2020 Power 50: Stephen MacMillan
Stephen MacMillan, chairman, CEO and president of Hologic
- Title: Chairman, CEO & president of Hologic
- Location: Marlborough
- Colleges: Davidson College, Harvard University
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To gauge MacMillan’s value to Hologic, look no further than the Marlborough medical device firm’s board of directors. It’s the board, after all, which voted in 2017 to grant MacMillan a $30-million special retention bonus as it worried other companies were looking to lure him away.
A salary doesn’t convey power, but it does demonstrate how MacMillan, a veteran of major healthcare product providers Johnson & Johnson and Stryker Corp., turned the company around since becoming its chief executive in 2013. At the time, the company had $4 billion in debt with declining sales and earnings. By 2019, revenue jumped by more than one-third to nearly $3.4 billion and the company grew to more than 6,000 employees. MacMillan’s tenure hasn’t been without any missteps.
In December, the company sold a medical aesthetics division for $205 million – after acquiring it in 2017 for $1.65 billion. But that hasn’t stopped MacMillan from making moves. In the last two years, Hologic has acquired the California breast health firm Focal Therapeutics and nearly half of French ultrasound maker SuperSonic Imagine. Hologic has been a big proponent of stock buybacks – popular with shareholders but otherwise controversial – but has also taken more socially conscious stances, including hiring women into key leadership roles, and in April and May developed multiple coronavirus tests to distribute hospital, public health and reference laboratories.
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