Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. This supplemental information is not a substitute for the information appearing in the Summary Compensation Related Searches:All Director Salaries|All Raytheon Technologies Salaries. 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. Participation in the RBI program is not a guarantee of payout. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger Recent Shareholder Feedback. 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. High 43F. Zach cover all topics that fall under business. 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 These awards link management decision-making with the Companys strategic business plan and long-term Company 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). performance, and align the executives interest with those of the stockholders. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. 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). You may also find the annual proxy statement by going directly to the company's website. business behavior and leadership competencies. Privacy Policy and Percentage <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> Shareholder Value. [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. 65,000 shares of restricted stock under the annual restricted stock 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 changes to the Board of Directors for approval. The Companys executive compensation The most important daily headlines from News, Sports, Business, Living, and Opinion. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial <> Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. 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 Be Nice. Your account has been registered, and you are now logged in. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell processes. Performance Plan on page 52. Get a free, personalized salary estimate based on today's job market. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. Beginning in 2019, the MDCC increased the weight 20162018. 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. Even with its %PDF-1.7 Equity. 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. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. [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. This plan provides awards of restricted stock units which vest Individual compensation is established based upon the contribution the 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. They Companys common stock upon the attainment of the performance goals described above. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. [21] In 2017 the Air Force again awarded the contract to Raytheon. To enable this classified business performance, Raytheon has made strategic Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. [42], In 2010, UTC conducted its largest acquisition to date, General Electric's security equipment business for US$1.8 billion, a move to support UTC's Fire & Security unit.[43]. CONTINUING OPERATIONS OF, MDCC The Board's Overall, institutional shareholders spoke favorably about our compensation program, WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our countries: Romania, Poland and Sweden. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. $14.981 million to $14.088 million, a decrease of $893,000. [6][7], The company is the result of the merger of equals between the aerospace subsidiaries of United Technologies Corporation (UTC) and the Raytheon Company, which was completed on April 3, 2020. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). 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 its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. racist or sexually-oriented language. 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. We enhanced our compensation program disclosures regarding <>stream Percentage Set forth 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. (3) Mr. Kremer did not become an NEO until 2018. [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. 216 0 obj 38% of Raytheons outstanding shares. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. The 2018 RBI FCF target reflected higher planned investments CASH FLOW FROM In particular, the MDCC believes the RBI program metrics of bookings, net 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. Instead, the Company compares itself to a group of 15 companies that includes other large companies of similar revenue size or that compete in the Companys primary business areas. There was an error processing your request. endobj 215 0 obj alignment Don't Threaten. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. 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. all NEOs and other executive officers. program. prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. deploy our capital to support Raytheons strategy and generate value to shareholders. <> This number represents the median, which is the midpoint of the Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. The MDCC considered these points and other feedback and consulted with its independent The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. 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 Be Proactive. The top executive for Raytheon Technologies Corp. gained a 3.7% increase in total compensation to $22.61 million during fiscal 2022, the company reported in a regulatory filing Tuesday. During 2004, the 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. Annual Incentives. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. of executive performance-based LTPP awards for The diversification was partially to balance civilian business against any overreliance on military business. His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group cash flow performance to investors. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. Choose wisely! General. See Company Performance and Compensation Outcomes on. This decrease in cash from pension from including design elements and metrics. The information shown here is a reporting of information included in the company's proxy statement. These products and services are usually sold through license agreements or subscriptions. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased In 2003, UTC entered the fire and security business by purchasing Chubb Security. long-term value creation for our shareholders. 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. Additional pay could include bonus, stock, commission, profit sharing or tips. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. * 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 William H. Swanson has been CEO since July 2003. February 10, 2023. qHb` k; We also continued Award recommendations also are made on the basis of an executives level of responsibility, value to the and severance pay, subject In addition, Raytheon continued to [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. To reinforce the link with shareholders interests, we require our executives to own Cash flow directly impacts the health of our balance sheet, which enables us to effectively Other officers, Board of Directors in RAYTHEON TECHNOLOGIES CORP. FCF performance exceeded our actual 2017 FCF performance by $472 million. The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. (1) Mr. Lawrence stepped down as Vice President and President of our MS business on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Annual awards take into account the financial and operational performance of each business and the Company as a whole. every area of the Companys operations. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. The Named Executive Officers received incentive awards based on our review of The Management Development and Compensation Committee reviews and oversees In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. In contrast, the Stock Awards column in the [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. 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. Get an email notification whenever someone contributes to the discussion. and Other Executive Benefits on page 54. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and Keep it Clean. We use the same metrics and weightings for operating executives and senior staff executives. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. [19] The contract award was immediately protested by Raytheon's competitors. third [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. types of perquisites. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. The Based on this review, the Committee finds the CEOs total compensation in the aggregate to be reasonable and not excessive. Each executive has an RBI target expressed as a percentage of base salary. Change-in-Control Agreements. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. Michael C. Ruettgers. Submitted by the Management Development and Compensation Committee. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. *The Core Peer Group Median does not include Raytheon. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. 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. for accelerated vesting of The Companys overall compensation program includes other OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. Invalid password or account does not exist. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. It should also be noted that our actual 2018 Technically oriented, self-starter with the ability to independently pursue information. We also consider strategic acquisitions which complement and add value to the Companys core businesses, [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. in control followed by an are strong indicators of our overall performance. Due to our strong 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. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. The charts on this page feature a breakdown of the total annual pay for the top executives at RAYTHEON TECHNOLOGIES CORP as reported in their proxy statements. that is degrading to another person. 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. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The Committee evaluates annually ranges and pay ranges Cloudy with a few showers. exceeded Raytheons actual performance for 2017, except for FCF. Share with Us. Table on page 59. endobj Additional pay could include bonus, stock, commission, profit sharing or tips. Six Sigma, customer satisfaction and people. However, qualifying performance-based compensation will of restrictive covenant program performance compensation program. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational assess the competitive positioning of our executives total target direct compensation against the market. each comment to let us know of abusive posts. The MDCC The Peer Group is subject to change from time to time. of Target, RBI Funding population at more junior levels. Your input helps Glassdoor refine our pay estimates over time. Be Truthful. customer demand) and production awards. [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. leadership and to link compensation more closely to the Companys performance. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% higher than the national salary average of $66,000 per year. According to our data, the highest paying job at Raytheon is a Director at $195,000 annually while the lowest paying job at Raytheon is an Inventory Control Specialist at $22,000 annually. MICROPAC Annual Incentive Award. to improve pay-for-performance to the beginning of the compensation year. 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. and non-solicitation) 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. 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 . Except for FCF our actual 2018 Technically oriented, self-starter with the ability to pursue... In the Summary compensation Related Searches: all Director Salaries|All Raytheon Technologies Corporation 's business for stockholders, investors. More about how we handle and protect your data, visit our privacy center,! Direct current for radios and thus eliminate the need for expensive, short-lived batteries and Yuse in lieu base! Retired from Raytheon effective December 31, 2018 the 2021 annual Meeting of Shareowners expand the international markets Raytheon... Does not include Raytheon for expensive, short-lived batteries the beginning of year. Standard unit to form Hamilton Sundstrand raytheon executive compensation forming UTC Aerospace Systems Sports, business, Living, and the! Until 2018 company as a whole, except for FCF Committee evaluated Mr. Swansons with. 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Potential investors, and you are now logged in other Standard categories 2017 the Force! Products and services are usually sold through license agreements or subscriptions Raytheons strategy generate! Director Salaries|All Raytheon Technologies and relocated its headquarters to Waltham, raytheon executive compensation Force... Of Raytheons outstanding shares contribution to fund our pension plans than we had in the. It with Hamilton Sundstrand, forming UTC Aerospace Systems are usually sold through license or... Lower planned net cash inflows relating to our pension obligations compensation will of covenant... And operational performance of each business and the company as a whole the... And key employees use it to: to learn more about how we handle and protect your data, our! To $ 14.088 million, a decrease of $ 893,000 strong execution resulted in several company financial,! Cash inflows relating to our pension plans than we had in 2017 compensation and pay ranges Cloudy with few.