Worcester Business Journal

46 Worcester Business Journal | April 29, 2024 | wbjournal.com P O W E R 1 0 0 M O N E Y & F I N A N C E Don Doyle President & CEO Webster Five, in Auburn Employees: 140 Residence: Shrewsbury Colleges: University of Massachusetts Amherst, Suffolk University Central Massachusetts finance industry veteran Doyle knew banking was the right sector for him when he saw he could make positive change in the community. Mar- rying Webster Five's business goals with a mission to help the community is what makes him a standout leader today. Webster Five, which relocated its headquarters from Worcester to Auburn in July 2021, has assets of $1.1 billion, according to Federal Deposit Insurance Corp. data. Even as rising interest rates have sent the industry into turmoil, the 156-year-old bank had record profits last year. e bank reported deposits of $933 million in 2023, and continued its robust grantmaking, issuing 54 grants totaling $250,000 to area nonprofits. Additionally, the bank donated $150,000 in corporate sponsorships, supporting everything from athletic teams to the arts and education and even heat- ing assistance. Having signed a pledge to support diversity, equity and inclusion in 2020, Webster Five has made a concerted effort to support inclusive entrepreneurship through its charitable giving, supporting organizations such as Entrepreneurship for All, which aims to help women, people of color and immigrants on the path to business own- ership, and African Community Education in Worcester for youth and community outreach and workforce development programs to help African-born immigrants and refugees. For its community impact, Webster Five was given an outstanding rating for com- munity investment by the Massachusetts Division of Banks and the FDIC. "at we help small businesses launch, families reach financial security, first-time homebuyers realize their dreams, and enable nonprofits to continue their missions is invigorating," Doyle said. - E.M. Shruti Miyashiro President & CEO Digital Federal Credit Union (DCU), in Marlborough Employees: 1,709 Residence: Greater Marlborough Colleges: University of California, Riverside; University of Redlands e former California credit union executive and New England native stepped into the chief executive spot at DCU in August 2022, a fresh face succeeding longtime leader Jim Regan. Now with $12 billion in assets and 1.1 million members in all 50 states and Puerto Rico, it's far larger than any of its credit union peers in Central Massachusetts, and showing no signs of slowing down. In fact, it's among the top 20 largest credit unions by assets in the U.S., having increased from $9.4 billion in 2019. DCU has more than quadruple the amount of assets as the second-largest Central Massachusetts credit union. e new national scope of the Marlborough-based credit union has accelerated under Miyashiro, who has seen 9% growth in the credit union's commercial portfolio. Helping the expansion were having its products like high-yield savings accounts and low-interest credit cards featured in publications like Money Magazine and Business Insider. Last year, DCU returned $70 million back to members through high-rate savings accounts and fee reductions. Miyashiro made key changes to the C-suite in June when she appointed DCU's first female CFO, Laurie LaChapelle, and created a new position when she named David DeWitt chief risk officer. Charitable giving is a major component of the DCU mission and a major source of funding for area programs. e foundation DCU for Kids ended 2022 with more than $5 million in assets, last year directing $2.1 million in grants and donations to 159 organizations helping children. "I am committed to maintaining DCU's long-standing relationships in the Greater Worcester region and to carry forward the important partnerships we have built," Miyashiro said. - E.M. John "Jack" Roche President & CEO The Hanover Insurance Group, in Worcester Employees: 4,600 Residence: Hopkinton College: University of Connecticut As chief executive of the largest public company in Worcester, Roche is responsible for a major economic engine in Central Massachusetts. With about 1,600 local employees, Hanover is one of the 20 largest employers in Central Massachusetts. e company contributes $571 million to the region's economy, including more than $16 million in charitable donations annually, according to a study from the UMass Donahue Institute. With $5.9 billion in revenue and $35 million in net income, fiscal 2023 was a challenging year, Roche said in an annual report letter to shareholders, given market volatility produced by inflation and severe weather. Yet, by diversifying its specialty business, small commercial business growth, and repositioning its personal lines business, Hanover absorbed the market difficulties. Beyond the business numbers and strategy, Roche recognizes his role in steering the city's largest corporate citizen. He pointed to Hanover's ongoing commitment to revitalization, education, and culture in Worcester as a regular financial supporter and partner in major projects, especially the CitySquare mixed-use downtown, which e Hanover essentially launched more than a decade ago through its investment arm, Opus Investment Management, Inc. "We are particularly proud of the role our company and our employees play in our community, helping to make our region a great place to live and work," he said. To that end, Roche has been aggressive in pursuing an inclusive workplace culture, offering data on workplace diversity for the sake of transparency, and supporting several employee-led groups aimed at fostering equity for women, people of color, and members of the LGBTQIA community. Hanover is regularly recognized as a top workplace by organizations such as Forbes, the Human Rights Campaign, and TIME. - E.M. PHOTO | COURTESY OF WEBSTER FIVE

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