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wbjournal.com | Book of Lists 2025 | Worcester Business Journal 73 Highest-paid CEOs (1) Ranked by total compensation for fiscal year 2024 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 president & CEO The TJX Cos. Inc., Framingham $23,482,528 (3) 1,565:1 $15,002 $1,700,002 N/A $6,947,907 N/A $12,600,163 $641,375 2 Michael F. Mahoney chairman, president & CEO Boston Scientific Corp. $21,420,801 (4) 369:1 $58,074 $1,400,000 N/A $3,743,250 $3,562,493 $12,229,998 $193,394 3 Stephen MacMillan chairman, president & CEO Hologic Inc., Marlborough $15,819,261 172:1 $91,871 $1,212,628 N/A $1,990,413 $2,937,477 $9,141,468 $537,275 4 Bob Eddy chairman, president & CEO B.J.'s Wholesale Club, Westborough $13,608,152 513:1 $26,507 $1,350,003 N/A $2,413,766 N/A $9,499,864 $344,519 5 Jim Hollingshead (5) former president & CEO Insulet Corp., Acton $13,302,350 137:1 $96,785 $930,769 N/A $2,111,375 $2,049,986 $8,199,870 $10,350 6 Udit Batra president, CEO & director Waters Corp., Milford $11,148,038 132:1 $84,397 $1,100,000 N/A $1,197,119 $4,375,109 $4,451,510 $24,300 7 Kevin Coop CEO Definitive Healthcare, Framingham $10,876,456 110:1 $102,363 $259,616 N/A $92,201 N/A $10,405,359 $119,280 8 John C. Roche president & CEO The Hanover Insurance Group Inc., Worcester $9,550,596 76:1 $126,501 $1,100,000 N/A $3,300,000 $1,250,025 $3,755,592 $144,979 9 Robert J. Willet president & CEO Cognex Corp., Natick $7,910,823 100:1 $78,750 $681,200 N/A $703,343 $4,350,009 $2,150,015 $26,256 10 Mark Gitin CEO IPG Photonics Corp., Oxford $6,700,825 167:1 $42,185 $411,346 $775,000 N/A N/A $4,999,759 $514,720 11 Daniel P. McGahn chairman, president & CEO AMSC, Ayer $6,015,053 64:1 $93,320 $652,500 N/A $1,093,925 N/A $4,248,000 $20,628 12 Donald R. Young president, CEO & director Aspen Aerogels Inc., Northborough $3,099,951 30:1 $101,299 $515,000 N/A $1,274,625 $974,990 $324,986 $10,350 13 Brian McKelligon CEO Akoya Biosciences Inc. (6), Marlborough $2,374,703 N/A $546,000 N/A $233,415 $649,302 $940,625 $5,361 14 James W. Green chairman, president & CEO Harvard Bioscience Inc. (7), Holliston $2,336,576 N/A $513,431 N/A N/A N/A $1,800,000 $23,145 15 George Sakellaris founder, chairman, president & CEO Ameresco Inc., Framingham $1,548,705 14:1 $109,226 $1,500,000 N/A N/A N/A N/A $48,705 16 Shantanu K. Gaur (8) CEO Allurion Technologies, Natick $661,226 N/A $354,875 $296,751 N/A N/A N/A $9,600 17 Brian Haugli CEO SideChannel, Worcester $557,913 N/A $300,000 $30,400 N/A N/A $188,383 $39,130 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 $297,994 N/A $294,231 $500 N/A N/A N/A $3,263 20 Neil Dey president & CEO Bluejay Diagnostics Inc., Acton $290,887 N/A $283,800 N/A N/A N/A N/A $7,087 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) Includes change in pension value and non-qualified deferred compensation of $1,593,081 (4) Includes change in pension value and non-qualified deferred compensation of $291,666 (5) Ashley McEvoy took over as Insulet president and CEO in April 2025. (6) In January, agreed to be acquired by Quanterix, a Billerica-based research corporation (7) After the June 10 resignation of board member Alan Edrick, Harvard Bioscience fell out of compliance with Nasdaq's minimum three-board-member requirement. The company has one year to fill this board seat, in accordance with the stock market's cure period. (8) Data for fiscal year 2023, the latest available by press time (9) Named president & CEO in February 2023; data for fiscal year 2023, the latest available by press time -Compiled by Stephanie R. Meagher, research@nebusinessmedia.com G E N E R A L I N T E R E S T F O C U S Herrman is the highest- paid public company CEO for the fourth year in a row and holds the largest disparity in compensation between a CEO and the company's median employee compensation. When Ashley McEvoy succeeded Jim Hollingshead at Insulet in April 2025, she became the only woman to lead a Central Massachusetts public company traded on the Nasdaq or New York Stock Exchange. Since August 2024, Definitive Healthcare has eliminated the positions of chief operating officer and chief revenue officer from its C-suite. Roche assumed the position of president and CEO after nearly 20 years with Hanover Insurance and is the vice chair of the board of trustees at insurance organization The Institutes and a board member at the American Property Casualty Insurance Association. Sakellaris founded Ameresco in April 2000 and has served as its leader for the last 25 years.