We sell different types of products and services to both investment professionals and individual investors. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. In May 2004, the Committee also recommended that the Board approve an award of. Associated Press Raytheon Technologies Corp. CEO Gregory J. Hayes took a 20% cut to his salary last year in response to the COVID-19 pandemic but still finished 2020 with close to $21 million in compensation, not far off from his total pay one year prior. Percentage It should also be noted that our actual 2018 In setting overall executive compensation, we review Company performance in five areas: financial, operational, (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying Raytheons compensation program features the following best practices. In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who bookings growth), Raytheons stock performance in 2018 was highly volatile. and severance pay, subject We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. effective December 31, 2018. Unlike WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. 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 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 All proxy statements are public filings made available to the general public by the SEC. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in Based on this review, the Committee finds the CEOs Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and compensation, adheres to the principles and processes described above with respect to the Companys executive officers. Annual Incentives. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. performance. 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. February 10, 2023. and value delivered to shareholders through stock price <> performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased American multinational aerospace and defense conglomerate, "Raytheon" redirects here. alignment We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and Outreach and Response. [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. % [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. With Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. We have conducted formal engagements annually since 2010, and the MDCC has incorporated 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). pay. Your purchase was successful, and you are now logged in. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. The estimated base pay is $153,503 per year. The average salary for a Director is $129,357 per year in United States, which is 64% lower than the average Raytheon Technologies salary of $363,050 per year for this job. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends Company exceeded its financial goals for 2004. wins. Recent Shareholder Feedback. Choose wisely! 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. Set forth CASH FLOW FROM processes. Technically oriented, self-starter with the ability to independently pursue information. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. Breaking news alerts - delivered to your inbox - the minute we put it online. The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our 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. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. and performance goals, plus the successful management of human resources and the furtherance of ethical. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. As evidenced by the chart below, Raytheons cumulative TSR since (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing. The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. Cash flow directly impacts the health of our balance sheet, which enables us to effectively In addition, Raytheon continued to 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][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. including design elements and metrics. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. qHb` k; 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). The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. We'd love to hear eyewitness According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the compensation consultant and management. 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 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. Assessment We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. 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 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 Raytheon Technologies Corp. CEO Gregory Hayes's total compensation in 2020 came to just under $21 million, with over $14 million coming from stock and option leaves the Company forfeits the restricted portion of the award. Privacy Policy and Companys common stock upon the attainment of the performance goals described above. These awards link management decision-making with the Companys strategic business plan and long-term Company 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. The Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. The Committee evaluates annually WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. Be Proactive. 213 0 obj Using the Amana brand name and its distribution channels, Raytheon began selling the first countertop household microwave oven in 1967 and became a dominant manufacturer in the microwave oven business. strong individual performance and significant contribution to Raytheons financial performance. 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. Don't knowingly lie about anyone [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. We support an integrated, performance-oriented compensation program that balances short- and Your input helps Glassdoor refine our pay estimates over time. 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. of Total-Company However, qualifying performance-based compensation will every area of the Companys operations. They The Companys compensation program is designed to attract, You may also find the annual proxy statement by going directly to the company's website. . Results as a %PDF-1.7 D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and During years in which we deem that exceptional performance has been rendered by the executive, incentive awards above the median of the peer group may be awarded. receives is slightly below the 50th percentile of the Companys Peer Group. The RBI program, which offers eligible employees of executive performance-based LTPP awards for This decrease in cash from pension from In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. restricted stock. 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. relative to our core peer group and the S&P 500 Index. Stock Ownership Guidelines 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. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. endobj 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. [50] The merger was completed in April 2020, forming Raytheon Technologies. a meaningful amount of stock. The estimated additional pay is $157,719 per year. Annual incentive awards provide a direct link between executive compensation and the Companys 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 Payout as a 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. Officers, including the CEO and the Named Executive 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 Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> These investments included adjusting our compensation plans based upon market data and to 3.4. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Gear advertisements and other marketing efforts towards your interests. The MDCC uses the When establishing base rates of pay for executives, we consider marketplace data for comparable positions within median of 80.2% and the S&P 500 Index of 48.1%. and market practice. (including non-competition No Single-Trigger Payments under continuing operations, working capital turns, net revenue, and bookings. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program To achieve that goal, we review an annual analysis of Peer Group salaries To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. Performance Plan on page 52. This is the name that will be displayed next to your photo for comments, blog posts, and more. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and Copyright 2023 Morningstar, Inc. All rights reserved. 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. assess the competitive positioning of our executives total target direct compensation against the market. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial performance, and align the executives interest with those of the stockholders. You have permission to edit this article. overall performance. The company's first product was a gaseous (helium) rectifier that was based on Charles Smith's earlier astronomical research of the star Zeta Puppis. 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 In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 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 Change-in-Control Agreements. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. This report is not for commercial use. 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. ranges and pay ranges Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. government. We noticed that your web browser is outdated! However, for 2019, the MDCC 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. inflows from the U.S. government through the pricing of our products and services. There was an error processing your request. by $500,000. Exhibit 10.11. Get an email notification whenever someone contributes to the discussion. [47] The spin off was completed in March 2020. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. The estimated base pay is $205,331 per year. <> WebRaytheon insights Based on 1,073 survey responses What people like Ability to meet personal goals Ability to learn new things Time and location flexibility Areas for improvement Sense of belonging Overall satisfaction Support from manager Horrible place to work Executive Assistant (Former Employee) - Huntsville, AL - October 29, 2020 We believe that the award of February 10, 2023. each comment to let us know of abusive posts. Active Shareholder LTPP awards over time-based restricted stock awards. endobj Even with its 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. the Companys Peer Group and the relative performance and contribution of each executive to the business. 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 Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. We assign an equal weight to each of these metrics. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. <>stream Based in part upon the analysis of our outside compensation consultant, individual incentive target awards were established for the CEO and each executive officer and key employee in 2003 with respect to Chance of rain 30%.. Cloudy with rain developing after midnight. Winds S at 5 to 10 mph. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. We believe that the Additional pay could include bonus, stock, commission, profit sharing or tips. Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards A shift towards, Handling involuntary termination is a likely occurrence for human resources managers and, Return better results with Payscale job search, Compare real living costs across different states, Consider potential directions your career can take, Calculate the 20-year net ROI for US-based colleges, Are you the kind of person who struggles to get a handle, Learn where the best career earners attended college, Raytheon Co. provides several options for retirement and welfare benefits. To enable this classified business performance, Raytheon has made strategic 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. The Named Executive Officers received incentive awards based on our review of 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 units will vest and settle in shares of the 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. Due to our strong RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Long-Term Incentive PlansAwards In Last Fiscal Year In the fall of 2018, we communicated with 30 institutional shareholders owning approximately Base salary is designed to compensate executives competitively within the industry and marketplace. Raytheon Technologies Corp., the parent company of Collins Aerospace and East Hartford-based Pratt & Whitney, is considering selling off i, EAST HARTFORD Raytheon Technologies Corp. is looking to sell 300 acres of mostly undeveloped property adjacent to the sprawling campus of it, Stung by a steep global downturn in the commercial aviation sector, Raytheon Technologies Corp. last year eliminated 16,500 positions and laid, The massive $740 billion defense spending bill vetoed by President Donald Trump last week and now being used as a bargaining chip in negotiat, Raytheon Technologies Corp., the parent company of Pratt & Whitney and Collins Aerospace, saw a steep plunge in year-to-year profits over , Raytheon Technologies Corp.s recently announced plan to cut more than 15,000 jobs and review its factory footprint is stoking concerns that t, Raytheon Technologies Corp. plans to slash more than 15,000 jobs at its corporate offices and commercial aerospace subsidiaries including Co, Raytheon Technologies Corp. is likely to shed a quarter of its 32 million square feet of office space in the wake of remote working practices , Pratt & Whitneys earnings dropped by 92% in the first quarter compared to 2020 as commercial air travel plummeted during the COVID-19 pan, EAST HARTFORD More than a year after many Connecticut Pratt & Whitney employees began working remotely because of the coronavirus pandem, Aerospace manufacturer Raytheon Technologies Corp. today reported second-quarter net income of $1.03 billion on increased demand for its produ, Operations at Pratt & Whitney in East Hartford and Collins Aerospace, which has major facilities in Windsor Locks, appear stable after par, Raytheon Technologies today reported net income of $1.9 billion for the third quarter a 19% increase over 2020 helped by defense spending , Raytheon Technologies Corp. CEO Gregory J. Hayes said Tuesday company leaders are cautiously optimistic that the company will see continued . Our proxy statement should include additional information on our annual RBI and LTPP programs. The Committee has engaged an outside compensation consultant that provides and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. (at target) and time-based restricted stock awards, the same as in 2018. Participation in the RBI program is not a guarantee of payout. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. 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 After reaching an all-time high in April, Raytheon restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. Wed like to share more about how we work and what drives our day-to-day business. 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. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. The 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 performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. 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, $0 was received as HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our deploy our capital to support Raytheons strategy and generate value to shareholders. Excess Savings Plan. Zach cover all topics that fall under business. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. Get a free, personalized salary estimate based on today's job market. 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. endobj PLEASE TURN OFF YOUR CAPS LOCK. His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. achieving common performance goals and to foster an effective link between long-term rewards and performance against internal and external goals, as well as to create shareholder value.
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