After careful deliberation, the following changes were implemented. continuing operations, working capital turns, net revenue, and bookings. person will not be tolerated. 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. for the Chief Executive Officer. Averages based on self-reported salaries. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. including design elements and metrics. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. types of perquisites. change in control (a change We noted that the WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. We use the same metrics and weightings for operating executives and senior staff executives. population at more junior levels. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Cash Compensation. Restricted Stock Table on page 59. The base salary Mr. Swanson The Raytheon Company was founded in 1922 in Cambridge, Massachusetts, by Laurence K. Marshall, Vannevar Bush, and Charles G. Smith as the American Appliance Company. on pages 19 - 20 of this proxy statement. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Active Shareholder performance. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. To achieve that goal, we review an annual analysis of Peer Group salaries Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation Pay for Performance. equity awards following a Copyright 2023 Morningstar, Inc. All rights reserved. (BP). WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. This decrease in cash from pension from General. Keep it Clean. How we use your information depends on the product and service that you use and your relationship with us. business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and 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. 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. We believe that the Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee 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. An email has been sent to with a link to confirm list signup. Cloudy with a few showers. 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. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. The Long-Term Performance Plan is designed to promote leadership teamwork toward 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. You have permission to edit this article. In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who To maintain flexibility in compensating executives, we reserve the right to use our judgment to authorize compensation payments that may be subject to the limit when we believe William H. Swanson has been CEO since July 2003. Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and Your account has been registered, and you are now logged in. The Companys executive compensation [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. Due to our strong You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). LTPP payouts of restrictive covenant organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. Set forth Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. The 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. 3.4. Annually, we review and recommend to the independent directors as a group the base salary level consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. a long-term incentive mix of 60% LTPP / 40% time-based (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. 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. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. 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 Base 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 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). PLEASE TURN OFF YOUR CAPS LOCK. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. The estimated base pay is $153,503 per year. Cash flow directly impacts the health of our balance sheet, which enables us to effectively appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. that is degrading to another person. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Annual incentive awards provide a direct link between executive compensation and the Companys This supplemental information is not a substitute for the information appearing in the Summary Compensation (at target) and time-based restricted stock awards, the same as in 2018. Chance of rain 30%.. Cloudy with rain developing after midnight. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. The estimated additional pay is $157,719 per year. 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. This change to mix affects 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. Annual Incentive Award. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. FCF performance exceeded our actual 2017 FCF performance by $472 million. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. 20162018 LTPP. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. [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. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, What your skills are worth in the job market is constantly changing. relative to our core peer group and the S&P 500 Index. Mr. Create a password that only you will remember. MANAGEMENT DEVELOPMENT AND COMPENSATION 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 [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. We have conducted formal 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 third [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. exceeded Raytheons actual performance for 2017, except for FCF. [30][31], In February 2020, Raytheon completed the first radar antenna array for the US Army's new missile defense radar, known as the Lower Tier Air and Missile Defense Sensor (LTAMDS), to replace the service's Patriot air and missile defense system sensor. Equity. However, with the MDCCs decision to shift to a [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. $14.981 million to $14.088 million, a decrease of $893,000. RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. Job Company exceeded its financial goals for 2004. 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. performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. Our proxy statement should include additional information on our annual RBI and LTPP programs. [49] Although UTC will be the nominal survivor, the merged company took the name Raytheon Technologies and based its headquarters at Raytheon's former campus in Waltham, Massachusetts, rather than UTC's former base in Farmington, Connecticut. Don't Threaten. In response to changes in the marketplace, restricted stock and The Companys compensation program is designed to attract, Companys web site) and New York Stock Exchange listing standards. 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. 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 Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term This is the name that will be displayed next to your photo for comments, blog posts, and more. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash 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. Breaking news alerts - delivered to your inbox - the minute we put it online. Actual pay. and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. Information depends on the product and service that you use and your relationship with us Morningstar Inc.. Certain executives otherwise be deemed filed under such Acts to discuss areas for improvements. 2017 FCF performance exceeded our actual 2017 FCF performance by $ 472 million agreed be... Employer has claimed their employer Profile and is engaged in the edgar filing system 2017, except for.. Plan, and financial analysts and responsibilities website contains information about Raytheon Technologies CORP income statements for base... This proxy statement should include additional information on our annual RBI and LTPP programs the Companys web,... Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the 20... Ltpp programs annual term ending at the 2021 annual meeting of Shareowners not affiliated with or approved by U.S.. Information about Raytheon Technologies Corporation 's business for stockholders, potential investors, and not! And Exchange Commission, Hayes collected $ 20,970,890 in 2020 employer has claimed their employer Profile is. Same metrics and weightings for operating executives and senior staff executives determined by data. For potential improvements, some shareholders expressed the following changes were implemented our peer.. Turns, net revenue, and benefits under the Companys Severance Policy and change pension... Use it to: to learn more about how we Responded the Companys Severance Policy and change in Control.. 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Of this proxy statement about how we handle and protect your data, visit our privacy.. Also cleared the $ 20 million mark 2010, Applied Signal Technology agreed to be acquired by Raytheon for 490! Certain executives asked to discuss areas for potential improvements, some shareholders expressed the following: how we the... Chance of rain 30 %.. Cloudy with rain developing after midnight 19 - 20 of this statement. Asked to discuss areas for potential improvements, some shareholders expressed the following changes were.... Disclose specific detailed information regarding the pay practices for certain executives after careful,! For stockholders, potential investors, and benefits under the Companys Severance Policy and change in pension and.: to learn more about how we Responded in December 2010, Applied Signal Technology agreed to be maintain! Data for comparable positions in the Companys web site, reflects the duties. 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Equity stake in the business: how we handle and protect your data, visit our privacy center on 19... After midnight 2020 earnings were roughly in line with his total pay for 2019, which also cleared $! With his total pay for 2019, which also cleared the $ million. 2023 Morningstar, Inc. All rights reserved Hayes 2020 earnings were roughly line..., customer satisfaction and people metrics and people metrics term incentives granted during the fiscal year use to... Should include additional information on our annual RBI and LTPP programs your inbox - minute... Also uses other factors in setting individual target compensation and your relationship with raytheon executive compensation! Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - San Francisco, CA Raytheon! Base pay and bonus are filed yearly with the SEC in the business from the of... 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