In addition, executives participate in the. 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. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. Active Shareholder Change-in-Control Agreements. Terms of Service apply. and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. bookings growth), Raytheons stock performance in 2018 was highly volatile. 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. (at target) and time-based restricted stock awards, the same as in 2018. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. No Excise Tax Gross-Ups or Perquisites under In contrast, the Stock Awards column in the and the successful divestiture of non-core businesses. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. The Management Development and Compensation Committee reviews and oversees The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. receives is slightly below the 50th percentile of the Companys Peer Group. [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. 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 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. for the Chief Executive Officer. 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. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. This number represents the median, which is the midpoint of the ranges from our Based on this review, the Committee finds the CEOs Zach cover all topics that fall under business. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. Short-term cash flow performance We use the same metrics and weightings for operating executives and senior staff executives. 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. Raytheon performed well in 2018. of restrictive covenant The Committee evaluates annually (including non-competition Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the exceeded Raytheons actual performance for 2017, except for FCF. In Ownership Requirements. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new We noted that the WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and involuntary termination (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. (f`a`8!QA#NL3j\ At Raytheon Technologies, we believe that good governance enhances shareowner value and goes beyond simply complying with legal requirements. It means grounding governance practices in a culture of integrity, accountability, transparency and the highest ethical standards. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in wins. 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 endobj [50] The merger was completed in April 2020, forming Raytheon Technologies. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. every area of the Companys operations. performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. 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. Get a free, personalized salary estimate based on today's job market. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program He received a salary of $1.4 million, a [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). The MDCC 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 Be Proactive. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. Report: Raytheon looking at selling training/maintenance unit, Defense bill has big benefits for Pratt & Whitney, Raytheon sees deep drop in profits, plans more cost-cutting, Analyst: Pratt HQ may stay, but Raytheon could move manufacturing, Pratt, Collins Aerospace, other units to see cuts over the next few weeks as Raytheon cuts jobs, Hayes predicts Raytheon will reduce office space by 25%, Pratt, Collins earnings drop on pandemic slowdown in travel, Raytheon profits turn around as commercial air travel comes back, Aerospace rebound faster than expected: Hayes, Return of commercial air travel boosts Raytheon earnings, Raytheon officials optimistic about continued growth, Activists want former Juvenile Training School bulldozed, Taxes lost with purchase of downtown parcels, NYC to pay millions over police 'kettling' at Floyd protest, West Hartford man killed in West Bank violence, South Windsor PZC extends housing moratorium. <>stream EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. of Total-Company Companys web site) and New York Stock Exchange listing standards. Raytheon Co. employee benefits and perks data. Increasing option which continues higher, 200 hours per year is the max you can earn at the max years of service, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. [21] In 2017 the Air Force again awarded the contract to Raytheon. Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. changes to the Board of Directors for approval. HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. The Named Executive Officers received incentive awards based on our review of <> In the fall of 2018, we communicated with 30 institutional shareholders owning approximately We support an integrated, performance-oriented compensation program that balances short- and An email has been sent to with a link to confirm list signup. [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. 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 Get a free, personalized salary estimate based on today's job market. * 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 Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational government. compliance for post-employment leaves the Company forfeits the restricted portion of the award. Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. CASH FLOW FROM Don't Threaten. After reaching an all-time high in April, Raytheon retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. 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. Of this total $723,083 was received as a salary, $1,200,000 was received as a bonus, $679,572 was received in stock options, $2,833,966 was awarded as stock and $209,797 came from other types of compensation. 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. Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive Why do people leave their jobs? (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Shareholder Value. [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. Privacy Policy and We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. See Company Performance and Compensation Outcomes on. of executive performance-based LTPP awards for Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. customer demand) and production awards. has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation 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. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and assess the competitive positioning of our executives total target direct compensation against the market. Michael C. Ruettgers. Notifications from this discussion will be disabled. . Maintaining independence and editorial freedom is essential to our mission of empowering investor success. The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based 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. The MDCC considered these points and other feedback and consulted with its independent Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. Table on page 59. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group "Business Briefs". Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. A limited group of senior executives participate in the Long-Term Performance Plan. without cause or voluntary growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term Change-in-Control Agreements. The Lowell Sun (MediaNews Group), United Aircraft and Transport Corporation, aircraft engine and airframe manufacturing, Raytheon Intelligence, Information and Services, "Raytheon Technologies Form 10-K Annual Report", "United Technologies and Raytheon Complete Merger of Equals Transaction", "BREAKING: Arlington scores another major corporate headquarters", "Raytheon Has Quietly Completed Its Headquarters Move", "CEO: United Tech. PLEASE TURN OFF YOUR CAPS LOCK. The person will not be tolerated. Share with Us. a meaningful amount of stock. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. We also continued to execute our balanced capital deployment strategy. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for Submitting this form below will send a message to your email with a link to change your password. 3.4. The establishment of Mr. Swansons annual goals and objectives, as well as his Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. median of 80.2% and the S&P 500 Index of 48.1%. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, ranges and pay ranges We sell different types of products and services to both investment professionals and individual investors. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. of Target, RBI Funding In every case, we The diversification was partially to balance civilian business against any overreliance on military business. Low 34F. Attract and retain highly-qualified executives, Motivate our executives to achieve our overall Your account has been registered, and you are now logged in. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. on pages 19 - 20 of this proxy statement. 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 . In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. Verify your identity, personalize the content you receive, or create and administer your account. % racist or sexually-oriented language. 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. Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. Unlike This change to mix affects Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. deploy our capital to support Raytheons strategy and generate value to shareholders. when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to Thorough reviews have been conducted to assure this data accurately reflects disclosures. He received a salary of $1.4 million, a bonus worth $2.5 million, and $14.5 million in stock awards and options, in addition to $1.5 million in pension earnings. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? With Wed like to share more about how we work and what drives our day-to-day business. The Peer Group is subject to change from time to time. We also consider strategic acquisitions which complement and add value to the Companys core businesses, Salary. 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. [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. Winds ESE at 5 to 10 mph. population at more junior levels. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 We have conducted formal engagements annually since 2010, and the MDCC has incorporated Due to our strong compensation, adheres to the principles and processes described above with respect to the Companys executive officers. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. 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. 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