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76 Worcester Business Journal | Book of Lists 2024 | wbjournal.com Highest-paid CEOs (1) Ranked by total compensation for fiscal year 2023 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 $22,222,769 (4) 1,496:1 $14,857 $1,732,695 N/A $7,950,096 N/A $10,900,088 $646,455 2 Michael F. Mahoney chairman, president & CEO Boston Scientific Corp. $18,723,735 (5) 345:1 $54,147 $1,400,000 N/A $3,244,150 $3,124,984 $10,472,753 $190,181 3 Stephen MacMillan chairman, president & CEO Hologic Inc., Marlborough $15,555,032 165:1 $94,126 $1,175,341 N/A $2,311,254 $2,749,981 $8,685,571 $632,885 4 Jim Hollingshead president & CEO Insulet Corp., Acton $12,379,765 115:1 $107,199 $842,308 N/A $2,027,760 $1,899,897 $7,599,900 $9,900 5 Bob Eddy chairman, president & CEO B.J.'s Wholesale Club, Westborough $10,858,552 422:1 $25,708 $1,350,005 N/A $1,215,000 N/A $7,999,978 $293,569 6 Udit Batra president, CEO & director Waters Corp., Milford $8,742,180 114:1 $76,668 $1,097,500 N/A N/A $3,750,043 $3,825,193 $69,444 7 John C. Roche president & CEO The Hanover Insurance Group Inc., Worcester $7,721,129 67:1 $116,211 $1,100,000 N/A $1,933,250 $1,150,005 $3,450,128 $87,746 8 Robert J. Willet president & CEO Cognex Corp., Natick $6,959,914 86:1 $80,925 $676,000 N/A $73,833 $4,133,598 $2,065,040 $11,443 9 Eugene Scherbakov CEO & director IPG Photonics Corp., Oxford $5,725,552 136:1 $42,185 $864,890 N/A $166,491 N/A $4,416,887 $277,284 10 Donald R. Young president, CEO & director Aspen Aerogels Inc., Northborough $3,626,031 40:1 $90,400 $515,000 N/A $1,331,275 $1,496,426 $249,995 $33,335 11 Brian McKelligon CEO Akoya Biosciences Inc., Marlborough $2,919,599 N/A $542,500 N/A $307,125 $1,080,613 $984,000 $5,361 12 James W. Green chairman, president & CEO Harvard Bioscience Inc., Holliston $2,392,240 N/A $585,625 N/A N/A N/A $1,772,760 $33,855 13 George Sakellaris founder, chairman, president & CEO Ameresco Inc., Framingham $1,970,680 19:1 $102,336 $1,500,000 N/A N/A N/A $424,467 $46,213 14 Daniel P. McGahn (6) 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 15 Douglas A. Starrett chairman, president & CEO The L.S. Starrett Co. (7), Athol $682,740 N/A $460,000 N/A $84,525 N/A $119,105 $19,110 16 Shantanu K. Gaur CEO Allurion Technologies (8), Natick $661,226 N/A $354,875 $296,751 N/A N/A N/A $9,600 17 Terrence W. Norchi (6) president & CEO Arch Therapeutics Inc., Framingham $450,500 N/A $450,500 N/A N/A N/A N/A N/A 18 Robert J. Bitterman (9) president & CEO Phio Pharmaceuticals, Marlborough $437,892 N/A $380,000 N/A N/A N/A $57,640 $252 19 Alexander Shen CEO & director Techprecision Corp., Westminster $304,740 N/A $301,154 $500 N/A N/A N/A $3,086 20 Neil Dey president & CEO Bluejay Diagnostics Inc., Acton $292,154 N/A $285,028 N/A N/A N/A N/A $7,126 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) Data for fiscal year 2024 (4) Includes change in pension value and non-qualified deferred compensation of $993,435. (5) Includes change in pension value and non-qualified deferred compensation of $291,667. (6) Data for fiscal year 2022, the latest available by press time (7) In March, entered a definitive merger agreement with MiddleGround Capital, a Kentucky-based private equity firm; the company will become privately held. (8) Went public in August 2023 (9) Named president & CEO in February 2023 -Compiled by Stephanie R. Meagher, research@nebusinessmedia.com F O C U S G E N E R A L I N T E R E S T Boston Scientific CEO named to CVS board CVS Health, headquartered in Woonsocket, Rhode Island, has named Boston Scientific Chairman and CEO Michael Mahoney to its board of directors, effective November 1. "Mike's focus throughout his career – to drive improvements in health outcomes and increase access to care – align with our mission at CVS Health," CVS Health President and CEO Karen Lynch said in a Sept. 21 press release. "Adding a well-respected health care leader to our Board demonstrates our continued focus on strengthening our engagement with consumers to improve their health and well-being." Mahoney has been at the helm of Boston Scientific, the Marlbor- ough-based medical device giant, since 2012 and has been the chairman of Boston Scientific's board since 2016. The publicly traded company reported revenues of nearly $14.2 billion in 2023. "CVS Health and Boston Scientific share many common goals, with a primary focus on making a real difference for the people and patients we serve," Mahoney said in the press release. "I hope that my experience within the healthcare industry will help me work with the board and the management team to support and advance CVS Health's strategy." CVS was founded in 1963 in Lowell. It was acquired in 1969 by New York-based holding com- pany Melville. In 1996, CVS split from Melville. In 2018 it acquired Connecticut-based insurer Aetna in a $68-billion transaction. – Story by Timothy Doyle Michael Mahoney