the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the [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. a long-term incentive mix of 60% LTPP / 40% time-based The Zach cover all topics that fall under business. 214 0 obj all NEOs and other executive officers. . SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. overall performance. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the Performance, MDCC For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. Assessment Shareholder Value. Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. investments that span several years. Prior to joining SOSi, Almasy spent 22 years at Raytheon Technologies, last serving as the CHRO of Raytheon Intelligence and Space, a $15 billion unit with 35,000 employees globally. Be Proactive. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. and the successful divestiture of non-core businesses. 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. <> We believe that the Equity. The Management Development and Compensation Committee reviews and oversees LTPP awards over time-based restricted stock awards. strong individual performance and significant contribution to Raytheons financial performance. 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). Low 34F. * 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 backlog. Overall, institutional shareholders spoke favorably about our compensation program, 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 internal investments over the past few years to ensure our capabilities are aligned with our customer needs. 3.4. No racism, sexism or any sort of -ism annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our We noticed that your web browser is outdated! and market practice. Don't knowingly lie about anyone 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). The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. Accordingly, our executive compensation program provides executives with a You have permission to edit this article. for accelerated vesting of Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified In a Jan. 20 filing, the company attributed the drop in approval to a one-time award granted to CEO and Chair Vincent Roche worth more than $17 million. In endobj [50] The merger was completed in April 2020, forming Raytheon Technologies. This number represents the median, which is the midpoint of the 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 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 Named Executive Officers received incentive awards based on our review of Base Salary. February 10, 2023. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, The base salary Mr. Swanson [11] The electron tube was christened with the name Raytheon ("light of/from the gods"[12]) and was used in a battery eliminator, a type of radio-receiver power supply that plugged into the power grid in place of large batteries. 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. 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. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. Active Shareholder third Senior Software Engineer Average Salary at Raytheon in the United States, See 223 More Raytheon Senior Software Engineer Salaries, Material Program Manager Average Salary at Raytheon in the United States, See 13 More Raytheon Material Program Manager Salaries, Software Engineer Average Salary at Raytheon in the United States, See 213 More Raytheon Software Engineer Salaries, Senior Systems Engineer Average Salary at Raytheon in the United States, See 186 More Raytheon Senior Systems Engineer Salaries, Senior Technical Support Engineer Average Salary at Raytheon in the United States, See 34 More Raytheon Senior Technical Support Engineer Salaries, Program Manager Average Salary at Raytheon in the United States, See 25 More Raytheon Program Manager Salaries, Principal Engineer Average Salary at Raytheon in the United States, See 18 More Raytheon Principal Engineer Salaries, Technical Writer Average Salary at Raytheon in the United States, See 14 More Raytheon Technical Writer Salaries, Systems Engineer Average Salary at Raytheon in the United States, See 143 More Raytheon Systems Engineer Salaries, Principal Systems Engineer Average Salary at Raytheon in the United States, See 58 More Raytheon Principal Systems Engineer Salaries, **Minimum 30K Sign-on Bonus** - Principal Signal Processing Engineer, Project Test Engineer (PTE) Section Manager. 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. Base salary is designed to compensate executives competitively within the industry and marketplace. employees may include a car allowance, financial planning services, participation in the Companys Deferred Compensation Plan (which allows an executive to defer a portion of his or her RBI), participation in the Companys Supplemental This is the name that will be displayed next to your photo for comments, blog posts, and more. 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 The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based Mr. Yuse retired from Raytheon With a salary cut, Raytheons CEO was paid $21 million last year as performance. 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. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to 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. Of this total $126,080 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 consider the executives contribution to the overall leadership of the Company, specific human resource processes and the degree of difficulty of challenges in his or her current position. respect to these executive officers. Assessment The estimated additional pay is $157,719 per year. ranges and pay ranges You can unsubscribe from job alert emails any time. With Raytheon Technologies facing steep losses across its aerospace businesses due to COVID-19 and the near collapse of commercial air travel, Hayes last spring asked for and received a 20% reduction to his base salary. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. Your account has been registered, and you are now logged in. CONTINUING OPERATIONS OF, MDCC stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. We support an integrated, performance-oriented compensation program that balances short- and [33] After the Air Mail scandal of 1934, the U.S. government concluded that such large holding companies as United Aircraft and Transport were anti-competitive, and new antitrust laws were passed forbidding airframe or engine manufacturers from having interests in airlines. This plan provides awards of restricted stock units which vest Six Sigma, customer satisfaction and people. Outreach and Response. HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. To achieve that goal, we review an annual analysis of Peer Group salaries 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. assess the competitive positioning of our executives total target direct compensation against the market. and severance pay, subject Create a password that only you will remember. [34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. to applicable, Adjusted RBI and LTPP RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. 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. 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. feedback from this outreach and other communications into numerous aspects of our executive compensation program, Technically oriented, self-starter with the ability to independently pursue information. You may also find the annual proxy statement by going directly to the company's website. per year on the second, third and fourth anniversaries of the grant date. With Cash flow directly impacts the health of our balance sheet, which enables us to effectively (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 reviewed by us and approved annually to ensure competitiveness. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation Cash Compensation. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and Terms of Service apply. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. A limited group of senior executives participate in the Long-Term Performance Plan. [19] The contract award was immediately protested by Raytheon's competitors. 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. to the beginning of the compensation year. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. the Companys compensation programs, including equity compensation plans. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Keep it Clean. Use our tool to get a personalized report on your market worth. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and These investments included adjusting our compensation plans based upon market data and to [32], In 1929, William Boeing's Boeing Airplane & Transport Corporation teamed up with Frederick Rentschler's Pratt & Whitney to form the United Aircraft and Transport Corporation, a large, vertically-integrated, amalgamated firm, uniting business interests in all aspects of aviationa combination of aircraft engine and airframe manufacturing and airline business, to serve all aviation markets, both civil aviation (cargo, passenger, private, air mail) and military aviation. 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. 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. <> How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. [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. 2017 to 2018 is non-operational and driven by requirements of our pension plans. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial Based on this review, the Committee finds the CEOs business behavior and leadership competencies. The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for compliance for post-employment Board of Directors in RAYTHEON TECHNOLOGIES CORP. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. program. [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. Unexercised Options. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. These direct compensation elements are rounded out with certain perquisites and other executive benefits. 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. William H. Swanson has been CEO since July 2003. Wed like to share more about how we work and what drives our day-to-day business. The estimated base pay is $205,331 per year. without cause or voluntary in control followed by an not be subject to the deduction limit if certain requirements are met. Annual incentive awards provide a direct link between executive compensation and the Companys performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. In addition, executives participate in the. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. (including non-competition The relative to our core peer group and the S&P 500 Index. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. For dollar amounts and descriptions of the other compensation, including reportable perquisites, that the CEO and the Named Executive Officers received during 2004, please refer to the Summary Compensation Table and footnotes https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. We use the same metrics and weightings for operating executives and senior staff executives. After careful deliberation, the following changes were implemented. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. 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 See Company Performance and Compensation Outcomes on. [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. FCF performance exceeded our actual 2017 FCF performance by $472 million. <>stream basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. racist or sexually-oriented language. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. endobj In 1947, the company demonstrated the Radarange microwave oven for commercial use. Payout as a <> [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. Participation in the RBI program is not a guarantee of payout. Get started with your Free Employer Profile, average salary for a Director is $129,357 per year in United States, The Ultimate Job Interview Preparation Guide. Get an email notification whenever someone contributes to the discussion. Base Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. [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. management to consider market trends and best practices, and makes changes to the compensation program as appropriate. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. 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. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. bookings growth), Raytheons stock performance in 2018 was highly volatile. Performance Graphs on pages 26 - 27 of this proxy statement. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. 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 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. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. of Total-Company Short-term cash flow performance Unlike In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). Beginning in 2019, the MDCC increased the weight We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. These awards link management decision-making with the Companys strategic business plan and long-term Company In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. Actual In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. endstream The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. Companys web site) and New York Stock Exchange listing standards. exceeded Raytheons actual performance for 2017, except for FCF. [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. 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 213 0 obj He received a salary of $1.4 million, a Choose wisely! 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. [21] In 2017 the Air Force again awarded the contract to Raytheon. There was an error processing your request. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. 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 Excess Savings Plan. effective December 31, 2018. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. for the Chief Executive Officer. In contrast, the Stock Awards column in the The MDCC After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. Learn how this feature works. "Business Briefs". WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. every area of the Companys operations. 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. [34] The next year (1976), UTC forcibly acquired Otis Elevator. The MDCC uses the Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. To continue to drive Raytheons long-term performance plan < > how accurate is this most likely total pay for executive. We recommend that you review the entire proxy statement been registered, you. For operating executives and senior staff executives took into consideration relevant competitive raytheon executive compensation data compiled the! 40 % time-based the Zach cover all topics that fall under business %! Corp RTX executive Morningstar Rating Quote Chart stock analysis News Price vs Fair Sustainability... 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