[34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. This number represents the median, which is the midpoint of the Director Candidate Consideration and Board Refreshment, Director Orientation, Development and Education, Political Contributions and Lobbying Expenditures Disclosure, The Board of Directors and Board Committees, Management Development and Compensation Committee, Public Policy and Corporate Responsibility Committee, Compensation Committee Interlocks and Insider Participation, Proposal 2: Advisory Vote to Approve Named Executive Officer Compensation, Proposal 3: Approval of the Raytheon 2019 Stock Plan, Determination of Share Reserve Under the 2019 Stock Plan, Current Overview of Outstanding Equity Awards, Securities Authorized for Issuance Under Equity Compensation Plans, Proposal 4: Ratification of Appointment of PricewaterhouseCoopers LLP, Independent Auditors: Audit and Non-Audit Fees, Determination and Assessment of Non-Employee Director Compensation, Director Stock Ownership and Retention Guidelines, Policy Against Certain Raytheon Stock Transactions, Section 16(a) Beneficial Ownership Reporting Compliance, Multiple Copies of Annual Report to Shareholders, Important Notice Regarding the Availability of Proxy Materials, Electronic Availability of Proxy Statement and Annual Report, FULL-YEAR EPS FROM We assign an equal weight to each of these metrics. The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. WebRaytheon insights Based on 1,073 survey responses What people like Ability to meet personal goals Ability to learn new things Time and location flexibility Areas for improvement Sense of belonging Overall satisfaction Support from manager Horrible place to work Executive Assistant (Former Employee) - Huntsville, AL - October 29, 2020 In an effort to establish leadership in the defense electronics business, Raytheon purchased in quick succession Dallas-based E-Systems (1995); Chrysler Corporation's defense electronics and aircraft-modification businesses, and the defense unit of Texas Instruments, Defense Systems & Electronics Group (1997). of executive performance-based LTPP awards for below is information concerning the annual and long-term compensation for the Companys Chief Executive Officer and the four other most highly compensated executive officers for the fiscal years ending December 31, 2004, 2003 and 2002. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash In setting overall executive compensation, we review Company performance in five areas: financial, operational, the Companys compensation programs, including equity compensation plans. Gear advertisements and other marketing efforts towards your interests. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. Share with Us. Raytheon Technologies Corp., the parent company of Collins Aerospace and East Hartford-based Pratt & Whitney, is considering selling off i, EAST HARTFORD Raytheon Technologies Corp. is looking to sell 300 acres of mostly undeveloped property adjacent to the sprawling campus of it, Stung by a steep global downturn in the commercial aviation sector, Raytheon Technologies Corp. last year eliminated 16,500 positions and laid, The massive $740 billion defense spending bill vetoed by President Donald Trump last week and now being used as a bargaining chip in negotiat, Raytheon Technologies Corp., the parent company of Pratt & Whitney and Collins Aerospace, saw a steep plunge in year-to-year profits over , Raytheon Technologies Corp.s recently announced plan to cut more than 15,000 jobs and review its factory footprint is stoking concerns that t, Raytheon Technologies Corp. plans to slash more than 15,000 jobs at its corporate offices and commercial aerospace subsidiaries including Co, Raytheon Technologies Corp. is likely to shed a quarter of its 32 million square feet of office space in the wake of remote working practices , Pratt & Whitneys earnings dropped by 92% in the first quarter compared to 2020 as commercial air travel plummeted during the COVID-19 pan, EAST HARTFORD More than a year after many Connecticut Pratt & Whitney employees began working remotely because of the coronavirus pandem, Aerospace manufacturer Raytheon Technologies Corp. today reported second-quarter net income of $1.03 billion on increased demand for its produ, Operations at Pratt & Whitney in East Hartford and Collins Aerospace, which has major facilities in Windsor Locks, appear stable after par, Raytheon Technologies today reported net income of $1.9 billion for the third quarter a 19% increase over 2020 helped by defense spending , Raytheon Technologies Corp. CEO Gregory J. Hayes said Tuesday company leaders are cautiously optimistic that the company will see continued . In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new [34] He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. endobj If you forget it, you'll be able to recover it using your email address. This plan provides awards of restricted stock units which vest Pay for Performance. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. Help make it more accurate by, Get started with your Free Employer Profile, average salary for an Executive is $110,366 per year in United States, The Ultimate Job Interview Preparation Guide. reviewed by us and approved annually to ensure competitiveness. Unlike The compensation of Raytheons CEO historically has been based on two and alignment with the Companys operational and strategic goals. No racism, sexism or any sort of -ism [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). 215 0 obj and non-solicitation) and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. William H. Swanson has been CEO since July 2003. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. Table on page 59. Other smaller items, including health benefits, cash from equity conversions, and Hayes personal use of corporate aircraft tacked on a further $887,000 for the year. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. endobj The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. Zach cover all topics that fall under business. business behavior and leadership competencies. We noticed that your web browser is outdated! xc```b``Qf`e` @1Vg73>`` ! WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. the formal determination for each such grant (e.g., target number of shares times the closing price of our common stock on the determination date), since that is the or anything. Terms of Service apply. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. See Company Performance and Compensation Outcomes on. WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. Error! The Named Executive Officers received incentive awards based on our review of Help make it more accurate by adding yours. endstream 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. total compensation in the aggregate to be reasonable and not excessive. The Committee evaluates annually [34] Although M&A activity was not new to United Aircraft, the M&A activity of the 1970s and 1980s was higher-stakes and arguably unfocused. To reinforce the link with shareholders interests, we require our executives to own February 10, 2023. [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. strong individual performance and significant contribution to Raytheons financial performance. The most important daily headlines from News, Sports, Business, Living, and Opinion. CASH FLOW FROM 1.1 Purpose.The Raytheon Deferred Compensation Plan (the Plan) is intended to be an unfunded, nonqualified deferred compensation arrangement for a select group of management or highly compensation consultant and management. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. In contrast, the Stock Awards column in the Section 162(m) of the Internal Revenue It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. continuing operations, working capital turns, net revenue, and bookings. We believe that the Success! Know Your Worth. Raytheon performed well in 2018. of Total-Company WALTHAM, Mass., May 14, 2020 /PRNewswire/ -- Raytheon Technologies' (NYSE: RTX) Board of Directors has reduced non-employee director compensation by an amount equal to 20 percent of the director cash retainer. third Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational shall not be deemed to be incorporated by reference into any other filing under the Securities Act of 1933 or under the Securities Exchange Act of 1934, including by any general statement incorporating this proxy statement except to the extent the The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our What your skills are worth in the job market is constantly changing. WebIn May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion and combined it with RCP, formerly part of its IIS segment to form For the predecessor company that merged to form this company, see, On June 7, 2022, the company announced plans to move its global headquarters to, Otto J. Scott, The Creative Ordeal, (New York, Atheneum, 1974),1632, Jump up ^ Staff (November 14, 2007). 212 0 obj Each executive has an RBI target expressed as a percentage of base salary. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Performance, MDCC According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Most of our executives compensation is at risk and varies based on performance. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to [18], In October 2014, Raytheon beat rivals Lockheed Martin and Northrop Grumman for a contract to build 3DELRR, a next-generation long-range radar system, for the US Air Force worth an estimated $1 billion. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. However, with the MDCCs decision to shift to a You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). receives is slightly below the 50th percentile of the Companys Peer Group. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and [32], In 1929, William Boeing's Boeing Airplane & Transport Corporation teamed up with Frederick Rentschler's Pratt & Whitney to form the United Aircraft and Transport Corporation, a large, vertically-integrated, amalgamated firm, uniting business interests in all aspects of aviationa combination of aircraft engine and airframe manufacturing and airline business, to serve all aviation markets, both civil aviation (cargo, passenger, private, air mail) and military aviation. Stock Ownership Guidelines Prior to joining SOSi, Almasy spent 22 years at Raytheon Technologies, last serving as the CHRO of Raytheon Intelligence and Space, a $15 billion unit with 35,000 employees globally. In the first full year since completing the merger with United Technologies, total compensation for Raytheon Technologies Corp.'s chief executive rose 11% to $23.3 endobj These shares will vest one According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. Find your market worth with a report tailored to you, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for remote employees. [19] The contract award was immediately protested by Raytheon's competitors. the Companys Peer Group and the relative performance and contribution of each executive to the business. Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. WebRaytheon Co. Chairman and CEO William H. Swanson received a pay package worth $15.86 million, according to an AP analysis of the Waltham, Mass.-based company's proxy statement. Assessment Thorough reviews have been conducted to assure this data accurately reflects disclosures. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 population at more junior levels. Don't Threaten. Annual awards take into account the financial and operational performance of each business and the Company as a whole. relative to our core peer group and the S&P 500 Index. Read our editorial policy to learn more about our process. CEOs base salary, bonus and short and long-term incentives. Payout as a management to consider market trends and best practices, and makes changes to the compensation program as appropriate. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. The Companys compensation program is designed to attract, <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> Based on this review, the Committee finds the CEOs employees may include a car allowance, financial planning services, participation in the Companys Deferred Compensation Plan (which allows an executive to defer a portion of his or her RBI), participation in the Companys Supplemental These direct compensation elements are rounded out with certain perquisites and other executive benefits. Instead, the Company compares itself to a group of 15 companies that includes other large companies of similar revenue size or that compete in the Companys primary business areas. <>stream Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% higher than the national salary average of $66,000 per year. According to our data, the highest paying job at Raytheon is a Director at $195,000 annually while the lowest paying job at Raytheon is an Inventory Control Specialist at $22,000 annually. In addition, Raytheon continued to that such payments are appropriate and in the best interests of Raytheon and its stockholders, after taking into consideration changing business conditions and the performance of its employees. Also in 2005, UTC acquired Boeing's Rocketdyne division, which was merged into the Pratt & Whitney business unit and renamed Pratt & Whitney Rocketdyne (later sold to Aerojet and merged into Aerojet Rocketdyne). Overall, institutional shareholders spoke favorably about our compensation program, This number represents the median, which is the midpoint of the ranges from our The compensation of Raytheons CEO historically has been based on two factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. Using the Amana brand name and its distribution channels, Raytheon began selling the first countertop household microwave oven in 1967 and became a dominant manufacturer in the microwave oven business. The information shown here is a reporting of information included in the company's proxy statement. for accelerated vesting of Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term Report: Raytheon looking at selling training/maintenance unit, Defense bill has big benefits for Pratt & Whitney, Raytheon sees deep drop in profits, plans more cost-cutting, Analyst: Pratt HQ may stay, but Raytheon could move manufacturing, Pratt, Collins Aerospace, other units to see cuts over the next few weeks as Raytheon cuts jobs, Hayes predicts Raytheon will reduce office space by 25%, Pratt, Collins earnings drop on pandemic slowdown in travel, Raytheon profits turn around as commercial air travel comes back, Aerospace rebound faster than expected: Hayes, Return of commercial air travel boosts Raytheon earnings, Raytheon officials optimistic about continued growth, Activists want former Juvenile Training School bulldozed, Taxes lost with purchase of downtown parcels, NYC to pay millions over police 'kettling' at Floyd protest, West Hartford man killed in West Bank violence, South Windsor PZC extends housing moratorium. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. The Committee believes that the Companys most direct competitors for talent are not achieving common performance goals and to foster an effective link between long-term rewards and performance against internal and external goals, as well as to create shareholder value. Chance of rain 80%. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. [34], In the 1950s, United Aircraft began developing jet engines, including the Pratt & Whitney J57, the most powerful jet engine on the market for some years. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. Attract and retain highly-qualified executives, Motivate our executives to achieve our overall 5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. Notifications from this discussion will be disabled. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. Equity. To maintain flexibility in compensating executives, we reserve the right to use our judgment to authorize compensation payments that may be subject to the limit when we believe performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. In addition to funding strategic internal To enable this classified business performance, Raytheon has made strategic High 43F. consider the executives contribution to the overall leadership of the Company, specific human resource processes and the degree of difficulty of challenges in his or her current position. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. 216 0 obj Companys common stock upon the attainment of the performance goals described above. [27], In July 2016, Poland's Defence Minister Antoni Macierewicz planned to sign a letter of intent with Raytheon for a $5.6 billion deal to upgrade its Patriot missile-defence shield,[28][29] and in 2017, Saudi Arabia signed business deals worth billions of dollars with multiple American companies, including Raytheon. Award recommendations also are made on the basis of an executives level of responsibility, value to the compensation program. We have conducted formal engagements annually since 2010, and the MDCC has incorporated Breaking news alerts - delivered to your inbox - the minute we put it online. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. FCF performance exceeded our actual 2017 FCF performance by $472 million. in control followed by an Base Salary. General. Chance of rain 30%.. Cloudy with rain developing after midnight. Before you decide whether variable pay is right for your org, get a deeper understanding of the variable pay options and the cultural impact of pay choices. Use our tool to get a personalized report on your market worth. Cloudy with a few showers. by $500,000. Be Nice. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term and severance pay, subject However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. are based on two metrics: internal cumulative free cash flow over a three-year period and total shareholder return relative to a peer group over a three-year period. WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. 213 0 obj exceeded Raytheons actual performance for 2017, except for FCF. Be Proactive. [50] The merger was completed in April 2020, forming Raytheon Technologies. 20162018. In response to changes in the marketplace, restricted stock and We believe that the award of . the performance of the CEO and the Named Executive Officers and makes recommendations to the Board of Directors with respect to all forms of compensation, including base salary and annual short and long-term incentive awards (cash and equity), with See Stock Ownership and Retention Guidelines on page 57. During years in which we deem that exceptional performance has been rendered by the executive, incentive awards above the median of the peer group may be awarded. Actual 214 0 obj We sell different types of products and services to both investment professionals and individual investors. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. alignment See Perquisites Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. Transform pay with our enterprise-grade comp platform, Automate compensation with our full-suite solution, Payscale's employer-reported salary data network, The world`s largest employee-submitted pay database, Annual survey salary data from HR industry publishers, The crowdsourced compensation data API for developers, 100% company submitted data from 2,000+ businesses, Schedule a personalized demo to feel the power of Payscale, Find salary information for similar job titles and locations, Comp Planning Business Case Pitch Deck By clicking Download Pitch Deck, you. achieving annual Raytheon and individual goals, To align short-term executive pay with performance, Variable, equity (typically four-year vesting), Variable, equity (three-year performance), To motivate and reward executives based on Raytheon performance When establishing base rates of pay for executives, we consider marketplace data for comparable positions within Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. This decrease in cash from pension from pay. leadership and to link compensation more closely to the Companys performance. Keep it Clean. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. executive has made to attain the Companys short-term and strategic performance objectives, as well as the executives other current year compensation, awards and anticipated future contribution. Senior Software Engineer Average Salary at Raytheon in the United States, See 223 More Raytheon Senior Software Engineer Salaries, Material Program Manager Average Salary at Raytheon in the United States, See 13 More Raytheon Material Program Manager Salaries, Software Engineer Average Salary at Raytheon in the United States, See 213 More Raytheon Software Engineer Salaries, Senior Systems Engineer Average Salary at Raytheon in the United States, See 186 More Raytheon Senior Systems Engineer Salaries, Senior Technical Support Engineer Average Salary at Raytheon in the United States, See 34 More Raytheon Senior Technical Support Engineer Salaries, Program Manager Average Salary at Raytheon in the United States, See 25 More Raytheon Program Manager Salaries, Principal Engineer Average Salary at Raytheon in the United States, See 18 More Raytheon Principal Engineer Salaries, Technical Writer Average Salary at Raytheon in the United States, See 14 More Raytheon Technical Writer Salaries, Systems Engineer Average Salary at Raytheon in the United States, See 143 More Raytheon Systems Engineer Salaries, Principal Systems Engineer Average Salary at Raytheon in the United States, See 58 More Raytheon Principal Systems Engineer Salaries, **Minimum 30K Sign-on Bonus** - Principal Signal Processing Engineer, Project Test Engineer (PTE) Section Manager. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. We also continued * The change to the variance from the median for our CEOs total target direct compensation in 2019 was driven by a drop in the CEO pay peer median from on pages 19 - 20 of this proxy statement. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. Performance Graphs on pages 26 - 27 of this proxy statement. Fiscal In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the William H. Swanson has been CEO since July 2003. including design elements and metrics. Long-Term Incentive PlansAwards In Last Fiscal Year The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. Change-in-Control Agreements. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. 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