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4 Worcester Business Journal | June 11, 2018 | wbjournal.com pay of $75,696. Waters excluded 291 non-U.S. employees but included 3,700 others abroad to calculate median worker pay. Most median employees in com- panies researched by the WBJ made above the state's $62,000 average reported in May 2017 by the U.S. Department of Labor, including the median worker at Framingham energy efficiency firm Ameresco, who made more than $100,000 in 2017. Ameresco President and CEO George Sakellaris made $950,000, creating a ratio of 9.5-to-1. On the lower end, however, Ox- ford-based photonic laser manufactur- er IPG Photonics reported a median pay of $32,676, nearly half of the state's average salary. IPG reported Chairman and CEO Valentin Gaspontsev's 2017 pay to be $2.3 million. C E N T R A L M AS S I N B R I E F TJX CEO earns 1,500 times more than median employee BY ZACHARY COMEAU Worcester Business Journal Staff Writer V E R BAT I M Marijuana rollout "People obviously are really looking forward to this. I expect there will be a fair level of interest in the stores that are open." Massachusetts Cannabis Control Chairman Steven Hoffman, on the rollout of adult-use recreational marijuana beginning July 1 Startup funding "As a publicly traded small biotech company, attracting long-term value investors and maintaining sufficient capital to support devel- opment initiatives can be a chal- lenge. Many small companies face this hurdle and this, in some cases, may thwart efforts in bringing new therapies to patients." Geert Cauwenbergh, CEO of Marlborough's RXi Pharmaceuticals, on funding issues for small biotech startups Job losses "We are concerned about the disincentive for many businesses to reinvest in their Worcester properties because of a tax policy trend that has moved towards taxing Worcester businesses to the max by a majority of the Worcester City Council." Timothy Murray, CEO of the Worcester Regional Chamber of Commerce, on Primetals and Curtis Industries moving 500 manufacturing jobs out of the city T hree Central Massachusetts companies have reported CEO pay at least 100 times that of respective compa- nies' median employees. TJX Cos. and its CEO Ernie Herr- man top the list, with Herrman's nearly $16.9 million in total compensation in 2017 coming in about 1,500 times higher than a medi- an employee of the Framingham-based retail parent com- pany. e disclosures a new rule en- acted on publicly traded companies this year, part of the Dodd-Frank financial regulations passed in 2010. According to TJX's filing, the median employee for the purposes of the disclosure was a part-time hourly retail store associate. Herrman topped the list of Central Mas- sachusetts highest paid CEOs. Michael Ma- honey, CEO of Marlborough medi- cal device maker Boston Scientific, came aer, with his $13 million in 2017 compensation coming it 205 times higher than the median employee's pay of $63,696. Christopher O'Connell, president and CEO of Milford lab equipment manufacturer Waters Corp., made $7.6 million in 2017 – 100 times higher than the company's median employee's Source: U.S. Securities & Exchange Commission Ernie Herrman, TJX CEO CEO pay ratios In fiscal 2017, these Central Massachusetts public company CEOs received the most compensation when compared to their median employees. Ernie Herrman, TJX Cos. in Framingham $16.9 million 1,501:1 Michael Mahoney, Boston Scientific in Marlborough $13.1 million 205:1 Christopher O'Connell, Waters Corp. in Milford $7.6 million 100:1 Valentin Gapontsev, IPG Photonics in Oxford $2.3 million 68:1 Robert Willett, Cognex in Natick $3.9 million 46:1 John Roche, Hanover Insurance in Worcester $2 million 42:1 Jeffrey Duchemin, Harvard Bioscience in Holliston $1.5 million 28:1 George Sakellaris, Ameresco in Framingham $950,178 9.5:1 Pay ratio Total to median CEO compensation employee W Michael Mahoney, Boston Scientific CEO TJX owns TJ Maxx, with locations in places like Worcester's Greendale Mall.