Recent content from Patrick Kennedy
Minnesota's 50 highest-paid executives, with No. 1 at $59.5M
Two CEOs earned more than $50 million, and 13 over $10 million.
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.
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.
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.
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.
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 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.
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 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.
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.
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.
New $2B bid for ammunition brands including Federal already withdrawn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.
Vista Outdoor weighs new $2 billion bid for its ammunition business
The Vista board rejected MNC Capital's latest offer.
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 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
This year, 38 of the top 50 Minnesota-run companies had $1 billion or more in revenue.
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.
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
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.
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'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.
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'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.
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 sales slump as company plans to close 30 stores
The mattress industry has been in decline for more than a year.
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.
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.
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.
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.
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 awarded $9M retention bonus
Bob Frenzel's compensation is down because of stock awards and bonuses being lower than in 2022.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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 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 using artificial intelligence to help automate shipping
Artificial intelligence and a huge database of shipping information used to further automate supply chains.
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](https://arc.stimg.co/startribunemedia/EHVV3KGMD7AFEW4OI4FJUSJ5ZY.jpg?h=120&w=180&fit=crop&bg=999&crop=faces)
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.
Apogee laying off 250 workers, closing plant in restructuring
The company says it must shift focus from revenue growth to profitable growth.
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 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.
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.
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 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.
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."
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.
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.
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.
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, 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'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 shakes up senior leadership team
The company is rearranging who is in charge of its top divisions.
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.
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'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.
Steep merger costs contribute to $47.3M quarterly loss for Stratasys
Revenue for the third quarter was steady with last year.
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.
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.
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.
