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
Toro’s new robotic lawn mowers for residential markets will be available in 2023.

Toro's new robot mower is like a Roomba for your lawn

Toro announced the introduction of robotic lawn mower for the residential market that uses optical sensors.
These are the top 50 public companies in Minnesota ranked by revenue

These are the top 50 public companies in Minnesota ranked by revenue

The top five companies on the Star Tribune 50 each had double-digit revenue gains in 2021. The group as a whole has grown as well. The addition of new companies over the past few years have helped raised the floor from $88.3 million in 2018 to $233.4 million this year.
Life Time fitness went public for the second time last year. Shown is the Chanhassen club.

For second straight year, Minnesota added more public companies than it lost

Minnesota added eight new public companies by IPO but lost some more along the way.
Doug Baker retired on May 5 as executive chairman of Ecolab after working at the St. Paul-based company since 1989.

Ecolab's Doug Baker has already started his next chapter

Doug Baker retired from Ecolab but has several ventures underway to keep his fingers in the local economy.
Trucks lined up next to containers at the Port of Los Angeles in San Pedro, Calif.

Inflation, supply chain troubles catch up to Minnesota public companies

Companies ended 2021 on a strong note and were able to raise prices, but in the first quarter, firms from Polaris to Target took a hit on profits or operating margins.
Mairs & Power CEO Mark Henneman, who commissioned a book project on his firm, wanted to have a permanent record of the culture created by the firm’s

St. Paul-based investment firm Mairs & Power wants to preserve its history

A former Pioneer Press business columnist has written a history of St. Paul investment firm Mairs & Power as it celebrates its 90th anniversary.
Investors and shareholders want to know more about the social issues at a company, including the makeup of the workforce and the board of directors.

More Minnesota public companies increasing transparency around diversity reports

Big companies, some prodded by shareholder proposals, are making workforce stats part of their community or sustainability reports.
APi Group CEO Russ Becker led a $3.1 billion acquisition of the Chubb Fire & Security business, which will double APi’s employment.

Four Minnesota public companies made $3B-plus M&A deals in 2021

APi, Ecolab, General Mills and Hormel all announced defining M&A deals in 2021, while the largest deal announced is on hold.
Officials at UnitedHealth Group, Minnesota’s largest public company, usually land high on the Star Tribune executive compensation list.

Former UnitedHealth CEO made $142.2M last year

The compensation package for David Wichmann might be the largest ever for a Minnesota-based public company.
Vista Outdoor is splitting into two: The ammunition business, including Federal, will remain headquartered in Anoka.

Anoka's Vista Outdoor splitting into two companies — ammunition and outdoor products

The company's split will be completed in 2023, with the ammunition business staying in Anoka.
Mike Mikan, CEO of Bright Health (Provided by Bright Health)

Bright Health's CEO made $2.3 million in 2021 but proxy reveals it could be much more.

CEO Mike Mikan realized $2.3 million in 2021 but the proxy reveals grant date value of equity awards made his pay package worth $180 million.
In this Aug. 28, 2019, photo, the Sleep Number corporate logo stood out on the headquarters of the Minnesota-based company in Minneapolis.

Shift in consumer spending erases Sleep Number's profits, shares fall sharply

Sleep Number reported disappointing results Wednesday and executives lowered their outlook for 2022.
Customers can now join a subscription program called Polaris Adventures Select that allows them short-term access to different Polaris vehicles.

Polaris customers can now buy subscription for short-term vehicle rentals

The Medina-based company announced Monday it has expanded its Adventures Select services to the Midwest, including Minnesota.
Fastenal reported strong first quarter results, a harbinger for how well manufacturers did in the first quarter.

Minnesota's Fastenal says increased manufacturing, construction activity drove brisk 1Q results

Fastenal, based in Winona, is considered a bellwether of earnings to come because it supplies basic materials such as fasteners to industrial and construction companies.
Thomas Press, chairman and CEO of Next Century Growth Investors

Golden Valley firm, which grew out of the old IDS, sees micro cap success

Next Century Growth was honored for the micro cap strategy that has outperformed the Russell Index.
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

SPS Commerce's CEO banked $15.4 million in 2021

CEO Archie Black earned the maximum from performance-based restricted stock during the years 2019 to 2021.
Workers at Apogee’s Owatonna plant making laminated sheets of glass into windows.

Restructuring efforts help Minnesota's Apogee glass manufacturer fight inflation challenges

After adjusting for $28 million in restructuring costs, Apogee's adjusted EPS for the year was $2.48 a share.
Ben Fowke, retired chairman and CEO of Xcel Energy.

Retired Xcel CEO Ben Fowke earned $22.3M in his last year

It was the fourth year in a row that Fowke's realized compensation exceeded $20 million.
Sleep Number CEO Shelly Ibach

Sleep Number CEO's pay jumps 66% in 2021 to $19 million

The Minneapolis-based company's performance over the last three years boosted value of restricted stock.
Life Time founder and CEO Bahram Akradi cut his salary and bonus in 2020 and 2021 in response to the pandemic.

Bahram Akradi's salary last year was $50,000; Life Time also forgave a $17.7M loan

The compensation committee did issue Akradi equity awards that were valued at $23.9 million in lieu of a higher salary and bonus.
3M CEO Mike Roman’s compensation rose to $9.6 million in 2021.

3M CEO made $9.6M last year, up 40%

The Maplewood-based company's share price has been lagging, or CEO Michael Roman's compensation would have been more.
left to right Nathan Hansen, Polaris Roseau Plant Director; Minnesota State Representative John Burkel;  U.S. Senator Tina Smith; U.S. Senator Amy Klo

Polaris breaks ground on $22 million robotic paint factory in Roseau

The plant will likely open in 2024. The company is actively recruiting for 100 open positions in Roseau.
David Ossip, co-CEO of Ceridian, was the highest paid Minnesota public company executive in 2020 and is likely to be again in 2021.

Ceridian HCM's co-CEO made $120.5M last year

David Ossip was likely Minnesota's highest paid executive in 2021. His salary was $775,000, but he exercised more than $100 million in stock options.
C.H. Robinson President and CEO Robert Biesterfeld, seen in 2019, earned $13.8 million in 2021.

C.H. Robinson's CEO earns $13.8 million

C.H. Robinson helped customers deal with supply chain issues and shipping constraints leading to record results. Its CEO's pay went from $1.4 million to $13.8 million.
Winnebago introduced an eRV concept vehicle in January. The Advanced Technology Group at Winnebago is also working on electric concepts for their Towa

Demand for RVs remain strong, pushing Winnebago's results

Demand for recreational vehicles remains strong, and now Winnebago is getting good results from its recently acquired boat businesses.
Ameriprise's CEO made $126.5 million over the last two years

Ameriprise's CEO made $126.5 million over the last two years

Mainly because of long-term equity awards, Ameriprise Chief Executive Jim Cracchiolo realized $63.2 million in 2021 and $63.3 million in 2020.
Polaris CEO Michael Speetzen

Polaris CEO's compensation rose to over $5M

Michael Speetzen earned the top spot at Polaris after serving as interim CEO.
A Schwan’s delivery truck in 1994

Schwan's Home Delivery is changing its name to Yelloh

The change for the company behind those yellow frozen food delivery trucks is a nod to its heritage and to its future.
Ecolab corporate headquarters building in St. Paul.

Ecolab will add 8% to 12% surcharges to offset rising energy costs

Starting April 1, Ecolab will add the surcharges on products it sells to offset increased energy and other raw material costs.
Andrew Cecere, chairman, president and chief executive of U.S. Bancorp, realized $19.4 million in compensation during 2021.

U.S. Bank's CEO took home $19.4M in 2021, $11M more than year before

U.S. Bancorp CEO Andrew Cecere's previously issued equity awards helped him more than double his realized compensation in 2021.
HelpSystems Chairman Chris Heim and CEO Kate Bolseth have been active on the acquisition trail in 2020.

Eden Prairie's HelpSystems announces 10th acquisition in 15 months

The purchase of Houston-based Alert Logic will be the largest since HelpSystems bought GlobalScape for $217 million in July 2020.
Remington ammunition, part of Vista Outdoor, is raising money for Ukrainian refugees by selling T-shirts.

Anoka's Vista Outdoor donating 1 million ammunition rounds to Ukraine

The company, which owns Federal, Remington, Speer and CCI brands, also is raising money for refugees through the sale of T-shirts.
Chris Vogtman, director of marketing for RLC, residential landscaping contractors for Toro, demonstrated Toro’s new line of electric commercial lawn

Toro earnings down because of inflation, supply-chain constraints

Demand remained strong across Toro's product lines but supply-chain woes continue to constrain results.
Pentair is buying Manitowoc Ice, which makes commercial ice machines.

Pentair makes $1.6B deal to acquire a Wisconsin ice machine maker

Pentair will buy Manitowoc Ice, a maker of more than 200 models of commercial ice machines.
Patterson Cos. was boosted by people’s spending on their pets.

Pet market continues to boost results for Mendota Heights' Patterson

Patterson's companion animal business helped increase earnings 17% in the company's third quarter.
Securian announced its preliminary 2021 results and amount for its annual employee profit sharing.

Securian paid $850M worth of COVID-related death benefits in 2021

Strong investment returns more than offset the decrease in operating earnings because of the spike in death benefits, the St. Paul provider of insurance and investment products said.
Medaria Arradondo chatted with people at Shiloh Temple on Saturday in Minneapolis. Community members and leaders said goodbye and honored the former M

North Side group pays tribute to former Minneapolis Police Chief Medaria Arradondo

The city's first Black police chief was feted at Shiloh Temple on Saturday night.
C.H. Robinson Worldwide is partnering with autonomous vehicle technology company Waymo to bring autonomous vehicle technology to the trucking and logi

Eden Prairie's C.H. Robinson entering self-driving truck market with Waymo partnership

The two companies will start with pilot projects between Dallas and Houston.
Ecolab’s corporate headquarters in St. Paul.

Ecolab's Q4 profits flat because of bumps in raw material, freight costs

COVID-19, supply chain presented challenges as well.
Toro CEO Richard Olson realized $7 million in total compensation for fiscal year 2021.

Toro Co. CEO's compensation nearly doubled to $7M last fiscal year

Richard Olson's pay reflected the fact that Toro exceeded its financial goals for fiscal year 2021.
Leagh Turner on Thursday was named co-CEO of Ceridian HCM Holdings.

Bloomington's Ceridian HCM Holdings records annual sales of over $1B for first time

Ceridian HCM reports fourth quarter and year-end results and promotes its president and chief operating officer, Leagh Turner, to co-CEO.
Chad Abraham, CEO of Piper Sandler

Strong M&A activity pushes Piper Sandler 2021 revenue over $2B

Net income rose from $42.2 million to $113.5 million for the fourth quarter.
Compute North uses modular buildings, such as this one with cooling vents, to house computers engaged in digital mining.

Compute North raises $385 million for data center buildouts

Company is developing large scale infrastructure for cryptocurrency miners.
Beth Wozniak, CEO of nVent, which reported quarterly income up about 40%.

nVent back on track after pandemic dip

Company managed from St. Louis Park reported a 42% increase in fourth quarter profits.
David Kristal, founder and CEO of Augeo, which will launch in the second quarter a new loyalty and awards program that utilizes cryptocurrencies.

Cryptocurrency in a loyalty program? Why not, says St. Paul-based company

Augeo announces a new program to exchange points and cash-back awards.
A bin of Vista Outdoor’s Federal shotgun shells at the company’s Anoka production facility.

Century-old Federal Ammunition continues to drive results for parent company

Vista Outdoor reports third-quarter earnings that are up 50% over last year and beat expectations.
Bob Biesterfeld, CEO of C.H. Robinson

World's logistical problems mean huge increase in business for Eden Prairie's C.H. Robinson

But while earnings grew 55.7% in the fourth quarter, they still did not meet Wall Street expectations.
A robot at Graco’s Minneapolis plant operates 24 hours a day moving cast aluminum manifolds through the CNC machine.

Backlogs grow as Graco, Pentair deal with supply chain issues

Both manufacturers saw an increase in sales and fourth-quarter results that beat analyst expectations.
Winnebago introduced its eRV concept vehicle at a Florida trade show in January 2022.

Eden Prairie-based Winnebago joins the electric vehicle race

Winnebago introduced its eRV concept vehicle last week at a major Florida trade show.
Ameriprise Financial reported its fourth quarter adjusted operating earnings per share were a record $6.15

Ameriprise is ready for rising interest rates

Ameriprise's adjusted operating earnings in the fourth quarter rose to a record $6.15 a share.
Mansco Perry will retire next year from his job as executive director of the State Board of Investment.

Perry begins final lap at the Minnesota state agency that actually makes money

Mansco Perry, a veteran of the Twin Cities financial scene, has led the State Board of Investment since 2013 and seen its assets nearly double in that time to $130 billion.
The Polaris XP Kinetic is targeted to the working demands of farmers, ranchers and other landowners. Initial production sold out within two hours of i

Fast-rising costs overtake Polaris in Q4, but 2021 sales set a record

The Medina-based maker of recreational vehicles and boats eclipsed $8 billion in annual revenue.
Donald Maurer, founder and CEO of Empi Inc.

Donald Maurer, founder of Empi medical device maker, dies at 85

Donald Maurer created one of the first electronic devices for chronic pain control at Medtronic and later founded Empi Inc.
Ecolab corporate headquarters building in St. Paul.

Disruptions caused by COVID-19 surge mean Ecolab will miss 4Q earnings forecast

The St. Paul-based company had to deal with both vendor and logistics closures, which led to significant cost increases at the end of the year.
Andre Best, CEO of Best Care, which recently became one of two companies owned by people of color approved for a Minnesota Department of Human Service

Best Care ready for more growth after winning new Minnesota state contract

Best Care, through a new business arm, became one of the first two companies run by people of color to deliver critical financial management services to people who want to self direct their care.
Fastenal’s results for the fourth quarter of 2021 and the year exceeded analyst expectations.

Recovering industrial sector helped lift Fastenal's results

Fastenal is among the first companies to report quarterly results each quarter, so it is considered a bellwether on manufacturing trends.
Bright Health has its headquarters in Bloomington. It expects to have 1 million members by the end of this year.

Bright Health now expects to exceed 1 million members in 2022

Bright Health Group expects to exceed the 1 million membership milestone this year.
Hydraulic pump shafts are manufactured by Kurt Manufacturing for Eaton, shown in 2004.

Federal court orders previous trustee of Minneapolis ESOP to restore $9.3M

Officers of Kurt Manufacturing Co. also must pay a penalty.
Jeninne McGee, chief risk officer of Ameriprise Financial, is taking part in a program run by the Minnesota chapter of Women Corporate Directors to he

Minnesota group working to get more women of color on public company boards

The Minnesota chapter of Women Corporate Directors has launched a second cohort of 21 women of color to train, mentor and promote as candidates for public company board seats.
Clearfield, the provider of fiber-optic cable and other broadband products, was the second-best performer on the stock market among Minnesota’s publ

Broadband installer Clearfield a leader among Minnesota's standout stocks in 2021

Three out of four of Minnesota's publicly listed companies saw their share values rise in a year when the overall market surged nearly 30%.
Vista Outdoor acquired Stone Glacier, a maker of technical outdoor gear and clothing.

Federal Ammunition owner announces its seventh acquisition in 16 months

Vista Outdoor in Anoka bought a Montana company that makes specialty outdoors clothing and equipment called Stone Glacier.
Market trends during 2021 make for a challenging start to the next year for investment advisers and managers.

Experts predict another wild ride for stock markets in 2022

Market trends during 2021 make for a challenging start to the next year for investment advisers and managers.
Felipe Athayde resigned as CEO of Regis Corp. on Dec. 23.

Athayde resigns as Regis CEO as hair salon firm's value plunges

Athayde spent about 15 months leading the Minneapolis-based franchisor.
Raised in Duluth, Megan Preston Meyer writes an illustrated children’s book series featuring the adventures of Supply Jane and Fifo.

With Supply Jane and her dog Fifo, Minnesota native author teaches children how business works

Megan Preston Meyer, who grew up in Duluth, has written illustrated children's books about how things get made and distributed.
Gary Maharaj, president and CEO of Surmodics.

CEO Paywatch: Gary Maharaj of Surmodics

Maharaj realized $4.4 million in compensation in fiscal year ended September. That's up from $1.5 million a year earlier.
Agiliti CEO Tom Leonard in front of the New York Stock Exchange on April 23, the day the Bloomington-based company went public.

In busiest year for IPOs in decades, Minnesota firms deliver mixed returns for investors

Many companies stumbled after going public, floundering under investor scrutiny.
Hormel CEO James Snee

Hormel CEO's pay fell 42% in last fiscal year

James Snee realized $7.7 million for their year ended Oct. 29.
Carlson Private Capital Partners invested in a Wisconsin broadband supply and services company. Shown is a broadband tower in Brooklyn Park.

Carlson family investment firm backs Wisconsin rural broadband company

Carlson Private Capital Partners made its fifth platform investment in Millennium.
Kristine Glancy, CEO of Insignia Systems

Minneapolis-based company's shares soar 200% after announcing it is seeking strategic alternatives

Insignia Systems has hired New York-based investment bank Chardan to conduct a strategic review of their operations.
Bloomington-based Donaldson reported record first quarter results and raised guidance for the remainder of its fiscal year.

Demand, expense management leads to record 1Q results for Bloomington's Donaldson

The filtration company's chief executive said strategic moves, including two acquisitions, will help it expand its life sciences business.
Polaris has introduced the all-new electric Ranger XP Kinetic.

Polaris unveils its all-new electric Ranger ATV

Under development the last year, Polaris unveils its new electric Ranger in its bid to be the powersports leader in electric vehicles.
Scott Barrington, managing director and CEO of North Sky Capital.

Wayzata firm making climate change difference with its impact investments

North Sky Capital is a pioneer in sustainable infrastructure and impact secondaries investing.
Julianne Hough at the 2017 Emmy Awards.

Minnesota wine company, with Julianne Hough as partner, files for an IPO

Fresh Vine Wine Co. is seeking $15 million in an initial public offering.
Toro has introduced electric versions of its Grandstand and Zmaster lines.

Toro expands electric fleet to commercial equipment

Toro already has a increasingly popular line of battery-powered residential lawn mowers and equipment.
JAMF Holding went public in 2020 and is traded on the Nasdaq market.

Minneapolis-based Jamf Holding sees Q3 revenue increase 36%

Jamf spent a good portion of its earnings call explaining how a new Apple initiative should not affect its business.