It will be impossible not to watch Stephen Hemsley, CEO of UnitedHealth Group, this year. What happens to him and to the company—which is under investigation by the Justice Department, the Securities and Exchange Commission, and the Internal Revenue Service for questionable accounting practices in connection with stock-option backdating—will likely cast the longest shadow on the local business scene in the coming year. It’s a story that’s being followed internationally. But while Hemsley holds a spot on our “20 to Watch” list this year, we’ve filled it out with local business newsmakers who mostly have lower profiles.

We’ve left out some companies that will always be worth watching and will undoubtedly get plenty of coverage in the dailies—Best Buy, Target, Northwest Airlines, 3M. Instead, we’ve focused on entrepreneurs and other business leaders who have interesting years ahead of them, and who we think will set the tone for 2007, thanks to their innovations and ideas.

Calle and Pelle Sjönell

Calle and Pelle Sjönell

Group Creative Directors, Fallon Worldwide

Mary Brainerd

Mary Brainerd

CEO & President, HealthPartners

Jeff Fritz

Jeff Fritz

CEO & President, Lighthouse1

Douglas Kohrs

Douglas Kohrs

CEO & President, Tornier

Marti Morfitt

Marti Morfitt

CEO & President, CNS

Shaun Nugent

Shaun Nugent

CEO, Sun Country Airlines

Cary Deacon

Cary Deacon

CEO, Navarre Corporation

Rich Lunsford

Rich Lunsford

CEO & President, Acorn Cardiovascular

Steve Bordewick

Steve Bordewick

President & CEO, AEIOMed

Doug Berg

Doug Berg

CEO, HotGigs

Andrew Duff

Andrew Duff

Chairman & CEO, Piper Jaffray Companies

Frank Guzzetta

Frank Guzzetta

Chairman & CEO, Macy’s North

Gordy Meyer

Gordy Meyer

President, xTech

Kevin Schieffer

Kevin Schieffer

President & CEO, Dakota, Minnesota & Eastern Railroad

Jerry Trooien

Jerry Trooien

Owner/President, JLT Group

John Castro

Chairman & CEO, Merrill Corporation

Stephen Hemsley

CEO, UnitedHealth Group