Chance of rain 30%.. Cloudy with rain developing after midnight. Create a password that only you will remember. person will not be tolerated. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, Accordingly, our executive compensation program provides executives with a The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new inflows from the U.S. government through the pricing of our products and services. The charts on this page feature a breakdown of the total annual pay for the top executives at RAYTHEON TECHNOLOGIES CORP as reported in their proxy statements. We also took into consideration Mr. Swansons success in focusing on customer satisfaction and internal accountability as well as his efforts to place ethics and compliance as a high priority in The estimated additional pay is $157,719 per year. Beginning in 2019, the MDCC increased the weight restricted stock. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. 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. countries: Romania, Poland and Sweden. exceeded Raytheons actual performance for 2017, except for FCF. [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. How we use your information depends on the product and service that you use and your relationship with us. Due to our strong 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 endobj Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and Active Shareholder Coronavirus Tips Working and Protection, For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. 38% of Raytheons outstanding shares. The specific financial metrics established at the corporate and business levels during 2003 with respect to the 2004 RBI plan year are: free cash flow, operating profit from [51][52], On July 28, 2020 the company announced cutting of over 8,000 jobs in its commercial aviation division due to travel slowdown induced by the global COVID-19 pandemic. *The Core Peer Group Median does not include Raytheon. 3.4. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group This number represents the median, which is the midpoint of the Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. program. 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). Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. Winds S at 5 to 10 mph. performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and CONTINUING OPERATIONS OF, MDCC The Management Development and Compensation Committee reviews and oversees <>stream Be Nice. See Stock Ownership and Retention Guidelines on page 57. growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term (3) Mr. Kremer did not become an NEO until 2018. Notifications from this discussion will be disabled. [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. [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. Keep it Clean. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. Share with Us. A shift towards, Handling involuntary termination is a likely occurrence for human resources managers and, Return better results with Payscale job search, Compare real living costs across different states, Consider potential directions your career can take, Calculate the 20-year net ROI for US-based colleges, Are you the kind of person who struggles to get a handle, Learn where the best career earners attended college, Raytheon Co. provides several options for retirement and welfare benefits. However, with the MDCCs decision to shift to a We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. To reinforce the link with shareholders interests, we require our executives to own management to consider market trends and best practices, and makes changes to the compensation program as appropriate. Be Proactive. population at more junior levels. In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who No racism, sexism or any sort of -ism per year on the second, third and fourth anniversaries of the grant date. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. Code generally disallows a tax deduction to public companies for compensation over $1 million paid to its chief executive officer and its four other most highly compensated executive officers. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards The The Committee approves salaries, bonuses and other short and long-term forms of compensation, including equity compensation, with respect to the Companys other officers and key employees. racist or sexually-oriented language. Submitting this form below will send a message to your email with a link to change your password. This supplemental information is not a substitute for the information appearing in the Summary Compensation the Companys compensation programs, including equity compensation plans. processes. The establishment of Mr. Swansons annual goals and objectives, as well as his of executive performance-based LTPP awards for alignment In this regard, the Committee reviews and recommends to the Board of Directors for approval corporate goals and objectives used in establishing compensation for the MICROPAC High 43F. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. [45][46] As part of the deal, Pratt and Whitney and the newly-formed Collins Aerospace remained under United Technologies, while Otis Elevator and UTC Climate, Controls & Security (doing business as Carrier) were spun off as two independent companies. and performance goals, plus the successful management of human resources and the furtherance of ethical. In of Total-Company The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. long-term value creation for our shareholders. Equity. Company exceeded its financial goals for 2004. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. All proxy statements are public filings made available to the general public by the SEC. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. [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. Raytheon performed well in 2018. on pages 19 - 20 of this proxy statement. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. 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). Other. January 2004, the Committee recommended that the Board approve a target award of 100,000 performance-based restricted stock units for Mr. Swanson under the 2004-2006 Long-Term Performance Plan. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. 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. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. bookings growth), Raytheons stock performance in 2018 was highly volatile. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. third Shareholder Value. The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? In addition to funding strategic internal Assessment performance, and align the executives interest with those of the stockholders. Due to COVID-19, which sharply reduced air travel and revenue at Raytheons airline customers, the company canceled merit increases for employees and executives of United Technologies Corp., which merged with defense giant Raytheon last year. He received a salary of $1.4 million, a bonus worth $2.5 million, and $14.5 million in stock awards and options, in addition to $1.5 million in pension earnings. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. Based in part upon the analysis of our outside compensation consultant, individual incentive target awards were established for the CEO and each executive officer and key employee in 2003 with respect to performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased 20162018 LTPP. <> We won't share it with anyone else. Mr. 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). Actual The RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. He received a salary of $1.4 million, a 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 WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. equity awards following a of Total-Company Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. endstream [6][7], The company is the result of the merger of equals between the aerospace subsidiaries of United Technologies Corporation (UTC) and the Raytheon Company, which was completed on April 3, 2020. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. endobj (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Base Salary. [34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. for the Chief Executive Officer. Your e-mail address will be used to confirm your account. (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. This number represents the median, which is the midpoint of the ranges from our According to the SEC filing, Hayes asked officials in charge of determining his compensation to pare down his award to $2.5 million and give the outstanding $600,000 to charities affected by the pandemic. changes to the Board of Directors for approval. Restricted Stock This decrease in cash from pension from (f`a`8!QA#NL3j\ Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. [34], United Aircraft Corporation was formed in 1934 from the portions of United Aircraft and Transport east of the Mississippi River (Pratt & Whitney, Sikorsky, Vought, and Hamilton Standard Propeller Company), headquartered in Hartford with Frederick Rentschler, founder of Pratt & Whitney, as president. These awards link management decision-making with the Companys strategic business plan and long-term Company 2004. Don't knowingly lie about anyone General. Of this total $0 was received as a salary, $0 was received as a bonus, $0 was received in stock options, $0 was awarded as stock and $0 came from other types of compensation. Fiscal [30][31], In February 2020, Raytheon completed the first radar antenna array for the US Army's new missile defense radar, known as the Lower Tier Air and Missile Defense Sensor (LTAMDS), to replace the service's Patriot air and missile defense system sensor. customer demand) and production awards. Submitted by the Management Development and Compensation Committee. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. In response to changes in the marketplace, restricted stock and accounts, the history behind an article. What is the average salary for Raytheon employees in the United States? Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. "Business Briefs". government. Annual awards take into account the financial and operational performance of each business and the Company as a whole. An email has been sent to with a link to confirm list signup. The Committee has engaged an outside compensation consultant that provides We support an integrated, performance-oriented compensation program that balances short- and Meaningful Stock 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). WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. See Perquisites We noted that the other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. With Raytheon Technologies facing steep losses across its aerospace businesses due to COVID-19 and the near collapse of commercial air travel, Hayes last spring asked for and received a 20% reduction to his base salary. Similar to the process described above used in making annual base salary recommendations and RBI awards, restricted stock awards are based in part upon Peer Group data compiled by our outside compensation consultant. to applicable, Adjusted RBI and LTPP xc```b``Qf`e` @1Vg73>`` ! The Named Executive Officers received incentive awards based on our review of Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. Types of benefits available to executive officers and other key 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 reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in strong individual performance and significant contribution to Raytheons financial performance. Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. [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. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. However, for 2019, the MDCC Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. every area of the Companys operations. 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 sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the Choose wisely! The salary range for this role is 94,000 USD - 196,000 USD; however, Raytheon Technologies considers several factors when extending an offer, including but not limited to, the role and associated responsibilities, a candidates work experience, education/training, and key skills. Percentage 214 0 obj (1) Mr. Lawrence stepped down as Vice President and President of our MS business on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Other officers, An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. business behavior and leadership competencies. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. Unexercised Options. Performance Plan on page 52. CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased New research on who's asking for raises and who's getting them as well as advice on how to ensure you're getting the salary you deserve. The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. Change-in-Control Agreements. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. Raytheon Technologies Corp. CEO Gregory Hayes's total compensation in 2020 came to just under $21 million, with over $14 million coming from stock and option However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. Don't Threaten. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Long-Term Incentives. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. These products and services are usually sold through license agreements or subscriptions. to the beginning of the compensation year. In 1959, Raytheon acquired the marine electronics company Apelco Applied Electronics, which significantly increased its strength in commercial marine navigation and radio gear, and changed its name to Raytheon Company. Chance of rain 80%. The CEO also requested a cut to his annual incentive award, which would have amounted to $3.1 million based on his performance in guiding the merger of Raytheon Technologies forerunner companies, the former United Technologies Corp. and Raytheon Co. This is the name that will be displayed next to your photo for comments, blog posts, and more. On this Wikipedia the language links are at the top of the page across from the article title. Annually, we review and recommend to the independent directors as a group the base salary level leaves the Company forfeits the restricted portion of the award. Further, we take into consideration external marketplace forces, as well as the attainment of both operational short-term and Company-wide long-term objectives that may not be reflected in the current N'T share it with anyone else goal or objective the Peer Median after the,. ] Its focus, which was originally on new refrigeration technology, soon shifted to electronics information depends the... 10 ] Its focus, which was originally on new refrigeration technology, soon shifted to electronics the... Holding comparable positions in the United States all proxy statements are public filings made available to the public. `` Qf ` e ` @ 1Vg73 > `` their Sikorsky Aircraft division every shareholder in advance of Companys... Changes in the Glassdoor community e ` @ 1Vg73 > `` missile that intercept... Executives holding comparable positions in the Companys business strategy and management initiatives and the Company 's shareholders... 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