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wbjournal.com | Book of Lists 2018 | Worcester Business Journal 131 G E N E R A L I N T E R E S T F O C U S Highest-paid CEOs Ranked by total compensation in fiscal year 2017 for public companies headquartered in Central Mass. Name Total compensation CEO pay ratio/ median employee salary (a) Salary Bonus Non-equity incentive plan compensation Option awards Stock awards Other annual compensation 1 Ernie Herrman, president & CEO The TJX Cos. Inc., Framingham $16,880,171 (b) 1,501:1 $11,243 (c) $1,619,232 —- $3,069,753 $618,910 $9,000,001 $1,286,199 (d) 2 Michael F. Mahoney, chairman, president & CEO Boston Scientific Corp., Marlborough $13,084,452 205:1 $63,696 $1,179,452 —- $1,890,000 $2,249,995 $7,225,607 $417,144 (d) 3 Christopher J. O'Connell, president & CEO Waters Corp., Milford $7,599,988 100:1 $75,696 $894,202 —- $1,063,824 $3,849,973 $1,649,850 —- 4 Krishan Canekeratne, chairman & CEO Virtusa Corp., Westborough $4,695,310 —- (e) $475,000 —- —- —- $4,220,310 —- 5 Robert J. Willett, president & CEO Cognex Corp., Natick $3,866,577 46:1 $83,500 $375,500 —- $788,259 $2,693,925 —- —- 6 Joseph M. Zubretsky (f), former president & CEO The Hanover Insurance Group Inc., Worcester $3,748,448 42:1 $74,800 $888,556 —- —- $1,499,999 $1,320,277 —- 7 Edward Terino, CEO SeaChange International Inc., Acton $2,515,169 —- (e) $438,705 —- $70,200 $1,655,865 $350,399 —- 8 Valentin P. Gapontsev, chairman & CEO IPG Photonics Corp., Oxford $2,284,683 68:1 $32,676 $832,000 —- $1,399,100 —- —- —- 9 John C. Roche (g), president & CEO The Hanover Insurance Group Inc., Worcester $2,011,343 42:1 $74,800 $560,962 —- $465,000 $337,603 $583,878 —- 10 Jeffrey A. Duchemin, president & CEO Harvard Bioscience Inc., Holliston $1,531,231 28:1 $53,953 $526,536 $158,085 —- —- $822,501 (h) —- 11 Jay Samit, former CEO SeaChange International Inc., Acton $1,510,336 (i) —- (e) $91,026 (j) —- —- —- —- —- 12 Donald R. Young, president & CEO Aspen Aerogels Inc., Northborough $1,414,000 —- (k) $494,697 —- $440,501 $119,852 $356,250 —- 13 Douglas A. Starrett, president, CEO & director The L.S. Starrett Co., Athol $1,020,861 —- (l) $425,000 —- —- —- $217,200 $378,661 (d) 14 George P. Sakellaris, president & CEO Ameresco Inc., Framingham $950,178 9.5:1 $100,278 $664,960 $250,000 —- —- —- —- 15 Raymond C. Kubacki, chairman, president & CEO Psychemedics Corp., Acton $764,200 —- (k) $487,500 $87,500 —- $178,400 —- —- 16 Geert Cauwenbergh, president & CEO RXi Pharmaceuticals Corp., Marlborough $422,527 —- (k) $416,000 —- —- $5,928 —- —- 17 Salvatore Emma Jr., president & CEO Micron Solutions Inc. (m), Fitchburg $236,142 —- (k) $236,142 —- —- —- —- —- Source: The U.S. Securities and Exchange Commission proxy statements. Notes: N/A = not applicable. Following the $6.9 billion acquisition by N.Y., New York-based Sycamore Partners, Framingham's Staples Inc. is no longer a public company. Fiscal year 2017 filing for Ayer's AMSC was not available by press time. (a) New disclosure requirement is a component of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act; see company filings for details on how pay ratio and median compensation were calculated. (b) For fiscal year ended Jan. 31, 2018 (c) For purposes of this estimate, median employee was a part-time hourly retail store associate. (d) Change in pension value and non-qualified deferred compensation earnings (e) Fiscal year ended March 31, 2017; new disclosure requirement affects filings starting in 2018. (f) Resigned Nov. 3, 2017 (g) Assumed the role of president & CEO on Nov. 4, 2017; began the year as EVP & president, business insurance (h) Time-based restricted stock units (i) Received a $2,000 company contribution to his 401(k) plan account, a $42,310 payment for his accrued, but unused vacation time upon his termination of employment on April 6, 2016 and $1,375,000 in paid and/or accrued severance benefits under the terms of his separation agreement. (j) Fiscal 2017 salary reflects a partial year of service. (k) Smaller reporting companies exempt from new requirement (l) Fiscal year ended June 30, 2017; new disclosure requirement affects filings starting in 2018. (m) Effective March 24, 2017 the company changed its name to Micron Solutions Inc. , NYSE MKT:MICR; formerly known as Arrhythmia Research Technology Inc., NYSE MKT:HRT. - Compiled by: Stephanie R. Meagher, smeagher@nebusinessmedia.com