inc. supervisor Joe Rizzardi showed some of the new equipment at Hawkins’ newly converted manufacturing facility on March 1.

Roseville chemicals firm Hawkins is suddenly a darling with investors

Always a steady provider of dividends, pandemic created more gains for firm.
Brent Miller, Robert Thompson (center) and Heidi Lynch will manage Mairs & Power’s new Minnesota Municipal Bond ETF.

Mairs & Power launches an ETF tied to the bonds of Minnesota's towns

Mairs and Power says the new fund is designed to be low-cost and low-risk.
ANI Pharmaceuticals buys Novitum Pharma for $163.5 million

ANI Pharmaceuticals buys Novitum Pharma for $163.5 million

The deal gives ANI, based in the border town of Baudette, a sizable addition to its manufacturing capacity.
Cecere

U.S. Bancorp CEO's pay dropped 40% in 2020

Andrew Cecere, U.S. Bancorp, chairman, president, CEOTotal compensation: $8,214,045 for the year ended Dec. 31Salary: $1,200,000Nonequity incentive pay: $1,946,160Other compensation: $61,256Value realized on vesting shares:…
Landscape contractors purchased Toro zero-turn mowers in anticipation of the 2021 turf season, helping Toro to a solid first quarter.

Toro posts strong first quarter results as key seasonal sales converge

Residential buyers purchased snow equipment as contractors bought landscaping mowers.
David Ossip, chief executive of Ceridian HCM Holdings, in a 2017 file photo

CEO Paywatch: Ceredian CEO Ossip surpasses $100M threshold in 2020

Leader of Bloomington software company saw a huge gain in 2020 compensation after exercising stock options that soared in value.
Communications Systems to become Pineapple, switch focus to home solar industry

Communications Systems to become Pineapple, switch focus to home solar industry

The Minnetonka company already has sold two businesses and plans to divest its other holdings in the broadband industry to fund the merger and new company.
Patterson's headquarters in Mendota Heights. (GLEN STUBBE/Star Tribune)

Increased pet ownership during pandemic helps Mendota Heights' company double quarterly earnings

Increased pet ownership helped Patterson's third quarter results while dental practices are still struggling to get back to pre-pandemic patient levels.
Amanda Brinkman, Deluxe’s chief brand and content officer, and host of "Small Business Revolution." (Provided by Deluxe)

Shoreview company's 'Small Business Revolution' comes home to help Black-owned firms

Deluxe's reality series has focused on small towns, but after George Floyd's killing and the unrest that followed, the company decided to focus on Twin Cities.
Stratasys says recent moves, including expanded Airbus deal, should put it back on track

Stratasys says recent moves, including expanded Airbus deal, should put it back on track

The company, based in Eden Prairie and Israel, shows sequential quarterly improvement and anticipates trends will continue as it launches new initiatives in 2021.
Polaris headquarters in Medina. (Provided by Polaris)

Polaris' first full-size electric ATV should be available by early 2022

New all electric Ranger will be designed and developed in Minnesota and built in Alabama.
H.B. Fuller Company CEO James Owens ORG XMIT: MIN1302051543531757 ORG XMIT: MIN1706300811390498

CEO Pay Watch: H.B. Fuller's James Owens made nearly $6.8M last year

James OwensH.B. Fuller Co.President and CEOTotal compensation: $6,792,446 for the year ended Nov. 30Salary: $1,225,977Nonequity incentive pay: $1,044,717Other compensation: $362,306Exercised stock options: $2,089,341Value realized on…
Omnia Fishing co-founders CEO Matt Johnson, Dan Wick and Chris Morgal in the company's 10,000-square-foot warehouse in Golden Valley. (Provided by

Golden Valley startup selling fishing tackle, gear hooks $2.1M in investments

Omnia not only sells the gear, it helps consumers pick out what they need for specific lakes.
Tennant's thrid autonomous mobile robot, the T16AMR, is made for logistics centers and industrial facilities. (Provided by Tennant)

Tennant still being hit by COVID-19 effects

Revenue and earnings fell in 2020, but the company is off to a busy 2021 highlighted by a CEO change, new product introductions and the sale of one of its units.
Securian Financial is based in St. Paul.

St. Paul's Securian Financial sees 44% annual income drop because of COVID-19

The firm's life insurance businesses paid off more policies due to deaths caused by the virus.
Tim Peterman, CEO of iMedia Brands. (GLEN STUBBE/Star Tribune)

Eden Prairie's iMedia hopes to raise $20M in stock offering

The struggling parent of ShopHQ home shopping network's offering is underwritten by Craig-Hallum Capital Group.
Graco's CEO Patrick McHale is retiring. (Provided by Graco)

Patrick McHale retiring as CEO of Graco

The company's chief financial officer will take over in June
Ecolab corporate headquarters building in St. Paul. (Ken Wolter/Dreamstime/TNS)

Coronavirus pandemic still hitting Ecolab results

While its sales of disinfectants used to clean health care facilities was up, the company was hit by the laggard industrial sector.
Eden Prairie-based Compute North uses modular buildings, such as this one with cooling vents jutting out, to house computers engaged in cryptocurrency

Compute North, digital currency service provider in Eden Prairie, raises $25 million

The provider of computer space for cryptocurrency mining expects burst of revenue growth.
Protolabs recorded a record first quarter on Thursday. (BRUCE BISPING/Star Tribune file photo)

Protolabs' finances continue to be affected by pandemic

The Maple Plain-based company reported revenue decreases in the fourth quarter and 2020 and offered cautious guidance for first quarter of 2021.
SPS Commerce employees meet for a meeting in "the Cloud" room in 2015. (ELIZABETH FLORES/STAR TRIBUNE)

Minneapolis-based SPS Commerce sees 80 consecutive quarters of revenue growth

The company helps retailers connect their supply chains.
The esports venture affiliated with the owners of the Minnesota Vikings has been renamed Version1. The Eagan-based company announced a team that will

Wilfs' esports venture expands with Valorant team, changes company name

Now with three teams, the company will be called Version1.
Minneapolis Public Schools Superintendent Ed Graff spoke after a tour of Pillsbury Elementary School on Wednesday, Feb. 3, to highlight the safety

Cold won't stop school on 'first' day back for Minneapolis students

The district said in an e-mail that temperatures are not expected to dip below its threshold for suspending in-person schooling.
CEO Russell Becker of Twin Cities-based API Group, which became a publicly held company in 2019 and acquired several smaller companies in 2020.

Pandemic slowed deal-making in Minnesota last year

The state logged two public offerings in 2020.
Bloomington-based The Toro Company elected Richard Olson to president and CEO effective Nov. 1 ORG XMIT: MIN1902071329520540

CEO Pay Watch: Toro's Olson made $3.5M, down because of pandemic effects

The company did not adjust financial targets for bonuses last year, which were set before the coronavirus hit the U.S.
Scott Ward, CEO at Cardiovascular Systems. (Provided photo)

Fewer surgeries in December because of COVID-19 dinged New Brighton company's finances

With elective procedures down because of increased hospitalization rates with COVID-19, fewer Cardiovascular Solutions devices were used.
Vista Outdoor CEO Chris Metz visited Remington’s ammunition plant in Lonoke, Ark. (Provided by Vista)

Demand for ammunition drives record quarterly profits at Anoka-based Vista Outdoor

The company reported profits increased more than 400% in the third quarter as new gun owners create a surge in demand for ammunition.
Minneapolis biotechnology firm saw dividends on growth

Minneapolis biotechnology firm saw dividends on growth

Strong performance in all markets and segments helped Bio-Techne increase second quarter adjusted EPS 50%.
Co-founders Abby Master and Katie Dorn of EmpowerU, an online mental health site which took $1 million in venture capital.

Venture capitalists invested a record $1.9B in state in 2020

Health insurers, food farms drew some of the biggest investments in state history.
From left, Todd Villeneuve, Dave Martens, and Dave Thesing of IFC Marketing. (Provided photo)

Fairmont firm one of latest acquisitions by insurance industry consolidator

IFC National Marketing was one of three purchases in January by Dallas-based Integrity Marketing Group.
Protolabs’ Rosemount plant. (SHARI L. GROSS/shari.gross@startribune.com)

Minnesota company Protolabs adding to buzz in 3-D printing sector

The Maple Plain-based contract manufacturer's stock has risen on its recent acquisition.
Polaris workers on their Roseau assembly line. (Provided photo)

Polaris introduces more than 120 new products in 2020

Company doubles 4Q incomes as it overcame pandemic-related issues in the first part of the year.
Nonprofits across the spectrum have tackled the constraints of the pandemic in similar ways with creativity as the watchword.

Minnesota's top 100 nonprofits, with largest's revenue at $13.8B

Mayo Clinic leads the Star Tribune's annual look at nonprofits from big medical institutions to colleges and arts groups.
Emergency Room physician Dr. Mohammed I. Hussain seen in May just inside the entrance to CentraCare Health in Monticello. The spring stressed hospital

Minnesota nonprofits getting creative to crawl out of COVID-19 financial hole

The coronavirus has wreaked havoc for the nonprofit world, from large health systems to small arts and social service agencies and colleges. These organizations must now figure out how to rebuild after vaccines allow public spaces to open and people form new habits.
Fastenal reported earnings up 10% on Wednesday.  (Photo provided by Fastenal)

Winona-based Fastenal continues to benefit from increased sales of safety products

Sales of its traditional industrial products were still not where they were pre-pandemic, but the bellwether company's results shows a slowly recovering economy.
There's a new Minnesota produce brand but with name many know

There's a new Minnesota produce brand but with name many know

Eden Prairie-based C.H. Robinson, which does most of its business figuring out logistics for others, will start distributing produce under Robinson Fresh.
Provided by C.H. Robinson

Eden Prairie's C.H. Robinson makes move to help retailers meet changing consumer habits

The logistics company announced a partnership with SAS to connect real-time transportation information with retailers' and consumer products companies' needs.
Augeo CEO David Kristal

St. Paul loyalty and reward program company Augeo expanding despite pandemic

The company completed two acquisitions in 2020, including one on Dec. 31 for Deluxe's rewards platform.
U.S. stock markets set end-of-the-year records.  (AP Photo/Seth Wenig, File)

Why stock markets ended year with records, while other parts of economy limping

Wall Street and Main Street don't always run parallel in recoveries.
Datasite CEO Rusty Wiley said the company needed to rid itself of noncore businesses.

London private equity firm acquires Minneapolis-based tech firm

Datasite CEO Rusty Wiley says now is good time for previous investors to exit and new growth equity owners to step in.
Medina-based Polaris appoints chief financial officer as interim CEO

Medina-based Polaris appoints chief financial officer as interim CEO

CFO Michael Speetzen will serve in the post as the company continues to search for a replacement for Scott Wine.
TJ Kennedy, chief executive of Qumu

Qumu, a Minneapolis tech firm that helps businesses do remote work, plans to closes its offices

Qumu is one of the first local companies to adopt a permanent remote work environment.
Donaldson Co. headquarters in Bloomington. (AP Photo/Jim Mone)

Worst of pandemic effects could be behind Donaldson, CEO says

The company said it expects sales trends to continue to improve and that it could see growth in the second half of its fiscal year.
Patterson Companies Mendota Heights, Minnesota headquarters. ] GLEN STUBBE * gstubbe@startribune.com Friday, June 19, 2015 ORG XMIT: MIN15061915254018

With dental, vet clinics gaining businesses again, Patterson saw good quarter

Mendota Heights-based company saw boost because of efforts to prevent COVID-19, but not all the growth was attributed to that.
Vista Outdoor CEO Chris Metz visited Remington’s ammunition plant in Lonoke, Ark. Vista is rehiring 300 employees.

Anoka's Vista Outdoor gets boost from Remington ammunition purchase

Its main business is ammo, the sale of which is rising during pandemic
Hal Greenwood

Hal Greenwood, S&L figure and leader in Grand Marais, dies at 89

Harold "Hal" Greenwood, the former president and CEO of Midwest Federal Savings and Loan and a central figure in the savings and loan crisis of…
Scott Wine, shown in a 2016 file photo, is resigning as chief executive of Polaris to take the top job at CNH Industrial.

Polaris CEO Scott Wine resigns, will lead the parent company of Case and New Holland

Scott Wine will become head of CNH Industrial, a worldwide maker of farm equipment.
Joe Puishys retiring CEO of Apogee. ] GLEN STUBBE • glen.stubbe@startribune.com Wednesday, November 11, 2020

CEO Joe Puishys' bet on himself paid off at Apogee

CEO says it's the right time to hand over the reins of Bloomington company

CEO Joe Puishys' bet on himself pays off at Apogee

Now, he said, it is time for his next chapter and he will retire at the end of February.
Deluxe headquarters in Shoreview. (GLEN STUBBE • glen.stubbe@startribune.com)

Improving economy over the summer gave Deluxe better-than-expected results

New focus on business services helps its third-quarter results.
A bin of brass casings used in centerfire ammunition inside the Federal Premium production facility in Anoka. Federal Ammunition is part of Vista Outd

Anoka-based Vista Outdoor had big quarter; Remington purchase should help future results

Investments made before pandemic, e-commerce spur strong quarter.
Regis saw its revenue decline as it continued to sell company-owned salons to franchisees. But it was also pressured by effects of the pandemic.

Regis profit, sales are down again, as hair salons still hurt by pandemic

The company's progress toward an all-franchisee business model continues.
Alesha Horn, a New Brighton-based gamer known as Minnesota Mocha, is one of the participants in a Call of Duty tournament hosted by the Rokkr this wee

Røkkr hosts Call of Duty tournament for women gamers, attracts Minnesota Mocha

Minnesota Røkkr moves to broaden professional e-sports with Call of Duty: Warzone tournament for women.
The Ecolab corporate headquarters building in St. Paul.

New CEO will take over healthy Ecolab but at precarious time because of COVID-19

Switzerland native has experience leading some of company's global operations.
Ecolab CEO Doug Baker

Doug Baker stepping down as Ecolab CEO on Jan. 1

Christophe Beck, currently the St. Paul-based company's president, will take over.

C.H. Robinson said shipping activity accelerated throughout third quarter

C.H. Robinson Worldwide Inc., the Eden Prairie based third-party logistics firm, said shipping demand accelerated throughout the third quarter while outstripping the growth in carrier…
A Polaris manufacturing facility in Osceola, Wis.

Polaris expects annual sales to hit targets set before pandemic

Sales of boats, motorcycles and ATVs strong as consumers seek outdoor activities in pandemic.
Twin Cities Orthopedics center in Eagan.

Twin Cities Orthopedics getting new CEO, growing Revo subsidiary

Troy Simonson is going to focus on the group's growing Revo subsidiary, while Chief Operating Officer Aaron Johnson takes the helm.
The acquisition of luxury motorhome maker Newmar helped increase sales for Winnebago.

New consumers driven to the RVing lifestyle fuel solid growth for Winnebago

Fourth-quarter earnings for the recreational vehicle company exceeded expectations, as people turned to outdoor activities during the coronavirus pandemic.
Pentair's executive offices in Golden Valley. (GLEN STUBBE/glen.stubbe@startribune.com)

Pentair had good quarter thanks to people investing in their pools

Home improvements attributed to the pandemic helped overall performance, analysts say.
Donaldson CEO Tod Carpenter.

CEO Pay Watch: Donaldson's Tod Carpenter made $3.3M last fiscal year

Carpenter's compensation was down more than 60% from the $9 million he realized in fiscal 2019.
Lightning Kayaks production associate Zachary Sorensen carried the hull of a boat while working at the firm's Minneapolis production facility.

Outdoor activity surge boosts Minnesota kayak, canoe makers Lightning and Wenonah

Surge in outdoor activities such as kayaking, canoeing due to pandemic increases output for state manufacturers.
API Group's headquarters in New Brighton.

One of Minnesota's newest public companies making four acquisitions worth $300M

New Brighton-based safety service company, recently gone public, eyes more acquisitions in 2021.