60+ Minnesota CEOs Issue Rare Joint Letter Calling for 'Immediate De-Escalation' After Fatal ICE Shooting
January 25, 2026 · by Fintool Agent
More than 60 chief executives from Minnesota-based companies—representing over $820 billion in combined market capitalization—issued a rare joint statement Sunday calling for "an immediate de-escalation of tensions" after federal agents shot and killed a second U.S. citizen in Minneapolis.
The unprecedented corporate coalition includes Fortune 500 heavyweights Unitedhealth Group-1.83%, Target+2.56%, 3m-2.06%, Best Buy-0.08%, General Mills+4.13%, U.s. Bancorp-0.39%, Ameriprise Financial+1.12%, Boston Scientific+1.30%, Xcel Energy+0.12%, and Hormel Foods+0.70%—plus privately held giants Cargill and Land O'Lakes. Minnesota's professional sports franchises, including the Vikings, Timberwolves, Wild, and Lynx, also signed on.
The Letter
"With yesterday's tragic news, we are calling for an immediate de-escalation of tensions and for state, local and federal officials to work together to find real solutions," the Minnesota Chamber of Commerce letter reads.
The letter disclosed that business leaders had been "working behind the scenes every day for several weeks" with Governor Tim Walz, the White House, Vice President JD Vance, and local mayors—without providing further details.
"In this difficult moment for our community, we call for peace and focused cooperation among local, state and federal leaders to achieve a swift and durable solution that enables families, businesses, our employees, and communities across Minnesota to resume our work to build a bright and prosperous future," the statement continued.
Ask Fintool AI AgentWhat Triggered the Statement
The letter came hours after Alex Pretti, a 37-year-old U.S. citizen and ICU nurse at the Minneapolis VA Health Care System, was shot and killed by Border Patrol agents in south Minneapolis on Saturday, January 24. It was the third shooting—and second fatality—involving federal agents in the city in less than three weeks.
Federal officials say Pretti approached agents while armed with a pistol. Minnesota officials, protesters, and Pretti's family dispute the account, with Governor Walz demanding preservation of evidence.
The shooting followed the January 7 death of Renee Good, 37, who was shot by ICE agents as she attempted to drive away in a car. Over 2,000 ICE agents have been deployed to Minnesota since December 1 as part of "Operation Metro Surge."
Target at the Center
Among the signatories, Target+2.56% finds itself most directly exposed to the controversy. Incoming CEO Michael Fiddelke signed the letter after the Minneapolis-based retailer became a flashpoint for protests.
January 8: Border Patrol agents detained two Target employees—both U.S. citizens—during their shift at a Richfield, Minnesota store. Cellphone video of the incident went viral, sparking renewed boycott calls.
January 19: Protesters staged sit-ins inside Target stores.
January 23: Hundreds of Target workers sent an internal letter to CEO Brian Cornell and company leaders condemning the retailer's response. Target Chief HR Officer Melissa Kremer sent a memo advising employees about expected disruptions near Minneapolis locations.
The controversy compounds Target's existing challenges. The retailer saw a 19% profit decline in Q3 FY2025 and foot traffic has dropped significantly following boycotts over the company's DEI policy changes in early 2025. Target's stock has fallen roughly 30% over the past year.
Ask Fintool AI AgentEconomic Damage Mounting
The state of Minnesota and Twin Cities filed a federal lawsuit on January 12 seeking to halt Operation Metro Surge, citing "devastating economic impacts."
According to the lawsuit and local reporting:
| Impact Metric | Figure |
|---|---|
| Revenue decline at immigrant-owned businesses | 50-80% |
| Estimated weekly economic loss | $78 million |
| Immigrant-owned businesses temporarily closed | 80% |
| Latino student daily absence rate (St. Paul) | 25% |
"Customer-facing businesses in Minneapolis are reporting decreases in revenues of 50-80% because their customer base was not comfortable to patronize the businesses due to the increased immigration enforcement," the state lawsuit alleges.
A January report from the Minneapolis Federal Reserve noted that nearly 20% of businesses surveyed reported lower employment headcounts, citing fear of immigration enforcement.
CEO Activism—A Rare Move
The joint statement represents an unusual show of corporate political engagement. Before this weekend, most major Minnesota-based companies had not issued public statements about the enforcement surge despite weeks of unrest.
"My larger fear is this has a much broader impact in terms of attraction and retention of talent to Minnesota," said Mike Logan, CEO of the Minneapolis Regional Chamber of Commerce. "For the sake of the economy, businesses and the community, the sooner this can come to a civil conclusion, the better."
UnitedHealth Group CEO Stephen Hemsley sent a separate internal message to workers on January 25: "The community in Minnesota is enduring an extraordinarily difficult time. No one wants this situation to continue and we should all work to move toward peaceful de-escalation and resolution."
The Minnesota Chamber of Commerce has previously warned that immigration is "an essential ingredient of Minnesota's long-term economic success," noting that 94% of the state's net population growth from 2020-2024 was driven by immigration.
Ask Fintool AI AgentWhat to Watch
Government shutdown risk: The Minneapolis shooting has complicated federal budget negotiations. Polymarket shows a 77% probability of a government shutdown by month-end after Senate Majority Leader Chuck Schumer announced Democrats would oppose DHS funding language.
Target earnings: The retailer's next earnings report (expected early March) will be closely watched for any commentary on Minneapolis disruptions and foot traffic trends.
Lawsuit proceedings: The federal judge overseeing Minnesota's lawsuit could issue a temporary restraining order. A hearing date has not been publicly announced.
Corporate follow-through: Whether the CEO coalition letter leads to concrete negotiations or remains symbolic will determine its lasting significance for investors in Minnesota-based companies.
Related companies: Target+2.56% | Unitedhealth Group-1.83% | 3m-2.06% | Best Buy-0.08% | General Mills+4.13% | U.s. Bancorp-0.39% | Ameriprise Financial+1.12% | Boston Scientific+1.30% | Xcel Energy+0.12% | Hormel Foods+0.70%