Pay of three N.H. firms’ top execs totals $35 million

Five White Mountains Insurance officials split $27.2m

The top executives of three New Hampshire-based companies were paid a total of more than $35 million in compensation in 2014, and that – on average – is a bit of a pay cut.

White Mountains Insurance Group, which is located in Hanover but is officially based in Bermuda for tax purposes, accounted for most of the compensation. The top five executives in that insurance conglomerate totaled  $27.2 million. 

CEO Raymond Barrette earned just over $7 million, nearly $6.2 million of it in stock awards. That’s almost $1 million less than he earned in 2013, though well over the $1.3 million in compensation he earned in 2012.

Chief Financial Officer David Foy also had a pay cut, earning $4.2 million, but Allan Waters, CEO of the subsidiary Sirius International Insurance Group, earned $9.3 million, a 44 percent increase, with $6.1 million as part of a cash incentive plan.

The company also announced that Waters will step down from the company’s board of directors, along with John D. Gillespie.  

The top three executives of Merrimack-based PC Connection earned $5.2 million in total, with $3.1 million going to Timothy McGrath, a 26 percent pay cut. CFO Joseph Driscoll earned $1.3 million, slightly more than last year, and chief administrative officer, and PC Connection co-founder, Patricia Gallup was paid $746,000, just a little more than the previous year.

The top four executives of Nashua-based iCAD earned a total of $3.6 million, with CEO Kenneth Ferry getting $1.5 million, a 39 percent compensation boost. Chief Operating Officer Kevin Burns earned almost $970,000, a 42 percent pay hike.