Worcester Business Journal

4 Worcester Business Journal • November 9, 2015 www.wbjournal.com A t first glance, Eugene M. Bullis is making a curiously large amount of money to be the interim chief financial officer at The Hanover Insurance Group in Worcester. Bullis' $50,000 biweekly salary is – at an annualized rate – more than the $1 million base salary paid to CEO Frederick H. Eppinger in 2014, according to the com- pany's U.S. Securities & Exchange Commission filings. However, Bullis' hiring and salary come at a time when Hanover needs stability in its executive suite, said Michael Buckley, Hanover spokesman. Bullis is replac- ing CFO David B. Greenfield, who died unexpectedly in October, and he is joining the company as Eppinger is looking to retire as soon as a successor is appointed. "Given Fred's decision to step down and David's tragic passing, it's especially important for us to appoint an interim CFO who will provide a continuity of financial leadership and strong financial oversight," Buckley said. Bullis received a $75,000 signing bonus and 1,222 shares of restricted company stock to be CFO until a permanent replacement is hired. He has agreed to work for the company until May 13, 2016. Bullis could earn up to $725,000 if he stays on until May, said Buckley. Bullis, who was Hanover's CFO and executive vice president from 2007 to 2010, provided strong leadership during the height of the Great Recession, Buckley said. "We offered what we believe is fair compensation given … the level of his experience and the signifi- cance of the role he's playing for us," Buckley said. By comparison, Bullis earned total compensation of $2 million per year on average for the last three years he was employed by Hanover, Buckley said. His interim salary, which will be paid in bi-weekly install- ments of $50,000, doesn't include the extras that per- manent employees receive, such as cash bonuses. In total, Eppinger earned $5.2 million in 2014, while Greenfield earned a total of a little more than $2 mil- lion. Bullis has stayed busy in retirement, serving on a number boards at public and private companies. Bullis is paid $475,011 in his capacity as a board member of Ambac Financial Group, a public compa- ny, according to Ambac's most proxy statement, and received a prorated fee of $12,500 after joining the Board of Directors of TheOne Group, a hospitality company, in August 2014, according to the public company's last proxy statement. Bullis is also on the board of directors of The Doctors Group, a large medical malpractice insurance company. n eClinicalWorks secures $100M in international business Westborough-based eClinicalWorks will enter the international market after securing Specsavers as its as its first United Kingdom customer in a deal that brings over- all international business for the company to $100 million for the year. Specsavers will use the eClinical- Works cloud-based platform to hold customers' optical records in a process that will streamline operations, the company said in a release. eClinicalWorks (founder and CEO Girish Navani pictured above) will open a new London office to go along with the expansion into the U.K. Harvard Bioscience executive quits The top executive for sales at Holliston life science researcher Harvard Bioscience has resigned dur- ing an overhaul of the company's sales team to focus on areas with higher growth potential. Yova Sibony, the company's vice president of global sales and its No. 3 named executive officer, resigned from his job, according to a filing with the U.S. Securities & Exchange Commission. Sibony's departure came the day before Harvard Bioscience announced a third-quarter loss of $847,000 when the company had turned a profit in the third quarter 2014. SpencerBANK and Southbridge Savings Bank to merge SpencerBANK and Southbridge Savings Bank will merge their mutual holding companies, bringing together their assets while continuing to remain independent, the banks announced. The combined mutual holding com- pany will have close to $1 billion in assets and $108 million in equity and represent a branch network of 15 offic- es located throughout Central Massachusetts, according to a release from the banks. Plans call for the two CEOs to con- tinue running their respective banks. UMass workforce to grow by 200 For city leaders who have champi- oned downtown redevelopment efforts, UMass Memorial Health Care's upcom- ing lease of 75,000 square feet in the Front Street office towers marks major progress toward revitalization. While officials at the Worcester health care system are also enthusiastic, transitioning UMass Memorial's large information-technology department to a new location in the midst of a $700-million IT project, will also be a logistical feat. In addition to relocating existing employees, the system is also going to add 200 new workers, about half of them employees and half of them con- tract workers, to its IT department, creating a team of about 500 people. Central Mass. Red Cross director to retire Lisa Piehler has announced she will step down as executive director of the American Red Cross of Central Massachusetts. Her last day will be Feb. 19, 2016 "I have a long 'bucket list' and I want to accomplish so much more in the coming years," she said. "I am proud to have been a member of such a presti- gious humanitarian organization." Piehler has worked for the Red Cross for 23 years. Worcester entrepreneur gifts $29M from beyond grave A local entrepreneur has posthu- mously left $29 million to five Worcester-area organizations, accord- ing to a statement from Worcester Polytechnic Institute, one of the recipi- ents. The money comes from the estate of William Binns Smith, a local industri- alist who died in 1952, following the recent passing of his last surviving daughter. UMass Memorial will receive nearly $10 million to establish a permanent fund, the income from which will be used to benefit patients at the medical center's four Worcester campuses. WPI will receive $7 million to provide funds for endowed professorships and endowed graduate fellowships. Per Smith's request, preference will be given in support of mechanical engi- neering. The remaining $12 million will be split by Eastern Orthodox Management Corp., operator of Holy Trinity Nursing and Rehabilitation Center; Children's Friend Inc.; and Visiting Nurse Association (VNA) Care Network. UMass Memorial scores 'C' on patient safety UMass Memorial Medical Center's University Campus received only a "C" score in an industry watchdog's annual ranking of hospital safety. ther area hospitals, including St. Vincent's in Worcester and Marlborough Hospital, meanwhile, scored an "A." UMass Memorial's Memorial Campus received a "B" on the safety report. Both UMass Memorial Medical Center campuses are in REGIONAL BRIEFS Verbatim "I have a long 'bucket list' and I want to accomplish so much more in the coming years." Lisa Piehler, executive director of the American Red Cross of Central Massachusetts, in an email to friends and colleagues Oct. 26 regarding her decision to retire in February 2016, after 23 years. Source: Worcester Business Journal, Oct. 27 >> "Five hundred new jobs in downtown is going to make a huge difference." Worcester Mayor Joseph Petty, during a press conference at which UMass Memorial Health Care announced it will bring 500 information-technology employees down- town by the end of 2017. Source: Worcester Business Journal, Oct. 26 >> "I wanted this bridge to out-Zakim the Zakim Bridge." State Sen. Harriette Chandler, at the Nov. 1 dedication of the Kenneth F. Burns Memorial Bridge over Lake Quinsigamond. The bridge, built under bud- get and with attention to flair and detail, was praised by officials and cheered by the crowd. Source: Worcester Magazine, Nov. 1 >> In Review CENTRALMASS >> Continued on next page Hanover's special circumstances led to special CFO salary

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