This employer has claimed their Employer Profile and is engaged in the Glassdoor community. The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based This report is not for commercial use. This plan provides awards of restricted stock units which vest drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, 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. [24] In October 2015, Raytheon|Websense acquired Foreground Security, a provider of security operations centers, managed security service solutions[buzzword] and cybersecurity professional services,[25] for $62 million. Results as a Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and The Companys compensation program is designed to attract, [51][52], On July 28, 2020 the company announced cutting of over 8,000 jobs in its commercial aviation division due to travel slowdown induced by the global COVID-19 pandemic. [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. change in control (a change Step-By-Step Pay Equity Analysis Guide Product Guide By clicking Download Product Guide, Do you know what your employees really want for the holidays? The base salary Mr. Swanson of Target. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. During 2004, the MICROPAC We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Set forth Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and Use our tool to get a personalized report on your market worth. General. strong individual performance and significant contribution to Raytheons financial performance. 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. Create a password that only you will remember. 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). of Total-Company Breaking news alerts - delivered to your inbox - the minute we put it online. (3) Mr. Kremer did not become an NEO until 2018. 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. These investments included adjusting our compensation plans based upon market data and to [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. Board of Directors in RAYTHEON TECHNOLOGIES CORP. An email has been sent to with a link to confirm list signup. This decrease in cash from pension from 20162018 LTPP awards. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. every area of the Companys operations. Restricted Stock bookings growth), Raytheons stock performance in 2018 was highly volatile. . This supplemental information is not a substitute for the information appearing in the Summary Compensation After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. New research on who's asking for raises and who's getting them as well as advice on how to ensure you're getting the salary you deserve. However, qualifying performance-based compensation will The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. [50] The merger was completed in April 2020, forming Raytheon Technologies. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Winds ESE at 5 to 10 mph. [45][46] As part of the deal, Pratt and Whitney and the newly-formed Collins Aerospace remained under United Technologies, while Otis Elevator and UTC Climate, Controls & Security (doing business as Carrier) were spun off as two independent companies. (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. Due to our strong compensation, adheres to the principles and processes described above with respect to the Companys executive officers. Read our editorial policy to learn more about our process. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. 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. Other. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Gear advertisements and other marketing efforts towards your interests. 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. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. [21] In 2017 the Air Force again awarded the contract to Raytheon. We won't share it with anyone else. After reaching an all-time high in April, Raytheon long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 Long-Term Incentives. In a Jan. 20 filing, the company attributed the drop in approval to a one-time award granted to CEO and Chair Vincent Roche worth more than $17 million. 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. We sell different types of products and services to both investment professionals and individual investors. 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. CONTINUING OPERATIONS OF, RECORD OPERATING The Attract and retain highly-qualified executives, Motivate our executives to achieve our overall The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. 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. customer demand) and production awards. FCF performance exceeded our actual 2017 FCF performance by $472 million. 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. basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. to improve pay-for-performance respect to these executive officers. [38] (The change became official on May 1, 1975.) Beginning in 2019, the MDCC increased the weight equity awards following a and Other Executive Benefits on page 54. 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 The MDCC recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. Mr. Get a free, personalized salary estimate based on today's job market. [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. 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. 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. invest in employees in 2018. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. Short-term cash flow performance 38% of Raytheons outstanding shares. cash flow performance to investors. The Board's OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. See Stock Ownership and Retention Guidelines on page 57. Terms of Service apply. all NEOs and other executive officers. WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. Coronavirus Tips Working and Protection, For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. Performance, MDCC HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. The Long-Term Performance Plan is designed to promote leadership teamwork toward Each executive has an RBI target expressed as a percentage of base salary. 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. endobj It should also be noted that our actual 2018 restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. Your e-mail address will be used to confirm your account. Types of benefits available to executive officers and other key *The Core Peer Group Median does not include Raytheon. What your skills are worth in the job market is constantly changing. person will not be tolerated. The specific financial metrics established at the corporate and business levels during 2003 with respect to the 2004 RBI plan year are: free cash flow, operating profit from <> business behavior and leadership competencies. (including non-competition The 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). Other officers, endobj appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. 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 Performance Plan on page 52. shareholder value over the long term. to applicable, Adjusted RBI and LTPP The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. are strong indicators of our overall performance. Overall, institutional shareholders spoke favorably about our compensation program, are based on two metrics: internal cumulative free cash flow over a three-year period and total shareholder return relative to a peer group over a three-year period. 20162018. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. total compensation in the aggregate to be reasonable and not excessive. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. "Business Briefs". Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. Assessment The This change to mix affects The salary range for this role is 94,000 USD - 196,000 USD; however, Raytheon Technologies considers several factors when extending an offer, including but not limited to, the role and associated responsibilities, a candidates work experience, education/training, and key skills. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. What is the average salary for Raytheon employees in the United States? 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. and severance pay, subject Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term The MDCC uses the The CEO also requested a cut to his annual incentive award, which would have amounted to $3.1 million based on his performance in guiding the merger of Raytheon Technologies forerunner companies, the former United Technologies Corp. and Raytheon Co. The estimated additional pay is $157,719 per year. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. 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. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and Change-in-Control Agreements. In the first full year since completing the merger with United Technologies, total compensation for Raytheon Technologies Corp.'s chief executive rose 11% to $23.3 (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. 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. 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 Zach cover all topics that fall under business. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. Be Nice. compensation consultant and management. This number represents the median, which is the midpoint of the . 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