Reporter | Business, Research

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.


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.