Thursday P.M. Report

Two senior U.S. Bank execs to retire: U.S. Bancorp on Thursday announced two internal appointments related to corporate retirements. Terrance Dolan, 47, presently U.S. Bank’s executive vice president and controller, will succeed Diane Thormodsgard, 59, as vice chairman of wealth management and securities services. Jeffry von Gillern, 44, presently chief information officer, will succeed William Chenevich, 65, as vice chairman of technology and operations services. Read full story 

FDA’s device chief headed to Minneapolis: Dr. Jeffrey Shuren, head of the FDA’s medical device division, will make a visit to Minneapolis on May 18, less than two weeks before the agency is set to file a set of recommendations for how to improve its 510(K) approval process. The 510(K) program is a popular path to regulatory approval for many medical device companies, but it has come under scrutiny in recent years. As part of the process, a company must prove its new device is “substantially equivalent” to another product that went on the market no later than May 28, 1976. Read full story 

Piper files to raise $300M for clean-tech fund: Piper Jaffray Cos. is trying to raise a $300 million private-equity fund that would investment in clean technology projects. The Minneapolis-based investment bank reported its plans to raise the fund, called the CleanTech Alliance Fund, in a securities filing. The company has already raised $100 million. Read full story 

Life Time Fitness shares surge on growth news: Shares of Life Time Fitness Inc. jumped more than 7 percent Thursday after the chain of fitness clubs reported growth in income, revenue and membership for the first quarter. The Chanhassen-based company reported first-quarter earnings of $17.8 million, or 44 cents per diluted share, up from $15.1 million, or 38 cents per diluted share for the same period last year. Read full story 

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