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How Much Are the Top CEOs in Mass Being Paid?

Friday, August 03, 2012


An "Executive Paywatch" from the AFL-CIO shows how much the top CEOs in the Commonwealth are making. With so much political discussion of Wall Street, the 1%, and corporate responsibility, the AFL-CIO sheds light on just how much of a gap there is between local CEOs and the average household.

The report is a union-backed initiative that has compiled a list of the top earners in the state.

Worcester’s Spot on the List

While several Central Mass businesses made the list of top-earning CEOs, only one Worcester business made the list.

Frederick H. Eppinger, President and CEO of Hanover Insurance Group made $4,183,778 in total compensation in 2011. By comparison, the average worker made $34,053 in 2011. Frederick H. Eppinger made 123 times the average worker's pay. See how other workers compared.

Hanover Insurance provides fire, marine, and casualty insurance.

Across the Region

Worcester’s contribution to the list comes far from the top. Joseph M. Tucci of EMC Corp. in Hopkinton, a company that leads in cloud computing, made $13,238,857 in compensation in 2011, topping the list for Central Mass.

Another notable spot on the list is from the CEO of BJ's Wholesale, which holds its headquarters in Westborough. Laura J. Sen raked in $4,046,318 in compensation in 2010 for heading this membership-only warehouse chain.

In the Commonwealth

According to the site, the average CEO pay in Massachusetts is $3,692,611, while the median household income in the Commonwealth from 2006-2010 was $64,509. Across the state, CEOs make on average, over 50 times as much annually than households take in.

The top 1% of Americans earn on average $343,927 per year in taxable income, according to Bankrate.com. The top five CEOs in Massachusetts go beyond this figure.

The top-earning CEO in the Commonwealth, Paul A. Ricci, banked a total of $20,712,309 in compensation in 2011 for heading Nuance Communications Inc. in Burlington. The business specializes in multinational communication software and communication technology.

The CEO of Affiliated Managers Group, Raytheon, State Street Corp. and One Beacon Insurance Group were all included in the top five, raking in 8-figure salaries for heading their companies in the Commonwealth.

Still, these top earners in the Mass. business world pale in comparison to the top national CEOs. Apple's CEO, Timothy D. Cook, took in $377,996,537 in compensation in 2011.


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Edward Saucier

BJ's was recently bought and taken private by a private equity firm, so you won't be able to get those figures anymore. It wasn't Bain Capital, but, I wouldn't be surprised if Mitt was getting a slice of that pie too.

Of course total compensation is different from taxable income. It's a lot higher in their cases. I'd like to see their taxable income, and tax paid amounts. Then we could all see how much we are really getting screwed. And after we see that we can all thank George W. Bush and the GOP for the wonderful job they did for those CEO's and other elitists.

The real bad thing about all this is that there are many thousands of people making around $34,000 per year or less, who don't belong to a union, some still unemployed, that will still vote republican. What was that famous saying by Pogo?

Harvey Beehive

Saucy...you are, or once were a union hack. Is that the saying?

Harvey Beehive

By the way, congratulations to all the CEO's who were in the top 10! I hope your success continues...

Edward Saucier

Harvey, why do you insist on playing the part of the fool? Is it in your DNA? If that's the case you can't help it and I feel sorry for you. You should try making you comment in line with the article instead of attacking those who comment on the article. Or maybe make an intelligent comment about someone else's comment if you disagree with it.

Harvey Beehive

Saucy....I write at the fool's level so its easier for you to understand...

Harvey Beehive

By the way Saucy, wanna guess what AFL-CIO President Richard Trumka makes a year?

Edward Saucier

In 2011, Trumka earned $293,750. That's a lot less than the CEO pays listed above, even the CEO of that cheapskate Seachange international Inc., which you don't seem to mind. So that makes you a hypocrite, right? BUT, if you consider that a Teamster union tractor trailer driver at UPS makes over $100,000 depending on the run he has, well he (Trumka) deserves it. Maybe those right wing web sites should compare Trumkas salary to the average union workers salary. Hey, that's a idea.. huh ..Harvey?

Of course Harvey always eludes the question put to him. Why do you insist on playing the part of the fool. Harvey you sound like T&G reporter Shaun Sutner the little bomb thrower.

Harvey Beehive

Saucy...you'd better check again. Trumka earned well into the 7 figures last year in total compenation. So again, it looks as though you're the fool here...as usual. Don't forget that these are companies owned by shareholders which provide an actual product/service to the marketplace. Its none of Trumka's or the AFL-CIO's business what CEOs earn. What does Trumka et al provide other than hot air and bully tactics. Unions are on the way out, just not soon enough.

Harvey Beehive

By the way saucy, I thought you weren't going to comment on my posts any more. You just can help yourself from making a fool out of yourself - can you? But don't worry, I think you're very funny, and I enjoy your comments. They continue to remind me of how dangerous socialists can be with their warped view of the world.

Edward Saucier

Don't worry about what I do or do not do, it's none of your business.

Shaun or Harvey or whoever you are, you have to go to the right place for correct intel. These are the numbers that go to the Feds.& IRS, and you don't want to lie to them.

Your number must come from Glenn Beck or someone just like him. You are fixated on one part and nothing mentioned about my other facts. Can you walk and chew gum at the same time? I think not.

You see it is Trumkas business to know how much the CEOs make as he may represent workers at those plants. Besides if they are public companies their salaries and other compensation show up in their annual reports to shareholders and are pubic information. As are the financial statements of all unions.

There are some right wing elements, like Beck & Fox News Cable jerks who just make up thinks out of thin air and disseminate them to the ignoramuses who watch them thinking they sit on the right hand of God.

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