Worcester Business Journal

wbjournal.com | June 24, 2019 | Worcester Business Journal 5 B R I E FS UniBank picks new CEO Michael Welch, the former headmaster of St. John's High School in Shrewsbury, has been named the new CEO of Whitinsville-based UniBank , replacing former President and CEO Sam Pepper, starting on July 15. Christopher Foley, who stepped in as interim president will become the permanent president. Menkiti seeks tax relief for $9M renovation e Menkiti Group is hoping for a tax-increment exemption plan for a $9-million, 24-unit market rate apartment project at the former Performing Arts School of Worcester. e company, based in Washington, D.C. with Worcester connections, is proposing 18 one-bedroom apartments and 6 two-bedroom apartments for the project dubbed Chatham Street Los. Fidelity, Family Federal announce $1B merger Leominster-based Fidelity Bank and Fitchburg-based Family Federal Savings are merging, with the new firm operating under the Fidelity name. Fidelity is the far larger of the two, with assets hitting $935 million. Family Federal Savings has three branches, in Fitchburg, Needham and Stow. Executives should be paid whatever they can get Both BJ's Wholesale Club CEO Christopher Baldwin and Hologic CEO Stephen MacMillan made $42 million each in total compensation last year, largely thanks to one-time stock awards. Baldwin was awarded about 2% of BJ's as it launched its public offering, and Hologic's board awarded MacMillan the bonus to keep him with the company. MacMillan's total compensation was more than 130 times what the median Hologic employee salary. When polled online, the plurality of WBJ readers said executives should be able to earn however much they can get. F L AS H P O L L Worcester launches Diverse Business Directory In order to be known as a diverse and inclusive city, Worcester has launched its Diverse Business Directory. e directory, currently featuring six businesses, is an effort by City Hall, the Worcester Regional Chamber of Commerce and Center for Women & Enterprise to provide contact information for companies looking to do business with firms owned by women, people of color minority and members of the LGBTQ community. e partners are seeking more companies to join the list. Central Mass. firms to help NASA get to moon, Mars At least three Central Massachusetts companies will help NASA land astronauts on the moon in five years with the goal of getting to Mars. e agency is investing $45 million in 363 proposals from small businesses and research institutions across 41 states. In Worcester, startup advanced materials firm Multiscale Systems has been chosen to develop landing systems, crash-landing protection systems and materials for habitable spaces. Busek, a Natick manufacturer of high performance propulsion, is building a semi- autonomous teleoperated welding robot for surfaces in space. Incom USA, a Charlton manufacturer of glass and polymer microstructures, is proposing to build components for space imaging systems. $1 million per year is more than enough for anyone 21% W e be li ev e i n he l p i n g O U R S M A L L B U S I N E S S C U S T O M E R S TH RIVE ( A N D T H E O C C A S I O N A L H I G H F I V E W H E N T H E Y D O ) M E M B E R F D I C | M E M B E R D I F At Country Bank we treat our small business customers like a really big deal, because they are. Whatever your business banking needs, we'll be here for you with smart banking products, lending expertise, and personal guidance. We'd be honored to be your bank. So stop by and see us, and let's see about one of those high fives. (800) 322-8233 | countrybank.com Mexicali owner buys Sugden Block in Spencer e historic Sugden Block in Spencer, a 130-year-old mixed-use building, has been sold for $50,000 to a group of private developers, including the owner of Mexicali Mexican Grill. e three-story building is slated for an extensive rehabilitation project including 16 apartments. Imperial Cars owner sells Grant View for $4.1M e Grand View event venue on Nipmuc Pond in Mendon has been sold for $4.1 million to an operator of New York and Connecticut venues by Kevin Meehan, owner of auto dealer Imperial Cars in Mendon, who purchased the venue for $1.1 million in 2013 and made $5 million in renovations. "Equity, as in pay equity, matters. Exploitation is abundant, and it turns people who don't make seven figures bitter. Who wants to work for a greedy, self-enriching person, or for a company that values greed and massive compensation inequity?" Comments "The day we put a cap on how much someone should achieve it is the day that humanity dies. Who am I, who are you to dictate how far can someone go?" "Depends on contract and the expectations of the leader that are set by the board." W No more than 100x the median employee salary 30% As much as he or she can get. It is a free market. 37% 13% A perfect executive should be able to earn up to $10 million annually. UniBank President Christopher Foley (left) and CEO Michael Welch NASA wants to reach new heights.

• Cover