Worcester Business Journal

Innovation's cost 14 MetroWest officials say local companies getting bought by out-of-state firms goes with having an innovative economy. WBJ >> To Subscribe Central Massachusetts' Source for Business News February 29, 2016 Volume 27 Number 5 www.wbjournal.com $2.00 Bioscience officials react to political warning shots fired over perceived high prescription drug costs. Q&A with Sandy Dunn, general manager of the DCU Center Shop Talk 8 Drug pricing 12 Hanover to let new CEO fill CFO position T ragedy and circumstance has led the Hanover Insurance Group in Worcester to simultaneously search for candidates to fill its top two executive positions but only one of those will be filled by the search committee. The replacement for outgoing President and CEO Fred Eppinger could be in place by June 30, but – even though the board of directors is doing a search – the chief financial officer posi- tion will remain vacant until the top slot is filled, said Eppinger. The purpose is to let the new CEO pick the new CFO, Eppinger said. The board will provide a short list of candi- dates, but the position should really be filled with the input of the new person who will lead the company. The search for a new CEO started in September when Eppinger announced his retirement after 13 years leading the company. Eppinger oversaw the rise of the company stock price by more than 250 percent, as the Hanover went from a down-on-its-luck firm to a global player in the property and casualty insurance business. In 2015, it had its top performing year, with $250 million in operating income. "Now with the momentum, and the stock price as high as it's ever been, and the earnings are great, and with the team in place, I knew it was a good time BY LAURA FINALDI Worcester Business Journal Staff Writer BY LAURA FINALDI Worcester Business Journal Staff Writer >> Continued on Page 10 This extension of Worcester's already vast fiber network is designed to lead to cheaper and faster Internet connectivity, which will help the city attract businesses in its target industries like technology and manufacturing. The Worcester Regional Chamber of Commerce commissioned a study last year to outline these benefits and is pushing city officials to take advantage of their head start in digital infrastructure. "This is part of the economic develop- ment infrastructure, the same way roads and water and sewer and electricity are. Fred Eppinger, outgoing president and CEO, Hanover Insurance Group T he city of Worcester is in the process of completing an exten- sion of its already vast data fiber network, with the goal of making it easier for businesses to access high-speed Internet connections. An extension of the fiber net- work to more than 50 schools in the city is in progress, and a 1.2-mile construction of lines out to the airport is also under- way, according to Lightower, the Boxborough fiber owner in charge of these projects. >> Continued on Page 18 Crews from Shrewsbury fiber optics installer Phoenix Communications are putting in new infrastructure throughout Worcester to expand its digital networks. Fiber broadband network expanding in Worcester P H O T O / C O U R T E S Y P H O T O / M A T T V O L P I N I Fred Eppinger expects to be fully removed from company by June 30, if not sooner

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