Early Medtronic executive and prolific Twin Cities businessman Thomas Holloran dies at 94

Thomas Holloran, a lawyer and former Medtronic executive, died Thursday evening at age 94.

In nearly a century of life, Holloran accomplished many feats in the business, legal, academic and political worlds. He left his legacy on the University of St. Thomas as an instrumental part of opening the college’s law school in 2001 and founding the Holloran Center for Ethical Leadership there in 2006.

The center’s goal is to help lawyers become ethical leaders in their communities.

“He was a key player. He really was involved up until probably just before COVID,” said Jerry Organ, co-director of the Holloran Center.

Holloran was a Minnesotan through-and-through. Born in 1929, he grew up in south Minneapolis before attending Washburn High School and the University of Minnesota. He served in the U.S. Naval Reserve from 1952-54 during the Korean War before starting his career at Wheeler and Fredrikson law firm, which evolved into Fredrikson & Byron.

While still a partner in 1967, Holloran hired John Stout to the firm. The 83-year-old continues to practice there with a focus on corporate governance.

“He was a highly respected senior partner,” Stout said. “Tom was one of the people who set the culture at Fredrikson.”

While at the firm, Holloran incorporated Medtronic in 1957. He later joined the med-tech company in executive roles serving as general counsel, then executive vice president and ultimately president. He worked at Medtronic from 1967-75 and joined its board of directors in 1960, serving on it for 40 years.

Holloran also led the Inter-Regional Financial Group, parent of investment banking company RBC Dain-Rauscher, as chairman and CEO from 1976-85. He then joined St. Thomas to teach.

In addition to his business endeavors, Holloran served on boards for a wide range of companies including ADC Telecommunications, the Center for Diagnostic Imaging, Flexsteel Industries, Malt-O-Meal Co., MTS Systems, Polaris Industries, National City Bank and Bank of America. He was also the mayor of Shorewood for three years and served on the Metropolitan Airports Commission for 10 years, including as chair from 1989-91. He was also on St. Thomas’ board from 1979-89.

“He is someone who was truly a servant leader,” Organ said.

Holloran’s wife, Patty, survives him. The couple married in 1954 and would have celebrated a 70th wedding anniversary in June. His daughter, Anne Holloran, four grandchildren and two great-grandchildren also survive him. Another daughter, Mary, died in 2017.

“I don’t think that there has ever been a harsh word said about him,” Anne Holloran said. “He lived a long, beautiful, rich, full life.”