July 9, 2018

The Power 50: Valentin Gapontsev

VALENTIN P. GAPONTSEV, Ph.D.

Chairman & CEO

IPG Photonics Corp., Oxford

Colleges: Lvov Polytechnic Institute, Moscow Institute of Physics and Technology

Gapontsev founded IPG Photonics in 1990 and has since created more than 1,500 jobs in Worcester County, and hundreds more could be on the way, as the company is eyeing expansion projects at its Oxford headquarters and Marlborough location. Globally, the company employs more than 5,500 people and finished 2017 with a company record $1.4 billion in revenue. According to Forbes, Gapontsev is one of the wealthiest manufacturers in the country with a net worth of $3 billion. In March, the company was added to the S&P 500 Index, moving from the S&P MidCap 400. The company sponsors internships and other programs at regional high schools to help grow the local manufacturing workforce and funds local food banks and provides equipment to the Oxford police and fire departments.

What advice would you give up-and-comers? I have always followed the principles of freedom, independence and self-determination, driving me to develop high-power fiber laser technology and then invest in our vertical integration strategy, both of which ran against conventional wisdom at the time.

Angler: I love to fish.

Read about the WBJ's 2018 Power Players:

Retail

Harry Kokkinis, Table Talk Pies

Steve Rotman, Rotman's Furniture & Vystar

Ernie Herrman, TJX Cos.

Michael Dundas, Sira Naturals

Ralph Crowley Jr., Polar Corp.

Christopher Baldwin, BJ's Wholesale Club

Amy Lynn Chase, Crompton Collective & Haberdash

Food & Culture

Robb & Madeline Ahlquist, Worcester Restaurant Group

Troy Siebels, The Hanover Theatre

Karim El-Gamal, Rail Trail Flatbread Co., New City Microcreamery, Less Than Greater Than

Eric, Sam & Jack Hendler, Jack's Abby Brewing

Lynn Cheney, Lettuce Be Local

Sandy Dunn, DCU Center

Higher Education & Nonprofits

Ann T. Lisi, Greater Worcester Community Foundation

Rev. Philip L. Boroughs, College of the Holy Cross

Javier Cevallos, Framingham State University

Michael F. Collins, University of Massachusetts Medical School

Jill Dagilis, Worcester Community Action Council

Dr. David A. Jordan, Seven Hills Foundation

Laurie Leshin, Worcester Polytechnic Institute

Corner Office

Kate Sharry, Group Benefits Strategies

Tina M. Sbrega, GFA Federal Credit Union

John C. Roche, The Hanover Insurance Group

Elaine Osgood, Atlas Travel

Michael P. Angelini, Bowdtich & Dewey

Susan Mailman, Coghlin Electrical Contractors

Edward F. Manzi Jr., Fidelity Bank

Manufacturing

Dinesh Wadhwani, ThinkLite

Ravi Vig, Allegro Microsystems

Nobuhiko Tamura, Sunovion Pharmaceuticals

Daniel McGahn, AMSC

Michael Mahoney, Boston Scientific

Jeannie Hebert, Blackstone Valley Chamber of Commerce

Valentin Gapontsev, IPG Photonics

Chris Coghlin, Coghlin Cos.

Health care

Kevin O'Sullivan, Massachusetts Biomedical Initiatives

Kurt Isaacson, Spectrum Health Systems

Tarek Elsawy, Reliant Medical Group

Jeffrey M. Welch, Saint Vincent Hospital

Eric Dickson, UMass Memorial Health Care

Holly Chaffee, VNA Care

Richard P. Burke, Fallon Health

Economic Development

Ann K. Tripp, Opus Investment Management

Robert Walker, RA Ventures

Yvonne Spicer, City of Framingham

Cliff Rucker, Worcester Railers Hockey Club

Sherri Greene Pitcher, Fidelity Bank

Timothy P. Murray, Worcester Regional Chamber of Commerce

Anthony Consigli, Consigli Construction Co.

Jennie Lee Colosi, E. T. & L. Corp.

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