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wbjournal.com | Book of Lists 2023 | Worcester Business Journal 83 G E N E R A L I N T E R E S T F O C U S Highest-paid CEOs (1) Ranked by total compensation for fiscal year 2022 CEO Total compensation CEO pay ratio/ median employee compensation (2) Salary/ bonus Non-equity incentive plan compensation Option awards/ stock awards Other annual compensation 1 Ernie Herrman (3) president & CEO The TJX Cos. Inc., Framingham $20,525,368 1,478:1 $13,884 $1,700,002 N/A $7,508,796 N/A $10,900,034 $416,536 2 Michael F. Mahoney chairman, president & CEO Boston Scientific Corp. $16,941,961 (4) 223:1 $76,054 $1,395,178 N/A $2,278,500 $2,874,985 $9,924,100 $92,530 3 Stephen MacMillan chairman, president & CEO Hologic Inc., Marlborough $14,335,632 161:1 $89,257 $1,130,236 N/A $2,544,687 $2,499,983 $7,600,629 $560,097 4 Bob Eddy chairman, president & CEO B.J.'s Wholesale Club, Westborough $12,249,164 553:1 $22,142 $1,200,014 $933,333 $2,844,001 N/A $6,999,976 $271,840 5 Udit Batra president, CEO & director Waters Corp., Milford $9,409,550 126:1 $74,492 $1,038,472 N/A $2,056,778 $3,249,907 $3,044,893 $19,500 6 Robert J. Willet president & CEO Cognex Corp., Natick $7,257,424 80:1 $90,456 $672,000 N/A $372,397 $4,133,755 $2,067,044 $12,228 7 John C. Roche president & CEO The Hanover Insurance Group Inc., Worcester $6,826,023 60:1 $113,268 $1,083,846 N/A $1,694,000 $990,010 $2,970,256 $87,911 8 Eugene Scherbakov CEO & director IPG Photonics Corp., Oxford $6,635,520 162:1 $40,985 $785,174 N/A $540,200 N/A $4,999,721 $310,425 9 George Sakellaris founder, chairman, president & CEO Ameresco Inc., Framingham $6,499,486 58:1 $112,671 $1,413,462 N/A N/A $5,043,613 N/A $42,411 10 Brian McKelligon CEO Akoya Biosciences Inc., Marlborough $3,049,639 N/A $517,500 N/A $630,000 $951,296 $950,400 $443 11 Donald R. Young president, CEO & director Aspen Aerogels Inc., Northborough $2,363,418 32:1 $82,728 $515,000 N/A $804,011 $749,990 $249,992 $44,425 12 James W. Green chairman, president & CEO Harvard Bioscience Inc., Holliston $2,328,470 N/A $573,710 N/A N/A N/A $1,721,120 $33,640 13 Daniel P. McGahn (5) chairman, president & CEO AMSC, Ayer $1,926,058 25:1 $77,180 $525,000 N/A $283,500 N/A $1,107,000 $10,558 14 Douglas A. Starrett chairman, president & CEO The L.S. Starrett Co., Athol $737,383 N/A $437,500 N/A $155,226 N/A $124,850 $19,807 15 Raymond C. Kubacki (5) CEO Psychemedics Corp., Acton $623,852 N/A $430,702 $42,500 N/A N/A $150,650 N/A 16 Gerritt Dispersyn (6) former president & CEO Phio Pharmaceuticals, Marlborough $489,769 N/A $178,514 N/A N/A N/A $108,511 $202,744 17 Alexander Shen CEO & director Techprecision Corp., Westminster $356,742 N/A $300,000 $35,000 N/A N/A $17,000 $4,742 Source: Proxy statements filed with the U.S. Securities & Exchange Commission. Note: N/A=not available or not applicable. (1) For public companies headquartered in Central Mass. (2) See company filings for details on how pay ratio and median compensation were calculated. (3) For fiscal year end Jan 31, 2023 (4) Includes change in pension value and non-qualified deferred compensation of $376,667 (5) 2022 data unavailable by press time; data for fiscal year 2021 (6) Stepped down as CEO in May 2022; Geert Cauwenbergh earned a total of $77,362 as interim principal executive until Robert J. Bitterman took over as executive chair in September 2022. Bitterman earned a total of $109,380 as executive chair in 2022 and was named president & CEO in February 2023. -Compiled by Stephanie R. Meagher, research@nebusinessmedia.com Gannett Co., Inc. CEO, President, and Chair Mike Reed received $3.38 million in com- pensation in 2022, according to a preliminary proxy report released on March 31. Virgin- ia-based Gannett owns more than 200 local newspapers in- cluding Worcester's Telegram & Gazette and the MetroWest Daily News, based in Framingham. GateHouse Media acquired Gannett for $1.1 billion in 2019 and kept the Gannett name. The merger made the company the largest newspaper company in the country. At the time, Gannett announced it would need to cut about $300 million in annual costs. Reed, who joined GateHouse in 2006, saw his compensation drop from $7.7 million in 2021, but it is still significantly more than the median salary of an employee in 2022, which is listed as $51,035, according to the proxy report. Reed's annual salary is listed as $859,615 compared to $900,000 in 2021, and he received $2 million in stock awards in 2022 compared to $6 million in 2021. In addition, he got $513,652 in bonuses in 2022, something he did not receive the year prior. Under Reed's leadership, Gannett has gone through years of layoffs. In 2022, the company enacted two separate cuts that amounted to nearly 400 employ- ees losing their job in August and another 200 being let go in December. The company suspended 401(k) matches for its employees in August, while Reed received a match of $6,184 in 2022. Telegram & Gazette parent CEO made $3.4M in 2022