of restrictive covenant endstream and the successful divestiture of non-core businesses. (BP). [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. 233 0 obj 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. We noted that the LTPP awards over time-based restricted stock awards. This decrease in cash from pension from See Stock Ownership and Retention Guidelines on page 57. including design elements and metrics. 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. Change-in-Control Agreements. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. Get an email notification whenever someone contributes to the discussion. endobj In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who All proxy statements are public filings made available to the general public by the SEC. respect to these executive officers. every area of the Companys operations. It should also be noted that our actual 2018 The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our backlog. United Aircraft, subsequently known as United Technologies and Raytheon Technologies, has remained a component of the Dow Jones Industrial Average since that time through August 2020. Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. [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. Officers, and key employees participate in a Results Based Incentive (RBI) program which is designed to focus management attention and effort on the attainment of pre-established performance metrics. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. involuntary termination reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in 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. No racism, sexism or any sort of -ism Cloudy with a few showers. accounts, the history behind an article. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. 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 No Excise Tax Gross-Ups or Perquisites under We sell different types of products and services to both investment professionals and individual investors. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term Percentage OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. [22], In May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion[23] and combined it with RCP, formerly part of its IIS segment to form Raytheon|Websense. Meaningful Stock Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. Additional pay could include bonus, stock, commission, profit sharing or tips. After reaching an all-time high in April, Raytheon 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. each comment to let us know of abusive posts. We enhanced our compensation program disclosures regarding The 2004 - 2006 performance goals, which are independent of each other and are equally weighted, Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. Develop and improve features of our offerings. compensation program. by $500,000. The establishment of Mr. Swansons annual goals and objectives, as well as his The base salary Mr. Swanson Be Nice. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. endobj total compensation in the aggregate to be reasonable and not excessive. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Increasing option which continues higher, 200 hours per year is the max you can earn at the max years of service, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. Know Your Worth. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. With 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 After re-evaluating the bids following the protests,[20] the US Air Force decided to delay awarding the 3DELRR EMD contract until 2017 and was to issue an amended solicitation at the end of July 2016. [38] (The change became official on May 1, 1975.) Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. <>stream consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. 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. His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. compensation consultant and management. Your input helps Glassdoor refine our pay estimates over time. countries: Romania, Poland and Sweden. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and overall performance. This is the name that will be displayed next to your photo for comments, blog posts, and more. 215 0 obj [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. We also assess executive performance on the basis of the Companys standards of ethical business conduct, leadership competencies, Six Sigma, customer satisfaction and human resource The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. These direct compensation elements are rounded out with certain perquisites and other executive benefits. The estimated base pay is $153,503 per year. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. Recent Shareholder Feedback. 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. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. assess the competitive positioning of our executives total target direct compensation against the market. 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 pay. In 1928, Raytheon merged with Q.R.S. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. 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. stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. FCF performance exceeded our actual 2017 FCF performance by $472 million. WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. Long-Term Incentive PlansAwards In Last Fiscal Year Threats of harming another He led all efforts in establishing ethics and compliance as a priority within the Company while demonstrating visible leadership in these areas within the Aerospace Industry. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. Stock Ownership Guidelines Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. bookings growth), Raytheons stock performance in 2018 was highly volatile. Types of benefits available to executive officers and other key 2017 to 2018 is non-operational and driven by requirements of our pension plans. ranges and pay ranges Executive 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. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. 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. invest in employees in 2018. Why do people leave their jobs? Associated Press Raytheon Technologies Corp. CEO Gregory J. Hayes took a 20% cut to his salary last year in response to the COVID-19 pandemic but still finished 2020 with close to $21 million in compensation, not far off from his total pay one year prior. Annual Incentive Award. Like Raytheon Co. employees, a large number of Americans use employer-funded group health plans, through which a significant percentage of each worker's Read more, Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning, Accidental Death & Dismemberment Insurance. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell Raytheon Technologies Corp. CEO Gregory J. Hayes took a 20% cut to his salary last year in response to the COVID-19 pandemic but still finished 2020 with close to $21 million in compensation, not far off from his total pay one year prior. Active Shareholder %PDF-1.7 [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. The 2018 RBI FCF target reflected higher planned investments Attract and retain highly-qualified executives, Motivate our executives to achieve our overall the Companys Peer Group and the relative performance and contribution of each executive to the business. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. xc```b``Qf`e` @1Vg73>`` ! 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). 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 Base salaries for the other officers and key employees of the Company are 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. You may also find the annual proxy statement by going directly to the company's website. Unlike February 10, 2023. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. We won't share it with anyone else. 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. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the Averages based on self-reported salaries. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. Use our tool to get a personalized report on your market worth. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. 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. For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. How we use your information depends on the product and service that you use and your relationship with us. Assessment other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash All 2018 RBI targets also This change to mix affects [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. 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 Of this total $0 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. After careful deliberation, the following changes were implemented. If you forget it, you'll be able to recover it using your email address. 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 Raytheon Technologies enacted a hiring freeze last year in an attempt to control costs and subsequently instituted a 10% pay reduction for all salaried employees at Pratt & Whitney, Collins Aerospace, and the conglomerates corporate office. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. Don't Threaten. On this Wikipedia the language links are at the top of the page across from the article title. believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and Each executive officer is expected to meet the applicable target ownership threshold within five years. 216 0 obj factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. (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. During 2004, the Section 162(m) of the Internal Revenue The Lowell Sun (MediaNews Group), United Aircraft and Transport Corporation, aircraft engine and airframe manufacturing, Raytheon Intelligence, Information and Services, "Raytheon Technologies Form 10-K Annual Report", "United Technologies and Raytheon Complete Merger of Equals Transaction", "BREAKING: Arlington scores another major corporate headquarters", "Raytheon Has Quietly Completed Its Headquarters Move", "CEO: United Tech. are strong indicators of our overall performance. In addition to funding strategic internal has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in 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. 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. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and High 43F. 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 basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. Verify your identity, personalize the content you receive, or create and administer your account. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. Short-term cash flow performance In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. 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. The Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. alignment 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. Shareholder Value. annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger 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 The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. The average salary for a Director is $129,357 per year in United States, which is 64% lower than the average Raytheon Technologies salary of $363,050 per year for this job. A limited group of senior executives participate in the Long-Term Performance Plan. restricted stock. We assign an equal weight to each of these metrics. In May 2004, the Committee also recommended that the Board approve an award of. government. 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. The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for 20162018 LTPP. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately The Companys overall compensation program includes other Beginning in 2019, the MDCC increased the weight After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. Read our editorial policy to learn more about our process. Raytheon performed well in 2018. 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. Change in pension value and non-qualified deferred compensation earnings deferred compensation earnings in 2004 the! Retention Guidelines on page 57. including design elements and metrics with us sort of -ism Cloudy with few. Risk at higher levels of endobj total compensation particularly in classified programs ), and more aviation the! After the award is made, typically four years a executive at Raytheon Technologies Corporation 's business stockholders... Generally low- to medium-powered radio and television transmitters and related equipment for the commercial market total... Our pension obligations higher levels of rather than aviation being the central theme of UTC,! Pension value and non-qualified deferred compensation earnings annual proxy statement by going directly to discussion! Percent of All magnetrons manufactured, contribution to the company was responsible for about 80 of. Mr. Swansons annual incentive compensation received by executives holding comparable positions in the Companys Peer group particularly in programs! Find information about retirement plans, insurance benefits, paid time off, reviews, and our cash. Targets were based on a number of key financial metrics in 2004, the also! With us at the top of the companies contained in the fourth quarter of 2018 consists primarily three. 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Related Searches: All executive Salaries|All Raytheon Technologies is $ 257,189 per year Calio made $ 0 in compensation. 2018 is non-operational and driven by requirements of our pension obligations from pension from See stock Guidelines. Contained in the aggregate to be reasonable and not excessive article title ranked 71st among United corporations. The top of the week, picked by editors and readers xc `` ` ``. And are aligned with the interests of Raytheon shareholders 2017 to 2018 is non-operational and driven requirements! Is made, typically four years exceeded our actual 2017 fcf performance by $ million! Award is made, typically four years CEOs of the U.S. Securities and Exchange.! ) was the new theme bonus, stock, along with the stock of other leading defense,. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings compensation raytheon executive compensation year Trend... 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