Star Tribune from Minneapolis, Minnesota • D1

BUSINESS STARTRIBUNE.COM/BUSINESS SECTION J.C. Penney announces it will close up to 140 stores. D2 Stocks wobble Friday, then close slightly higher. D4 Winner, Best Business Columnist, Lee Schafer Awarded by the Society of American Business Editors and Writers (2016) frankly, a more of a social gathering than anything else. This gives those shareholders an opportunity to participate and to vote live with the tools in Andy LaFrence, chief financial officer and vice president of finance for SurModicsa No immediate changes are planned, although plus sizes could be added in the future.

By JOHN EWOLDT After 35 years, Judith McGrann Friends in St. Louis Park is losing its BFF, owner and founder Judith McGrann. McGrann, along with daughter Meghan, has sold the boutique on Excelsior Boulevard. Meghan McGrann will continue at the shop as a consultant and buyer for the next two years, working side by side with new owner Wendy Lulavy Her mother plans to stop by the store on a regular basis to chat with customers, many of whom became dear friends. going to be 75 in a few she said.

takes a tremendous amount of energy to do the store as we have. be around, but time for someone new vision and The business was not for sale, but Lulavy and the McGranns shared a consultant who put the three of them in touch. Lulavy had been seriously considering her own plus-size boutique but had no fashion retail experience. The boutique was never considered a plus- size shop, but the store has always catered more to sizes 14 and 16 than 0s and 2s. very interested in serving that segment of the said Meghan McGrann.

Customers see any noticeable changes in the immediate future. The name and all the staff will remain. Lulavy complimented the staff as key to the success. like a sisterhood. They take care of the customers and each said Lulavy, 47.

Megan McGrann has worked with her mother for 25 years and did not know if she wanted to run the boutique without her. we knew Wendy want to make wholesale changes, then I was she said Lulavy said that as a plus-size Judith McGrann Friends has a new owner Construction is expected to begin this year on expansion of the surgical suite. By CHRISTOPHER SNOWBECK Mayo regional network of medical centers is investing $70 million to expand and renovate the surgery suite and orthopedic clinic at its hospital in Mankato. The project includes a $65 million upgrade to the surgery facilities that is part of a broader plan to better link the Mankato campus with Mayo headquarters in Rochester, according to details released Friday. The surgery project includes a variety of upgrades including 14 new operating rooms and 43 private patient rooms for before and after surgery.

Construction is expected to begin later this year, with completion scheduled for late 2018. Mayo said investing another $5 million to expand and renovate the Mankato clinic for orthopedics and sport medicine. The new space will include up to 20 patient examination rooms and a minor procedure room. The orthopedic care staff will get bigger, too. Clinic is committed to the needs of patients in Mankato and the surrounding communities we said Dr.

James Hebl, vice president of Mayo Clinic Health System in southwest Minnesota, in a statement. Mayo Clinic, which is the largest private employer, has about 63,000 workers across hospitals and clinics in Arizona, Florida, Iowa, Minnesota and Wisconsin. The clinic is the largest health system in terms of annual revenue, as well. Through the first three quarters of 2016, Mayo Clinic posted net income of $341 million on $8.15 billion in revenue, according to a financial statement in November. The filing listed Mayo will invest $70M in Mankato hospital Tax-free merger with Entercom should close by the end of 2017.

By JACKIE RENZETTI jackie.renzetti@startribune.com A new era has begun for WCCO as CBS Corp. sells its radio division to Entercom. The tax-free merger marks the second time WCCO has shifted ownership since its start more than 90 years ago. CBS Radio bought the station from General Mills predecessor Washburn-Crosby Co. in 1932.

In a deal expected to close by the end of 2017, Entercom will purchase CBS 117 stations in an all- stock transaction. The move comes as a surprise for industry veterans, as CBS previously announced plans for an IPO. In addition, Entercom is smaller than CBS, said Mark Fratrik, senior vice president and chief economist at media consulting company encouraging that investors that have enough confidence in Entercom that can help them along WCCO radio gets new owner under CBS deal SCOTT WINE POLARIS INDUSTRIES INC. Chairman, CEO Total compensation: $5,603,493 for the year ended December 31, 2016 Salary: $985,000 Nonequity incentive pay: $0 Other compensation: $76,544 Restricted stock: $0 Long-term incentive pay: $0 Exercised stock options: $3,449,500 Value realized on vesting shares: $1,092,449 New stock options: 0 Total 2016 shareholder return: percent Note: Scott total compensation for 2016 was $5.6 million, down from $19 million in 2015 and $31.3 million in 2014. In the two previous years, compensation was driven by long-term equity incentives tied to the Polaris stock price.

In 2016 the value of those previously issued awards, which either vested or were exercised, was down in part because share price has been underperforming its peers in the last three years. For the second year, Wine did not get an annual incentive bonus. In 2015 he had earned a bonus but declined to accept it. In 2016, which was plagued by a series of product recalls, the nancial performance meant none of the executives earned a bonus. PATRICK KENNEDY CEO PAY WATCH In the age of technology, some see cost savings and increased participation with the option.

By PATRICK KENNEDY patrick.kennedy@startribune.com Two years ago, SurModics Inc. conducted its annual meeting and only four shareholders showed up. Even though it was held at the Eden Prairie headquarters, there was not a big return for the expense. So last year, the company conducted a virtual annual meeting something more companies are electing to do. board chairwoman, Susan Knight, said during this meeting earlier this month that the company now expects to follow suit every year.

Other Minnesota companies that have conducted virtual-only annual meetings include Minneapolis- based industrial equipment manufacturer Graco Inc biotechnology company Bio-Techne and Plymouth- based phosphate and potash producer the Mosaic Co. frankly, a more of a social gathering than anything said Andy LaFrence, chief financial officer and vice president of finance for SurModics. More than 90 percent of SurModics shareholders are institutions, he said. majority of them are going to be on the LaFrence said. gives those shareholders an opportunity to participate and to vote live with the tools in SurModics also offers other ways for shareholder engagement, he added.

annual meeting was hosted by Broad- ridge Financial, a Long Island Companies embrace virtual annual shareholder meetings LEWIS LEUNG 2017 virtual shareholder meeting could be viewed and listened to from the link that the company sent to shareholders. CARLOS GONZALEZ Star Tribune Judith McGrann and daughter Meghan have sold their St. Louis boutique, Judith McGrann Friends. See VIRTUAL on D2 $65M to upgrade surgical facilities at Mankato hospital. 14 new operating rooms.

43 private rooms for before and after surgery. $5M will go toward the orthopedics and sports medicine clinic. See EXPANSION on D2 DOW 20,821.76 11.44 500 2,367.34 3.53 NASDAQ 5,845.31 9.80 10-YR T-NOTE 2.32% 0.07 GOLD $1,256.90 6.70 EURO in dollars 1.0565 OIL $53.99 0.46 annual meeting lasted just 18 minutes. 4:00 Board Chairwoman Sue Knight welcomed shareholders to the meeting. 4:04 Corporate Secretary Bryan Phillips called the meeting to order.

4:05 Online polls opened for any last- minute shareholder votes. 4:06 Polls closed and preliminary results announced. 4:09 The formal session of the annual meeting of cially closed. 4:09 CEO Gary Maharaj introduced the SurModics management team, then gave a presentation on the company. 4:18 Maharaj opened the session for shareholder questions, no questions were presented.

4:18 Maharaj concluded the meeting. See MCGRANN on D2 See WCCO on D2 SATURDAY, FEBRUARY 25, 2017.