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wbjournal.com | November 8, 2021 | Worcester Business Journal 5 B R I E FS IPG founder Valentin Gapontsev dies at 82 Valentin Gapontsev, founder, chairman, and former CEO of IPG Photonics in Oxford, has died at the age of 82, the company announced Oct. 25. A cause of death was not immediately disclosed. Gapontsev founded what would become IPG in 1990, and has served as the company's chairman since its inception. He served as CEO until April, when he was replaced by Eugene Scherbakov, the company's chief operating officer. "Valentin's passing is a tremendous loss for the IPG community and the larger photonics world. Valentin's technical innovations, strategic vision for the capabilities of fiber lasers and entrepreneurial drive transformed the laser industry and industrial automation to the point where lasers are finally cost-effective, reliable and effective tools that have mass starts wi an idea. EVERY BUSINESS A N D S O M E O N E E L S E W H O B E L I E V E D I N I T. M E M B E R F D I C | M E M B E R D I F 2 7 8 P A R K A V E | 3 1 5 M A I N S T W O R C E S T E R P U B L I C M A R K E T I N T E R A C T I V E A T M countrybank.com/business starts wi an idea. EVERY BUSINESS A N D S O M E O N E E L S E W H O B E L I E V E D I N I T. M E M B E R F D I C | M E M B E R D I F 2 7 8 P A R K A V E | 3 1 5 M A I N S T W O R C E S T E R P U B L I C M A R K E T I N T E R A C T I V E A T M countrybank.com/business starts wi an idea. EVERY BUSINESS A N D S O M E O N E E L S E W H O B E L I E V E D I N I T. M E M B E R F D I C | M E M B E R D I F 2 7 8 P A R K A V E | 3 1 5 M A I N S T W O R C E S T E R P U B L I C M A R K E T I N T E R A C T I V E A T M countrybank.com/business starts wi an idea. EVERY BUSINESS A N D S O M E O N E E L S E W H O B E L I E V E D I N I T. applications in global industrial production," Scherbakov said in a statement. "Recognized as the Father of the Fiber Laser Industry, his leadership and unique strategies enabled IPG to be at the forefront of rapid technological developments, and will continue to inspire us to strive for greatness" Under Gaptonsev's leadership, IPG grew to employ 6,000 people across more than 30 facilities worldwide. Gapontsev was a highly successful businessman, reportedly worth $2.8 billion, according to the 2021 Forbes billionaire list. According to IPG, he is the named inventor on over 100 patents and over 200 scientific papers. Holy Cross inaugurates first lay, Black president e College of the Holy Cross in Worcester on Oct. 22 inaugurated its 33rd president, who is the institution's first Black president and first non- clergy member to serve in the role. Previously the dean of the Boston College Law School, Vincent Rougeau Valentin Gapontsev Continued on next page T H E T I C K E R 112% Oxford laser manufacturer IPG Photonics' profit increase in the company's third quarter, during which the laser manufacturer reported $75.4 million in net income Source: IPG Photonics 3 Source: Local Roots Adult-use dispensaries the cannabis company Local Roots operates in Central Massachusetts, following the opening of its Marlborough dispensary at the end of October The goal for Worcester Polytechnic Institute's largest- ever fundraising campaign, launched at the end of October $500M Source: Worcester Polytechnic Institute Patients potentially impacted by a hack of UMass Memorial Health emails in 2020, which was brought to light in October 210,000 Source: U.S. Department of Health and Human Services Office for Civil Rights