Worcester Business Journal

wbjournal.com | February 5, 2018 | Worcester Business Journal 15 YWCA of Central Mass., Worcester 30 of 30 members Unpaid Worcester State University, Worcester 8 of 11 Unpaid Fitchburg State University, Fitchburg 8 of 11 Unpaid Quinsigamond Community College, Worcester 8 of 11 Unpaid Venture Community Services, Sturbridge 6 of 9 Unpaid Mount Wachusett Community College, Gardner 7 of 11 Unpaid Hanover Theatre, Worcester 13 of 24 Unpaid Anna Maria College, Paxton 10 of 20 Unpaid Boys and Girls Club of Worcester 8 of 19 Unpaid Worcester Art Museum, Worcester 10 of 24 Unpaid Compensation at the most female-inclusive boards Of the 75 organizations WBJ looked at whose full board membership and compensation could be determined, these 10 had the board of directors with the highest percentage of women. Each of these boards are volunteer and do not pay their members for their responsibilities Number of female Average Organization board members total pay Sources: Securities and Exchange Commission, 990 form filings. Cognex, Natick 0 of 9 members $215,112 Sevcon Inc.**, Southborough 0 of 9 $60,000 Virtusa Corp., Westborough 0 of 8 $154,382 L.S. Starrett, Athol 0 of 7 $39,000 Psychemedics, Acton 0 of 5 $119,641 Biostage, Holliston 0 of 5 $57,692 IPG Photonics, Oxford 1 of 10 $345,627 Oxford Immunotec, Marlborough 1 of 9 $95,790 ReWalk Robotics, Marlborough 1 of 9 $43,069 Ameresco, Framingham 1 of 8 $66,656 Compensation at the least female-inclusive boards Of the 75 organizations WBJ looked at whose full board membership and compensation could be determined, these 10 had the board of directors with the lowest percentage of women. This is the pay those board members receive for their responsibilities. Number of female Average Organization board members total pay* *For non-employee directors, including stock options. **Acquired by Michigan-based BorgWarner in September. Source: Securities and Exchange Commission, Internal Revenue Service 990 form filings via guidestar.org Highest-paid male public company executive Ernie Herrman, $18,536,866 President & CEO TJX Cos. Highest-paid female public company executive Carol Meyrowitz, $14,502,969 Executive chairwoman TJX Cos. Highest-paid male healthcare executive Eric Dickson, $1,834,131 President & CEO UMass Memorial Health Care Highest-paid female healthcare executive Cheryl Lapriore, $510,536 Senior vice president & chief of staff UMass Memorial Health Care Highest-paid male higher education executive Michael Collins, $1,043,226 Chancellor UMass Medical School Highest-paid female higher education executive Joyce Murphy, $616,175 Executive vice chancellor UMass Medical School Highest-paid male social service nonprofit executive David Jordan, $769,995 President Seven Hills Foundation Highest-paid female social service nonprofit executive Catherine Welch, $280,972 Executive director for Southborough New England Center for Children High-paid board members The WBJ compensation study of 233 executives did not include board mem- bers, unless they also serve as execu- tives. However, in looking at board compensation, men are more likely than women to land a place on highly- paid corporate boards in Central Massachusetts, according to the latest corporate filings. Board members at IPG Photonics – nine of the 10 are men – all make more than $300,000 including stock options, and most board members at TJX are also over that amount. Board members all make more than $200,000 at Waters Corp., SeaChange International, Hanover Insurance Group, Boston Scientific and Hologic, and they're pre- dominantly men. Virtusa board mem- bers – all men – aren't far behind, at an average of $154,382. Board members for colleges, hospi- tals and social service nonprofits – where women are more likely to serve – typically are unpaid volunteers. Of the 10 boards in Central Massachusetts examined by WBJ with the highest per- centage of women, all were unpaid. Pay gap vs. equal pay The Central Massachusetts gender pay gap determined by WBJ is a separate issue than equal pay, which deals with women and men with similar experience in similar positions making the same sal- ary. Of the 233 executives examined, they largely did not hold comparable titles at similarly sized companies. WBJ couldn't determine definitively if an executive's pay could be due to gender vs. factors like experience. "There's still an inexplicable gap," said Jean Beaupre, the faculty director of the Institute for Women's Leadership at Nichols College. In her first year, Worcester Polytechnic Institute paid President Laurie Leshin 42 percent less than her male predecessor, Dennis Berkey, but Berkey had been the WPI president for nearly a decade. When Shira Goodman became the CEO of Staples in 2016, her base salary of $1.1 million was 12 percent less than her predecessor, Ronald Sargent, according to the company's filings. The company said the difference was due to her lack of experience as a CEO com- pared to Sargent's long tenure and because she did not chair the board of directors as Sargent did. Budson said she's found the pay gap tends to widen with higher education levels. Higher-level positions typically have more factors for compensation, she said, such as experience and comparable salaries among other top executives. Among all workers, men in Massachusetts make median annual earnings of $62,868, and women $51,666, according to U.S. Census Buearu data. That gap – 82 cents on the dollar – is slightly better than the 80-cent national average. Still, Murphy, the state's first female lieutenant governor, under Michael Dukakis, said the pay gap remains shrouded in stereotypes, such as women not needing a paycheck as much as men, not as likely to be breadwinners, or more likely to use time off for family. "But all those old stereotypes don't hold anymore," she said. Highest-paid male and female executives, by sector The highest-paying positions in the public company, healthcare organization, higher education and social service nonprofit sectors are all held by men, with the top-earning woman making between 22-percent and 72-percent less than the top-earning man. W

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