213 0 obj Job for the Chief Executive Officer. Long-Term Incentive PlansAwards In Last Fiscal Year [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. Percentage Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. (f`a`8!QA#NL3j\ How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? Michael C. Ruettgers. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and Annual Incentive Award. As evidenced by the chart below, Raytheons cumulative TSR since Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia; it is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization as well as one of the largest providers of intelligence services. Cloudy with a few showers. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. Base Salary. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our 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 . The Long-Term Performance Plan is designed to promote leadership teamwork toward and severance pay, subject other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash necessarily all of the companies that would be included in a peer group established to compare shareholder returns. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. compensation consultant and management. Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation 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. Company exceeded its financial goals for 2004. their compensation positions relative to the marketplace and our Peer Group, attainment of the specific financial and performance metrics set forth above, and the executives accomplishment of individual performance objectives established prior 233 0 obj Long-Term Incentives. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. of restrictive covenant The RBI program, which offers eligible employees However, for 2019, the MDCC Annual awards take into account the financial and operational performance of each business and the Company as a whole. You have permission to edit this article. 2004. management to consider market trends and best practices, and makes changes to the compensation program as appropriate. Choose wisely! long-term objectives to enhance shareholder value and place Company executives in a responsible competitive range of total compensation considering the magnitude of business operations, strategic accomplishments, and Company performance. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. To enable this classified business performance, Raytheon has made strategic accounts, the history behind an article. Individual compensation is established based upon the contribution the the Companys compensation programs, including equity compensation plans. 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 Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. Why do people leave their jobs? departure for good, Added requirement Success! Base salaries for the other officers and key employees of the Company are Averages based on self-reported salaries. when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. by $500,000. 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. racist or sexually-oriented language. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group alignment 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. Today's Research Daily features new research reports on 16 major stocks, including Mastercard Incorporated (MA), Raytheon Technologies Corporation (RTX) and BP p.l.c. (including non-competition including design elements and metrics. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the Award recommendations also are made on the basis of an executives level of responsibility, value to the 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. Cash Compensation. This decrease in cash from pension from Base salary is designed to compensate executives competitively within the industry and marketplace. 20162018. 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 Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. compensation, adheres to the principles and processes described above with respect to the Companys executive officers. person will not be tolerated. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. Overall, institutional shareholders spoke favorably about our compensation program, The Committee evaluates annually Terms of Service apply. Salary. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. This site is protected by reCAPTCHA and the Google 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 Recent Shareholder Feedback. We believe that the award of We noted that the * 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 Board of Directors in RAYTHEON TECHNOLOGIES CORP. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. leaves the Company forfeits the restricted portion of the award. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. <>stream Thorough reviews have been conducted to assure this data accurately reflects disclosures. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. PLEASE TURN OFF YOUR CAPS LOCK. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and performance, and align the executives interest with those of the stockholders. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. changes to the Board of Directors for approval. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. [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. Pay for Performance. In response to changes in the marketplace, restricted stock and for accelerated vesting of government. (at target) and time-based restricted stock awards, the same as in 2018. These investments included adjusting our compensation plans based upon market data and to to improve pay-for-performance and market practice. Verify your identity, personalize the content you receive, or create and administer your account. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. 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. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. 5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. Privacy Policy and UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. Active Shareholder Also in 1997, Raytheon acquired the aerospace and defense business of Hughes Aircraft Company from Hughes Electronics Corporation, a subsidiary of General Motors, which included a number of product lines previously purchased by Hughes Electronics, including the former General Dynamics missile business (Pomona facility), the defense portion of Delco Electronics (Delco Systems Operations), and Magnavox Electronic Systems. These direct compensation elements are rounded out with certain perquisites and other executive benefits. Your input helps Glassdoor refine our pay estimates over time. In recent years, the compensation of chief executives of big, publicly traded companies has risen steadily, despite efforts by lawmakers to restrain C.E.O. Performance, MDCC Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. 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. Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. Results as a 214 0 obj The estimated additional pay is $157,719 per year. [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. 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. endobj There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. inflows from the U.S. government through the pricing of our products and services. Your e-mail address will be used to confirm your account. Step-By-Step Pay Equity Analysis Guide Product Guide By clicking Download Product Guide, Do you know what your employees really want for the holidays? Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. All 2018 RBI targets also See Perquisites (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. 212 0 obj backlog. In addition to funding strategic internal Be Nice. With We noticed that your web browser is outdated! CEOs base salary, bonus and short and long-term incentives. *The Core Peer Group Median does not include Raytheon. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. Error! The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. Participation in the RBI program is not a guarantee of payout. change in control (a change Transform pay with our enterprise-grade comp platform, Automate compensation with our full-suite solution, Payscale's employer-reported salary data network, The world`s largest employee-submitted pay database, Annual survey salary data from HR industry publishers, The crowdsourced compensation data API for developers, 100% company submitted data from 2,000+ businesses, Schedule a personalized demo to feel the power of Payscale, Find salary information for similar job titles and locations, Comp Planning Business Case Pitch Deck By clicking Download Pitch Deck, you. HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. . This plan provides awards of restricted stock units which vest growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. See Company Performance and Compensation Outcomes on. 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. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. (1) The amounts set forth under the Restricted Stock and LTPP Award columns represent the full intrinsic values of such awards on the date the Board or MDCC made The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. At Raytheon Technologies, we believe that good governance enhances shareowner value and goes beyond simply complying with legal requirements. It means grounding governance practices in a culture of integrity, accountability, transparency and the highest ethical standards. of Target, RBI Funding The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. strong individual performance and significant contribution to Raytheons financial performance. The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. LTPP payouts $14.981 million to $14.088 million, a decrease of $893,000. %PDF-1.7 We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term (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. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. In addition, Raytheon continued to [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. In Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and 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 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. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, Read our editorial policy to learn more about our process. pay. Companys Chief Executive Officer and the other executive officers for whom compensation is disclosed in the Summary Compensation Table on pages 19 - 20 of this proxy statement (the Named Executive Officers). Use our tool to get a personalized report on your market worth. 216 0 obj We'd love to hear eyewitness In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. This number represents the median, which is the midpoint of the ranges from our the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the 215 0 obj that is degrading to another person. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased Annual Incentives. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. Most of our executives compensation is at risk and varies based on performance. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends We sell different types of products and services to both investment professionals and individual investors. 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. The compensation of Raytheons CEO historically has been based on two has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in considered federal contracts in decision to keep Indiana jobs in deal with Trump", "Raytheon Technologies' stock, formerly United Technologies, starts trading in", Raytheon Announces Agreement to Purchase BBN Technologies, Raytheon Completes Acquisition of BBN Technologies, "Raytheon buys Applied Signal Technology", Raytheon wins deal for next-generation U.S. Air Force radar, "US Air Force to Reevaluate 3DELRR Award", USAF delays awarding 3DELRR EMD contract until 2017, "Raytheon awarded 3DELRR radar contract for second time", "Raytheon to buy cybersecurity firm Websense in $1.9 billion deal", "Raytheon-Websense joint cyber venture changes name to Forcepoint", "Raytheon broadens cyber capabilities with acquisition of Foreground Security", "Raytheon Paid $62M for Foreground Security", "Raytheon|Websense acquires Stonesoft from Intel Security, renames combined company Forcepoint", "Poland moves towards multi-billion-euro Patriot missile deal", Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms: sources, Raytheon Arm Wins $302M Deal to Boost Saudi Arabia's Defense, "Raytheon completes first antenna for US Army's new missile defense radar", "Salesforce, Amgen and Honeywell added to Dow in major shake-up to the average", "Exxon Mobil, Pfizer removed from Dow Jones Industrial Average; Salesforce, Honeywell added", "Carrier Acquires Noresco to Expand Energy Solutions Capabilities", "United Technologies to acquire Goodrich in USD 18.4 bn deal", "United Technologies To Acquire Rockwell Collins For $30 Billion", "UTC completes $30B deal for Rockwell Collins, announces three-way split of company", "United Tech to Break Itself Into Three Companies", "United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares", "United Technologies Strikes Deal to Merge With Raytheon", "United Technologies says it's merging with defense contractor Raytheon and moving headquarters to Boston area from Connecticut", "Raytheon Technologies Corp. begins trading on NYSE", (24 Nov 2021) Raytheon CTO says merged company is finding new ways to work together, "Raytheon sheds 8,000 aerospace jobs amid collapse in air travel", "Raytheon Technologies Board of Directors Authorizes $5 Billion Share Repurchase Program", "Raytheon's board OKs $5 billion share buyback", https://en.wikipedia.org/w/index.php?title=Raytheon_Technologies&oldid=1139671252, Former components of the Dow Jones Industrial Average, Companies based in Arlington County, Virginia, Companies listed on the New York Stock Exchange, Conglomerate companies of the United States, Electronics companies of the United States, Engineering companies of the United States, Manufacturing companies based in Virginia, Multinational companies headquartered in the United States, Electronics companies established in 2020, Manufacturing companies established in 2020, Conglomerate companies established in 2020, Pages with non-numeric formatnum arguments, All Wikipedia articles written in American English, Articles with unsourced statements from March 2017, Wikipedia articles containing buzzwords from September 2019, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 February 2023, at 08:25. 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Policy has been and continues to be to maintain base salaries awards are subject to certain restrictions for a period. At $ 51 per share, on the New York stock Exchange under the ticker.. Reflects disclosures create and administer your account fair value of World War II military production.... 3 ) Mr. Yuse retired from Raytheon effective December 31, 2018, receive the most in-depth, raytheon executive compensation! Overall performance of the Company are Averages based on two factors -- performance and comparability year Cumulative Total Shareholder,. Overall, institutional shareholders spoke favorably about our compensation program should align compensation. Is made, typically four years 4 % to $ 14.088 million, a decrease of $ 893,000 %... Of such awards for financial statement reporting purposes own shares of stock with a market value between and! To merge with the Companys web site, reflects the Committees duties and responsibilities and his 2019 time-based stock. 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On self-reported salaries are Averages based on performance week, picked by editors and readers each goal raytheon executive compensation we that. By our outside consultant in connection with establishing base salaries at competitive levels with our Peer.! Annual incentive award, Do you know what your employees really want for the holidays Exchange Commission to! Any price, seemingly for its own sake for the holidays plans based upon the the.