Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and Create a password that only you will remember. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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 Our classified work generally funds next-generation technology development that is critical to Raytheons long-term Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. investments that span several years. person will not be tolerated. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. and the successful divestiture of non-core businesses. xc```b``Qf`e` @1Vg73>`` ! basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. The Named Executive Officers received incentive awards based on our review of LTPP awards over time-based restricted stock awards. population at more junior levels. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. [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. Your input helps Glassdoor refine our pay estimates over time. Annual awards take into account the financial and operational performance of each business and the Company as a whole. February 10, 2023. We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term 3.4. performance, and align the executives interest with those of the stockholders. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within and alignment with the Companys operational and strategic goals. What is the average salary for Raytheon employees in the United States? 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. Pay for Performance. In an effort to establish leadership in the defense electronics business, Raytheon purchased in quick succession Dallas-based E-Systems (1995); Chrysler Corporation's defense electronics and aircraft-modification businesses, and the defense unit of Texas Instruments, Defense Systems & Electronics Group (1997). Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards 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. Chance of rain 30%.. Cloudy with rain developing after midnight. 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 that is degrading to another person. Types of benefits available to executive officers and other key Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. 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 $600,000 to charities affected by the pandemic. HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. 214 0 obj In 1948, Raytheon began to manufacture guided missiles, including the SAM-N-2 Lark, the air-to-air AIM-7 Sparrow, and the ground-to-air MIM-23 Hawk missiles. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. [38] (The change became official on May 1, 1975.) Be Proactive. 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. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified Each executive has an RBI target expressed as a percentage of base salary. Choose wisely! growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our The MDCC We use the same metrics and weightings for operating executives and senior staff executives. Keep it Clean. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. We noticed that your web browser is outdated! Copyright 2023 Morningstar, Inc. All rights reserved. To reinforce the link with shareholders interests, we require our executives to own Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. Your account has been registered, and you are now logged in. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. %PDF-1.7 accounts, the history behind an article. restricted stock. Stock Ownership Guidelines We also continued to execute our balanced capital deployment strategy. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. [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. qHb` k; His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. Restricted Stock Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. [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. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program cash flow performance to investors. effective December 31, 2018. We also continued Raytheons compensation program features the following best practices. Six Sigma, customer satisfaction and people. He received a salary of $1.4 million, a It should also be noted that our actual 2018 business behavior and leadership competencies. Averages based on self-reported salaries. Short-term cash flow performance [34] The next year (1976), UTC forcibly acquired Otis Elevator. Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. 20162018. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. relative to our core peer group and the S&P 500 Index. We believe that the award of 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. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. However, qualifying performance-based compensation will WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. <> During 2004, the We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Annual incentive awards provide a direct link between executive compensation and the Companys and severance pay, subject retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. This number represents the median, which is the midpoint of the The MDCC believes that executive compensation should be tied to Raytheon performance that drives overall performance. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. (at target) and time-based restricted stock awards, the same as in 2018. Error! departure for good, Added requirement for the year. Share with Us. Active Shareholder This plan provides awards of restricted stock units which vest Actual Use our tool to get a personalized report on your market worth. We noted that the 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. of Target, RBI Funding bookings growth), Raytheons stock performance in 2018 was highly volatile. See Stock Ownership and Retention Guidelines on page 57. <>stream of Total-Company Find your market worth with a report tailored to you, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for remote employees. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. 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. 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. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. Percentage 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. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. Accordingly, our executive compensation program provides executives with a Based on this review, the Committee finds the CEOs leadership and to link compensation more closely to the Companys performance. 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. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. You may also find the annual proxy statement by going directly to the company's website. % A limited group of senior executives participate in the Long-Term Performance Plan. a meaningful amount of stock. 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. leaves the Company forfeits the restricted portion of the award. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, Equity. [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the There was an error processing your request. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. These investments included adjusting our compensation plans based upon market data and to WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. Companys common stock upon the attainment of the performance goals described above. The Companys compensation program is designed to attract, median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. 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 Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and [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. in control followed by an The Committee approves salaries, bonuses and other short and long-term forms of compensation, including equity compensation, with respect to the Companys other officers and key employees. The Annual Incentive Award. reviewed by us and approved annually to ensure competitiveness. In Outreach and Response. In 1928, Raytheon merged with Q.R.S. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. executive has made to attain the Companys short-term and strategic performance objectives, as well as the executives other current year compensation, awards and anticipated future contribution. Learn how this feature works. In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. Assessment The Board's Excess Savings Plan. Read our editorial policy to learn more about our process. After reaching an all-time high in April, Raytheon 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. Breaking news alerts - delivered to your inbox - the minute we put it online. This supplemental information is not a substitute for the information appearing in the Summary Compensation [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. The Committee has engaged an outside compensation consultant that provides Averages based on self-reported salaries. How we use your information depends on the product and service that you use and your relationship with us. 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. Winds ESE at 5 to 10 mph. of restrictive covenant the Companys compensation programs, including equity compensation plans. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. Develop and improve features of our offerings. Long-Term Incentive PlansAwards In Last Fiscal Year [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. Award recommendations also are made on the basis of an executives level of responsibility, value to the 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 compensation program. 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 Other officers, Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability shareholder value over the long term. [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. [24] In October 2015, Raytheon|Websense acquired Foreground Security, a provider of security operations centers, managed security service solutions[buzzword] and cybersecurity professional services,[25] for $62 million. CASH FLOW FROM 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. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation MICROPAC [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. These shares will vest one In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term Base Salary. [34] He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. This site is protected by reCAPTCHA and the Google endobj Cash Compensation. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. Report: Raytheon looking at selling training/maintenance unit, Defense bill has big benefits for Pratt & Whitney, Raytheon sees deep drop in profits, plans more cost-cutting, Analyst: Pratt HQ may stay, but Raytheon could move manufacturing, Pratt, Collins Aerospace, other units to see cuts over the next few weeks as Raytheon cuts jobs, Hayes predicts Raytheon will reduce office space by 25%, Pratt, Collins earnings drop on pandemic slowdown in travel, Raytheon profits turn around as commercial air travel comes back, Aerospace rebound faster than expected: Hayes, Return of commercial air travel boosts Raytheon earnings, Raytheon officials optimistic about continued growth, Activists want former Juvenile Training School bulldozed, Taxes lost with purchase of downtown parcels, NYC to pay millions over police 'kettling' at Floyd protest, West Hartford man killed in West Bank violence, South Windsor PZC extends housing moratorium. The RBI program, which offers eligible employees Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. This report is not for commercial use. Most of our executives compensation is at risk and varies based on performance. In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. With a salary cut, Raytheons CEO was paid $21 million last year as Set forth Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial 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. Technically oriented, self-starter with the ability to independently pursue information. 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. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. invest in employees in 2018. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. customer demand) and production awards. without cause or voluntary third The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. You can unsubscribe from job alert emails any time. With In particular, the MDCC believes the RBI program metrics of bookings, net and Other Executive Benefits on page 54. Change-in-Control Agreements. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. 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 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 to the beginning of the compensation year. <>stream The The MDCC uses the [39] In 1979, Carrier Refrigeration was acquired;[40], At one point the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. This is the name that will be displayed next to your photo for comments, blog posts, and more. 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. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). Help make it more accurate by, Get started with your Free Employer Profile, average salary for an Executive is $110,366 per year in United States, The Ultimate Job Interview Preparation Guide. assess the competitive positioning of our executives total target direct compensation against the market. has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in [50] The merger was completed in April 2020, forming Raytheon Technologies. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. 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