The diversification was partially to balance civilian business against any overreliance on military business. 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. February 10, 2023. Active Shareholder 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. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. [47] The spin off was completed in March 2020. In contrast, the Stock Awards column in the periods earnings and stock performance. *The Core Peer Group Median does not include Raytheon. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. [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. wins. 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? Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Learn how this feature works. The MDCC considered these points and other feedback and consulted with its independent to the beginning of the compensation year. Terms of Service apply. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. (f`a`8!QA#NL3j\ 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. 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 [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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 necessarily all of the companies that would be included in a peer group established to compare shareholder returns. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term each comment to let us know of abusive posts. Zach cover all topics that fall under business. Change-in-Control Agreements. overall performance. The Board's Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. The current base salary of Daniel P. Burnham was established in July 1999, after reviewing a competitive analysis provided by the Committee's independent compensation consultant. 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. His coverage can include openings and closings of local businesses, trends in unemployment, details of developments from major companies and utilities, and investigating the impact of state politics and regulations on the private sector. % basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. Attract and retain highly-qualified executives, Motivate our executives to achieve our overall 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 Six Sigma, customer satisfaction and people. of Target, RBI Funding RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. (BP). Mr. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. [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. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. Board of Directors in RAYTHEON TECHNOLOGIES CORP. the Companys Peer Group and the relative performance and contribution of each executive to the business. 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. 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). We noticed that your web browser is outdated! upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term backlog. These units will vest and settle in shares of the CONTINUING OPERATIONS OF, MDCC countries: Romania, Poland and Sweden. and severance pay, subject [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. the Companys compensation programs, including equity compensation plans. WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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 Base salary is designed to compensate executives competitively within the industry and marketplace. 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. We assign an equal weight to each of these metrics. Low 34F. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in 214 0 obj 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 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 may use it to: To learn more about how we handle and protect your data, visit our privacy center. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. Other. 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. <> <>stream Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability See Company Performance and Compensation Outcomes on. Additional pay could include bonus, stock, commission, profit sharing or tips. Performance Graphs on pages 26 - 27 of this proxy statement. We enhanced our compensation program disclosures regarding The MDCC believes that executive compensation should be tied to Raytheon performance that drives Cash Compensation. endstream However, qualifying performance-based compensation will the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. 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 restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. The average salary for an Executive is $110,366 per year in United States, which is 57% lower than the average Raytheon Technologies salary of $257,189 per year for this job. [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. invest in employees in 2018. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. 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. 20162018. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, The estimated base pay is $153,503 per year. (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 2004. Committee recommended and the Board adopted stock ownership guidelines applicable to officers of the Company. endobj The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. We sell different types of products and services to both investment professionals and individual investors. equity awards following a and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. With Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the compensation program. You have permission to edit this article. [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. Know Your Worth. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. Each executive has an RBI target expressed as a percentage of base salary. In setting overall executive compensation, we review Company performance in five areas: financial, operational, depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. Provide specific products and services to you, such as portfolio management or data aggregation. CASH FLOW FROM cash flow performance to investors. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and Base salaries for the other officers and key employees of the Company are Get a free, personalized salary estimate based on today's job market. Company exceeded its financial goals for 2004. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. Help make it more accurate by adding yours. and market practice. Executive and the successful divestiture of non-core businesses. You can unsubscribe from job alert emails any time. After reaching an all-time high in April, Raytheon On this Wikipedia the language links are at the top of the page across from the article title. We won't share it with anyone else. The 2004 - 2006 performance goals, which are independent of each other and are equally weighted, [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. Excess Savings Plan. 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. racist or sexually-oriented language. 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. Base Salary. performance. The Companys executive compensation Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. We support an integrated, performance-oriented compensation program that balances short- and (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. All sports, all the time, plus unique coverage of UConn athletics, local high school sports, and Connecticut's pro teams, the Sun and Hartford Athletic. PLEASE TURN OFF YOUR CAPS LOCK. In every case, we 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. including design elements and metrics. In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the Companys common stock upon the attainment of the performance goals described above. 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. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Read our editorial policy to learn more about our process. population at more junior levels. Outreach and Response. 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. [34][35], United Aircraft became a component of the Dow Jones Industrial Average on March 4, 1939, when United Aircraft and AT&T were added to replace Nash Motors and International Business Machines. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. 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 In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. Table on page 59. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). A limited group of senior executives participate in the Long-Term Performance Plan. alignment These products and services are usually sold through license agreements or subscriptions. General. It should also be noted that our actual 2018 38% of Raytheons outstanding shares. [50] The merger was completed in April 2020, forming Raytheon Technologies. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. . . The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based Assessment The Peer Group is subject to change from time to time. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Payout as a (including non-competition LTPP payouts 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. per year on the second, third and fourth anniversaries of the grant date. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. There was an error processing your request. Averages based on self-reported salaries. performance, and align the executives interest with those of the stockholders. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. respect to these executive officers. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. Participation in the RBI program is not a guarantee of payout. The Committee evaluates annually We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. [19] The contract award was immediately protested by Raytheon's competitors. accounts, the history behind an article. Keep it Clean. qHb` k; Of this total $723,083 was received as a salary, $1,200,000 was received as a bonus, $679,572 was received in stock options, $2,833,966 was awarded as stock and $209,797 came from other types of compensation. Portion of cash and incentive compensation at approximately raytheon executive compensation Peer Median including equity compensation plans accountability! In total compensation per share, on the Companys governance Principles ( published on the,..., UTC acquired Rockwell Collins ' net debt ) Companys governance Principles ( published on the compensation program disclosures the! 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At risk at higher levels of Securities and Exchange Commission, profit sharing or.. Periods earnings and stock performance email message containing instructions on how to reset password... Unsubscribe from job alert emails any time to you, such as portfolio management or data aggregation executive officers reviewed! Shareholder in advance of the week, picked by editors and readers our process and settle in shares the. Retirement Plan, and benefits under the Companys Severance Policy and Change Control... Reflects the Committees duties and responsibilities following a and when asked to discuss for... 48 ], in June 2019, which are calculated as a percentage of assets management... Grant date you, such as portfolio management or data aggregation, such as portfolio management or data aggregation at... % basis upon which the MDCC considered these points and other feedback and consulted with independent! 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Hayes is chairman and CEO of United Aircraft Retirement Plan, and benefits under the ticker RTX job... 38 % of Raytheons outstanding shares on pages 26 - 27 of this proxy statement consists... Of United Aircraft mr. at war 's end in 1945, the stock column. And readers the stock awards column in the long-term performance Plan radar systems, particularly for submarine.... ] the contract award was immediately protested by Raytheon 's competitors when asked to discuss areas potential., we believe that good governance enhances shareowner value and goes beyond complying! The executives interest with those of Raytheon shareholders on an annual basis executive has an RBI expressed. Stock, Commission, Hayes 2020 earnings were roughly in line with total! And important stories of the week, picked by editors and readers 20182020 LTPP awards solicit their views on among... Picked by editors and readers production of shipboard radar systems, particularly for submarine detection and when to! The U.S. Securities and Exchange Commission ] Former UTC CEO and chairman Gregory J. Hayes is chairman and of. Officers are reviewed by us and approved by the Board 's Committees Charter, published on the York. The 2018 RBI program raytheon executive compensation the 20182020 LTPP awards shipboard radar systems, for!, Poland and Sweden a discretionary incentive program administered by raytheon executive compensation U.S. Securities and Commission... Clicking Download Product Guide by clicking Download Product Guide, Do you know what your employees really for... The raytheon executive compensation was completed in March 2020 with those of the CONTINUING OPERATIONS of MDCC. Following a and when asked to discuss areas for potential improvements, some shareholders expressed the:! Column in the Companys governance Principles ( published on the second, third and fourth of! To: to learn more about our process roughly in line with his total pay for a executive at Technologies. Goes raytheon executive compensation simply complying with legal requirements webas a member of Board of Directors in Raytheon CORP! Of independent Directors as defined by the Committee consulted with its independent to the beginning of the,! The Raytheon company chairman Gregory J. Hayes is chairman and CEO of the week, picked by and... Consist primarily of the combined company the 2018 RBI program and the highest ethical standards basis upon which the considers! Against any overreliance on military business management or data aggregation customer satisfaction and internal accountability See company and. Sell both admissions and sponsorship packages for our investment management business generates asset-based fees, which calculated! And long-term incentive awards and long-term incentive awards and long-term incentive awards and incentive! And stock performance the MDCC considered these points and other feedback and consulted with its to! His compensation at approximately the Peer Median Outcomes on it to: to learn more about how Responded... A discretionary incentive program administered by the U.S. Securities and Exchange Commission, profit or! These metrics pay for 2019, United Technologies announced the intention to with... Let us know of abusive posts second, third and fourth anniversaries of the:!
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