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 25 years.


Kennedy also has written about nonprofit organizations and mergers and acquisition activity.
Recent content from Patrick Kennedy
Celeste Mastin was named CEO of H.B. Fuller in December 2022 and has made a number of small acquisitions since, including two small medical adhesive c

Twin Cities-based H.B. Fuller expands its medical adhesives business with two acquisitions

H.B. Fuller acquired two small medical adhesives companies and divested a flooring business.
Shelly Ibach, Minneapolis-based Sleep Number's chair, president and CEO, announced she'll retire before the company's next annual meeting.

Sleep Number's largest shareholder says current board isn't up to choosing a new CEO

Sleep Number's shares rose sharply after Stadium Capital said it wants a reconstituted board of directors to conduct the search for Shelly Ibach's successor.
The Kinetic Group and 1,500 workers at Federal’s Anoka manufacturing plant get yet another corporate owner in its more than 100-year history, after

After year of bargaining, deal to sell Federal ammunition to Czech firm overwhelmingly approved

Shareholders OK'd Vista Outdoor's plan to sell its ammunition brands to Czechoslovak Group for $2.15 billion, and its outdoors brands to a private equity group.
FILE- In this Nov. 16, 2018, file photo Target employee Lindsay Walker scans an item as she collects merchandise from shelves to prep them for an onli

Trump's tariff pledges have companies questioning inventory, supply chains

Companies are weighing the pros and cons of increasing inventory from overseas sources as President-elect Trump pledges more tariffs, second U.S. port strike looms.
Engine hoods from various Arctic Cat snowmobiles manufactured over the years hang on a wall at Arctic Cat's munufacturing facility Wednesday, May 15,

Arctic Cat lays off workers, suspends snowmobile production in Thief River Falls

The company told its dealers that workforce reductions began Wednesday because of the downturn in the powersports sector.
Shelly Ibach, Sleep Number president and CEO at the new Sleep Number headquarters seen Wednesday, Sept. 26, 2018, in Minneapolis, MN.

Sleep Number's Shelly Ibach, one of Minnesota's few female public company CEOs, retiring next year

The announcement came with the news that the company lost money in the third quarter.
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How one Minnesota Fortune 500 company is using industry-leading AI to respond faster to customers

C.H. Robinson says its technology can take hours out of the process of onloading orders and could improve its profit margin.
Ecolab CEO Christophe Beck, pictured here in 2023, said he is confident with the company's direction.

Ecolab CEO says he has 'rarely felt better' about the St. Paul-based company

Christophe Beck spoke after the company released third-quarter earnings that skyrocketed 80% above the same quarter a year ago.
Thrivent is giving out a record dividend for the third year in a row.

Thrivent returns a record dividend to clients for third year in a row

This year, clients will split $564 million either in payments or in product enhancements.
Jo Shimota, a sales rep at Chopper Powersports in Fridley, talks through features of the Ranger XP Thursday with Carol Schmidt of Forest Lake as she a

Slowdown in sales of ATVs, RVs, boats ripples through Minnesota recreational vehicle businesses

Polaris, Winnebago both hurting, but so are dealers whose profit margins are thinning.
Instead of becoming a standalone company, The Kinetic Group and 1,500 workers at Federal’s Anoka manufacturing plant get yet another corporate owner

After boardroom drama and international intrigue, Anoka's Federal Ammunition close to being sold

On Nov. 2nd, 2021 the management team from Vista Outdoor had made a presentation its board of directors proposing it split its ammunition businesses and outdoor product brands into standalone public companies. More than three years later the original plan has missed its mark. Instead both businesses are being sold and Minnesota losses out on two potential public company headquarters.
The Polaris portion of the showroom at Tousley Motorsports & Marine in July.

Polaris earnings down 80% as consumers delay big purchases

Dealers are flooded with older models from competitors, with deals on those also hurting the Medina-based powersports manufacturer.
Thrivent CEO Terry Rasmussen will be the next board chair at H.B. Fuller.

Thrivent CEO Terry Rasmussen will be H.B. Fuller's next board chair

The St. Paul-based adhesives company announced that Rasmussen will succeed longtime Chair Lee Mitau when he retires in January.
Vista Outdoor moved its headquarters from Utah to Anoka amid a strategic turnaround for the outdoor brands company.

Another buyer emerges in bid for Anoka-based Vista Outdoor, further escalating sale price

Connecticut private equity firm Strategic Value Partners will buy the Revelyst division.
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Mairs & Power, one of St. Paul's oldest investment firms, names new CEO

Rob Mairs, a grandson of George Mairs Jr. who founded the firm in 1931, will take on the role of chief executive from Mark Henneman, who will continue as the board's chair before retiring in 2026.
CEO Ron Konezny of Digi with some of the "Internet of Things" communications devices that link industrial equipment to the Internet for monitoring and

Hopkins-based Digi Intl., pushes new subscription product to boost revenue

The software technology company has mainly provided devices but is now focusing on more end-to-end services through Digi 360.
At the employee store at the Federal ammunition plant in Anoka, products from Vista's Revelyst outdoor group also are available.

Are Vista Outdoor shareholders ever going to vote on the ammunition group acquisition?

The Anoka-based company on Tuesday postponed a special meeting to vote on the plan for the company for the seventh time.
Shot casings produced at the Federal Premium facility in Anoka.

As time starts to run out, Vista Outdoor continues to back ammunition group deal with Czech company

The board on Wednesday officially rejected the latest offer from MNC Capital and recommends shareholders approve the CSG deal before an expiration date.
Mark Boehme, a worker at Apogee's Viracon factory in Owatonna, inspects a large piece of glass as it moves through processing.

Apogee, which provides glass for projects like U.S. Bank Stadium, much leaner after restructuring

The company has 2,700 fewer employees now, and also fewer businesses.
The interior of a Topgolf center.

Golf's popularity remains after pandemic surge, good news for Bloomington-based Toro

Interest in golf surged during the pandemic but hasn't retreated from the gains like other outdoor sports have, which is good for the golf industry, including Toro and local courses.
Anoka-based Federal is among Vista Outdoor's ammunition brands that may be sold to a Prague-based company.

Vista Outdoor postpones sale vote, yet again, after new bid from MNC Capital

Anoka-based Vista Outdoor said Tuesday it would reschedule Friday's shareholder meeting on the sale of its ammunition business to a Czech company after getting another bid from MNC.
Josh Kravik, Toro’s global product marketing manager, demonstrates the capability of Toro’s autonomous fairway mower at Interlachen Country Club i

Toro cashing in on golf's growth, reversing losses from last summer

Golf's popularity continues to grow, which has helped the Bloomington-based business offset fewer sales from homeowners and lawn care dealers.
Patterson Cos. headquarters

UnitedHealth data breach dings earnings for Mendota Heights-based Patterson

Patterson's first-quarter sales and earnings missed expectations as it adjusted to the cybersecurity effects on its dental clinic customers.
Northern Oil and Gas has made 14 acquisitions since 2020 to expand into the Permian Basin, including oil operations in New Mexico.

Minnesota's Northern Oil and Gas makes over $5B in deals as North Dakota boom wanes

The Minnetonka-based company has made 14 acquisition deals from Texas and New Mexico to Utah and Ohio.
General Mills CEO Jeff Harmening (Photo provided by General Mills)

Pay for General Mills CEO drops to $13 million

Chairman and CEO Jeff Harmening earned a smaller bonus and gained less from long-term equity awards as pay declined 25% from a year ago.
nVent Electric CEO Beth Wozniak. ] GLEN STUBBE ï glen.stubbe@startribune.com Friday, April 20, 2018 Pentair spins off its electrical business int

nVent Electric's expansion fueled by exploding need for data storage

The London-based company run out of St. Louis Park makes electronic components for data centers, which has fueled an expansion of its Anoka factory.
Ecolab chairman and CEO Christophe Beck announced One Ecolab, a growth initiative.

With record customer gains, Ecolab plans to use tech to grow even more

A new growth initiative means a structural reorganization for the St. Paul-based company.
nVent announced it is selling its thermal managment segment for $1.7 billion.

nVent Electric makes $1.7B deal to sell smallest division

The London-based company run from St. Louis Park is selling its thermal management unit to Brookfield Asset Management.
Owner David Glassman, center, meets on Tuesday with sales consultants Jon Osowski and Galen Maurer at Tousley Motorsports & Marine in White Bear Lake.

Deals on Polaris vehicles grow as dealerships face high inventories

Polaris' sales are down, and the Medina-based company is slowing the number of vehicles sent to dealerships through the end of the year.
Anoka has been the home of Federal Ammunition for more than 100 years.

Vista Outdoor again postpones vote on ammunition business sale

The company announced plans to explore all options for its outdoor product company, Revelyst.
The centerpiece of Vista Outdoor's collection of ammunition businesses is Federal, which has been making ammunition in Anoka for more than 100 years.

One of Vista's largest stockholders says shareholders should vote on upgraded ammunition deal

Gates Capital wants Vista to change the date of record so new shareholders can vote on the CSG Group deal.
Employees prepare products for delivery inside the new Graco distribution center in Dayton.

Graco hopes new industry-leading products for contractors help position it for growth

In the second quarter, the contractor division grew revenue 5% while overall sales were slightly down.
Lee Mitau was a long-time board member at Graco and H.B. Fuller.

Public company boards set their own pay. At Minnesota firms, that averages $250,000.

While scrutiny of CEO pay has grown, attention hasn't been the same on directors' pay.
Minnesota's 50 highest-paid executives, with No. 1 at $59.5M

Minnesota's 50 highest-paid executives, with No. 1 at $59.5M

Two CEOs earned more than $50 million, and 13 over $10 million.
Bio-Techne President and CEO Charles Kummeth (ANTHONY SOUFFLE/Star Tribune file photo)

One company's shareholders voted no on say-on-pay. Its CEO is the highest-paid in Minnesota.

Charles Kummeth at Bio-Techne and James Cracchiolo each realized more than $50 million, but 19 local CEOs saw compensation decrease.
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

Large Vista Outdoor shareholder says it will vote 'no' on selling ammunition brands to Czech firm

War of words between rival suitor MNC and Vista also escalates ahead of shareholder meeting on Tuesday.
Anoka-based Federal is among Vista Outdoor's ammunition brands that will likely be sold to a Prague-based company.

Vista rejects last-ditch offer from U.S. investors, solidifies deal with Czech firm

The Anoka-based company's board unanimously recommends a revised $2.1 billion offer from Prague-based CSG.
David Royal, Chief Investment Officer and Chief Financial Officer with Thrivent Financial, stands for a portrait Monday, Dec. 11, 2023 at the Star Tri

Thrivent makes move to attract younger clients by creating online bank

The Minneapolis-based financial services firm recently received FDIC approval for the bank, which will merge with the existing Thrivent credit union.
C.H. Robinson no longer has a chief operating officer. Its former COO, Arun Rajan, is now chief strategy and innovation officer.

C.H. Robinson makes unusual C-suite move to jump-start strategic planning, tech innovation

Arun Rajan, formerly chief operating officer, talks about why his title changed to chief strategy and innovation officer, and his focus now.
Anoka-based Federal is among Vista Outdoor's ammunition brands that may be sold to a Prague-based company.

Vista Outdoor postpones special shareholder meeting to consider latest bid for company

MNC Capital's unsolicited bid of $3.2 billion for the entire company came after a key regulatory approval of Vista's deal to sell its ammunition business to a Czech company.
Vista Outdoor received a key regulatory approval for the sale of its ammunition brands, including Federal in Anoka, to the CSG Group.

Vista Outdoor gets key regulatory approval and yet another increased bid from second suitor

The $2 billion sale to a Czech company cleared the CFIUS review a week before a shareholder vote. A rival group quickly raised its bid.
Anoka has been the home of Federal ammunition for more than 100 years. The plan under an acquisition by CSG is to keep it there.

Czech company raises offer for Vista Outdoor's ammunition group, including Federal, to $2B

Vista, CSG Group say they remain confident in deal as they approach key shareholder vote next week.
Josh Kravik, Toro’s global product marketing manager, demonstrates the capability of Toro’s autonomous fairway mower at Interlachen Country Club.

Toro's future is increasingly electric and autonomous, helping to beautify golf courses

After years of development and testing Toro will bring two autonomous lawn mowers to market by the end of the year that are signature products of their long-term strategy.
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New $2B bid for ammunition brands including Federal already withdrawn

The latest move in the drama surrounding Vista Outdoor's future seems to be a conflict of interest with another bidder, MNC Capital.
A bin of Federal Premium shorty shotshells inside the production facility in Anoka.

Vista Outdoor weighs new $2 billion bid for its ammunition business

The Vista board rejected MNC Capital's latest offer.
Anoka has been the home of Federal ammunition for more than 100 years.

Investment group raises bid for Vista Outdoor to more than $3 billion

MNC Capital raised its bid to $39.50 a share for all of Vista Outdoor, a week after its previous bid was rejected.
NVent Electric is buying Spanish electrical enclosures firm Elson.

nVent to acquire Wisconsin-based enclosures business

The London-based company, which has offices in St. Louis Park, is spending $695 million to acquire Trachte LLC.
With $371.6B in revenue, this giant again tops list of Minnesota public companies

With $371.6B in revenue, this giant again tops list of Minnesota public companies

This year, 38 of the top 50 Minnesota-run companies had $1 billion or more in revenue.
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Where are we in the inflation conversation? Minnesota CEOs weigh in

Fewer CEOs are mentioning inflation, but when they do, they talk about how their companies are countering it.
Sezzle co-founders CEO Charlie Youakim, left, and Chief Revenue Officer Paul Paradis.

Minnesota's IPO boom is over, at least for now

In 2020 and 2021 Minnesota was adding more public companies than it lost but that turned out to be a short-term trend
Minnesota is heavy on corporate royalty, with several dividend aristocrats and even some kings

Minnesota is heavy on corporate royalty, with several dividend aristocrats and even some kings

Although 3M cut its dividend this spring for the first time in 64 years, the list added Fastenal this year, keeping Minnesota companies front and center for the distinction.
Anoka-based Federal is among Vista Outdoor's ammunition brands that would be part of a deal with CSG.

Federal ammunition owner gets sweetened offer from Czech company, rejects latest from U.S. investors

Vista Outdoor says Prague-based CSG raised its offer by $50 million, to $1.96 billion, and that they formally rejected the revised bid of MNC Capital Partners.
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.
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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.
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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.