Worcester Business Journal

4 Worcester Business Journal | June 27, 2022 | wbjournal.com Celebrity partnership "We're committed to emphasizing the lifesaving importance of preventive screenings and the annual Well Woman exam, and Mary's voice is a powerful way to reach millions of women." C E N T R A L M AS S I N B R I E F V E R BAT I M New CEO "Shruti brings tremendous leadership talent, over two decades of credit union experience, and unparalleled dedication to member service." Matthew Menning, board chair of DCU Digital Federal Credit Union in Marlborough, on New England's largest credit union hiring Shruti Miyashiro to replace Jim Regan, who served as president and CEO for 30 years. Pictured is Miyashiro. $300M expansion "With this funding, we're transforming the way millions of Americans eat and enjoy leafy greens, no longer relying on choices that have traveled thousands of miles across the country to reach them." Paul Sellew, founder and CEO of Devens hydroponic farm Little Leaf Farms, which raised $300 million to fuel an expansion, including a new grow facility in Pennsylvania Stephen MacMillan, president and CEO of Marlborough medical technology firm Hologic, Inc., on the company sponsoring artist Mary J. Blige's concert tour. Pictured is Blige. CEO of Greater Worcester Community Foundation quits after five months BY BRAD KANE WBJ Editor J im Ayres, the president and CEO of the $200-million Greater Worcester Community Foundation, resigned from his role on June 10, becoming GWCF's second leader in just over a year to make an abrupt exit from the organization. Ayres submitted his resignation on June 3, and his last day was June 10, said GWCF Board Chairman Christopher Collins on June 13. e departure came almost five months exactly aer Ayres started in the role, on Jan. 3. Ayres took over the permanent president and CEO role from Barbara Fields, who made her own abrupt exit from GWCF with her immediate resignation on March 22 aer 19 months in the job. e leadership void aer Fields' resignation was filled by then Board Chairwoman Carolyn Stempler, who was interim CEO until Ayres assumed the role. e struggle in keeping a permanent CEO came aer GWCF was led by Ann Lisi for nearly 30 years. Lisi had been with the foundation since 1989 and its leader since 1992 before retiring in 2019. Ayres' departure was not the result of any financial malfeasance or anything that would impact GWCF's assets or ability to distribute funds annually to various Central Massachusetts nonprofits, Collins said. e resignation was a personnel matter, and Collins said he couldn't provide any further details. Collins did say the reasons for Ayres' departure were completely separate from the reasons for Fields' departure, which was never fully disclosed either. e abrupt resignations of both CEOs aer short tenures were not the result of a large systemic problem within GWCF, said Collins, but rather individual issues with the two people. "e one thing that it has shown us is we do have good individuals leading the day-to-day efforts of the foundation," Collins said. "at gives me hope for the future." For the immediate future, the foundation will be lead by three vice presidents: Kelly Stimson, vice president of donor services and relations; Diane Allain, vice president of finance and administration; and Jonathan Cohen, vice president of programs and strategy. All three will lead their individual divisions and report directly to the executive committee of the board of directors. e board soon will decide if it wants to appoint an interim CEO until a permanent replacement is found, Collins said. at decision will include how to approach the effort in finding a permanent replacement. When the board hired Ayres and Fields, it used separate executive search firms and then vetted the top candidates before making an offer. "We don't want to do anything rash now," Collins said. "We want to develop the best system for picking the next CEO." e GWCF community fund surpassed $200 million in assets for the first time last year, according to its annual report. Collins said that amount fluctuates with the volatility in the stock markets this year. For the next CEO, Collins is hopeful the board can find someone who can build a long tenure with the organization, staying at least 10 years or more. at next CEO must understand the funding priorities of the foundation must evolve as the priorities of the Central Massachusetts community change over time, as well as the role GWCF plays in supporting nonprofits and creating a healthy, viable community. "e foundation is really a pillar in the importance of the community," Collins said. e next CEO must lead the strong staff, work well with the board, understand the need to pivot to meet the emerging community needs, and be savvy on how to best invest the foundation's assets in order to keep the grant amounts for the region's nonprofits at a strong level, Collins said. "Our board is really resolute to get our leadership issue right," he said. Jim Ayres was the second Greater Worcester Community Foundation leader to abruptly leave a short time after assuming the top role. W PHOTO | COURTESY OF GREATER WORCESTER COMMUNITY FOUNDATION

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