Worcester Business Journal

wbjournal.com | May 29, 2023 | Worcester Business Journal 5 Founder of Worcester nonprofit LIFT no longer part of leadership Living in Freedom Together, a Worcester nonprofit organization aim- ing to end the sex trade, is no longer led by its founder, Nicole Bell. Bell, who founded LIFT in 2014 and served as its CEO, is not listed on the organization's leadership page. Court- ney Ross Escobar and Audra Doody are listed as co-CEOs on LIFT's website. Bell founded the organization based on her experiences as a survivor of prostitution and substance abuse, and she has been an outspoken advocate in attempting to end the sex trade. She has filed a lawsuit against the Diocese of Worcester over the actions of its former food program director William Riley, who Bell and two others accused of forc- ing them to perform sex acts in order to access the food pantry. e leadership change was effec- tive on May 8, aer Ross Escobar and Doody were appointed as co-CEOs by LIFT's board of directors, according to a statement reported by MassLive and the Telegram & Gazette. LIFT and Ross Escobar did not respond to requests to provide the statement to the WBJ. e statement did not give a rea- son for Bell's departure, according to MassLive, who first reported the story. "e decision to move forward with new leadership and a new corporate governance model was not made without thorough consideration," the statement read, according to MassLive. "Growth can be painful, and change can be hard, but the Board of Directors is confident that these changes will enable LIFT to continue its important mission and serve its participants." Ross Escobar has served as chief op- erating officer and legal counsel at LIFT since 2019, according to LIFT's website. Doody was previously vice president of direct services at the organization. Mass. growth slowing, GDP expected to decline Massachusetts squeaked out a smid- gen of economic growth in the first quarter of 2023, slowing substantially from its late 2022 growth rate, and ana- lysts are predicting GDP declines in the second and third quarters. Gross domestic product here rose at a 0.1 percent annualized rate in the first quarter, aer rising at a 2.9 percent annualized rate in the final quarter of 2022, according to the new edition of MassBenchmarks, which is published by the UMass Amherst Donahue Institute in cooperation with the Federal Reserve Bank of Boston. Looking ahead, analysts said most of the state's indicators are negative and their index projects state GDP declines of 0.1 percent in the second quarter and 0.6 percent in the third quarter. Nearly all of the WooSox biggest corporate sponsors have renewed their deals, some through Of the 21 corporate sponsors who initially signed on as Founding Partners for the Worcester Red Sox ahead of their inaugural season, 16 have so far com- mitted past the initial three-year term to renew their relationship with the team until at least 2025, with three locking in until 2030. e initial founding partner- ship term expires in December. e Founding Partner level was the highest sponsorship level at the time of the team's launch at Polar Park in 2021, though additional sponsors were added at that level aer the founding 21 Club, said Jack Verducci, WooSox senior vice president of corporate partnerships and sales. Founding Partners included bev- erage manufacturer Polar Beverages, for which the park is named, Assumption University, and dessert manufacturer Table Talk Pies, all located in Worcester. "We have been so fortunate to have the strength of the business community that Worcester has," Verducci said. "I'm not sure how many cities would have such a strong and collaborative business community." Five original Founding Partners remain uncommitted, though Verducci said none have told the WooSox they will not be returning for sponsorship into 2024. Conversations around these sponsorships are ongoing, Verducci said. Biotech firm expands Milford footprint Milford-based biotech Nitto Den- ko Avecia purchased two properties abutting its headquarters on Fortune Boulevard for $14.5 million. Nitto Denko Avecia, Inc. purchased an 8.8-acre property at 75 Fortune Blvd. on May 11. On the site is a 65,000-square-foot warehouse. "e purchase of 75 Fortune Blvd. was part of Nitto Avecia's strategic plan for current and future growth to support the expanding oligonucleotide market. e purchase expands our Milford cam- pus footprint as 75 Fortune is adjacent to our existing 125 and 155 Fortune Blvd properties," Tammy Cooper, Nitto Denko Avecia vice president of business development and marketing. B R I E F S W We don't use external interim executive firms Amid allegations of racial discrimination, nonprofit Girls Inc. of Worcester placed both its CEO and COO on administrative leave and suspended all programming. In an effort to relaunch that programming, the board of directors named an interim CEO from a firm specializing in interim executives. When polled online, the majority of WBJ readers said their companies would not use an outside firm to bring on an executive temporarily. Has your company ever used an external firm to hire an interim executive leader? F L A S H P O L L Yes, we have used a firm to temporarily place a leader. 23% T H E T I C K E R $40-$60 million Expected deficit Polar Park is expected to run for Worcester city government, in a new academic study contradicting the claim the stadium would pay for itself through tax revenues Sources: College of the Holy Cross, Kennesaw State University 2.2%, 2.7%, 3.1% Local unemployment rates in Greater Framingham, Worcester, and Leominster-Gardner in April, all down about a full percentage point from March Source: U.S. Bureau of Labor Statistics $23 million Price paid by utility Eversource Gas Co. of Massachusetts, a subsidiary of Eversource Energy, for an office building at 4 Technology Drive in Westborough it was already leasing Source: Worcester District Registry of Deeds May 9 Effective date for the City of Worcester's new inclusionary zoning policy, requiring all development proposals to include some affordable housing Source: City of Worcester No, although we have considered doing so. 16% No, we would not consider that. 61% $

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