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wbjournal.com | August 21, 2023 | Worcester Business Journal 17 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 $1,941,776 24:1 $80,991 $525,000 N/A $275,625 N/A $1,130,000 $11,151 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 $600,338 N/A $470,138 N/A N/A N/A $130,200 N/A 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) Updated since original publication in WBJ's Book of Lists in July, as 2023 DEF14a proxy statements became available; there were no changes to overall list ranking. -Compiled by Stephanie R. Meagher, research@nebusinessmedia.com FOR ANY SIZE BUSINESS We have you covered Simply Beter. Member FDIC Member DIF Call one of our experienced commercial lenders at 800-649-3036 or email us at commercial@saversbank.com. T H E L I S T