TJX executive tops list of highest-paid Central Mass. CEOs for third consecutive year

For the third year in a row, the president and CEO of The TJX Cos. in Framingham, Ernie Herrman, was the highest-paid CEO among Central Massachusetts public companies for fiscal 2023.

Herrman earned $22.2 million in total compensation for fiscal 2023, nearly 1,496 times more than the corporation’s median employee compensation of $14,857, according to TJX’s filings with the U.S. Securities & Exchange Commission. Herrman’s salary was $1.7 million in fiscal 2023, with the remainder of his earnings coming from incentives, stock awards, and other compensation.

Among the 20 highest-paid CEOs at Central Massachusetts public companies, Herrman holds the largest discrepancy in compensation between a CEO and the company’s median employee compensation, according to all the public companies’ individual filings with the SEC, compiled by the WBJ Research Department.

Second on the highest-paid CEOs list for the second year in a row was Michael Mahoney, chairman, president, and CEO of Boston Scientific, a Marlborough-based medical device manufacturer. Mahoney earned $18.7 million in total compensation in fiscal year 2023 while Boston Scientific’s median employee compensation was $54,147. 

The other CEOs among the top 20 highest-paid in Massachusetts were:

Stephen MacMillan
Chairman, president & CEO
Hologic Inc., Marlborough
Total compensation: $15.6 million
Median employee compensation: $94,126

Jim Hollingshead
President & CEO
Insulet Corp., Acton
Total compensation: $12.4 million
Median employee compensation: $107,199

Bob Eddy
Chairman, president & CEO
B.J.’s Wholesale Club, Westborough
Total compensation: $10.9 million
Median employee compensation: $25,708

Udit Batra
President, CEO & director
Waters Corp., Milford
Total compensation: $8.7 million
Median employee compensation: $76,668

John Roche
President & CEO
The Hanover Insurance Group Inc., Worcester
Total compensation: $7.8 million 
Median employee compensation: $116,211

Robert Willet
President & CEO
Cognex Corp., Natick
Total compensation: $7 million
Median employee compensation: $80,925

Eugene Scherbakov
CEO & director
IPG Photonics Corp., Oxford
Total compensation: $5.7 million
Median employee compensation: $42,185

Donald Young
President, CEO & director
Aspen Aerogels Inc., Northborough
Total compensation: $3.6 million
Median employee compensation: $90,400

Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.