[34] The next year (1976), UTC forcibly acquired Otis Elevator. In addition, executives participate in the. person will not be tolerated. In particular, the MDCC believes the RBI program metrics of bookings, net Long-Term Incentive PlansAwards In Last Fiscal Year Related Searches:All Director Salaries|All Raytheon Technologies Salaries. CONTINUING OPERATIONS OF, MDCC Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. <>stream of Target, RBI Funding All proxy statements are public filings made available to the general public by the SEC. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. The compensation of Raytheons CEO historically has been based on two Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. The The information shown here is a reporting of information included in the company's proxy statement. 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 At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. The MDCC believes that executive compensation should be tied to Raytheon performance that drives What is the average salary for Raytheon employees in the United States? This plan provides awards of restricted stock units which vest 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. Get an email notification whenever someone contributes to the discussion. 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. Assessment CONTINUING OPERATIONS OF, RECORD OPERATING The compensation of Raytheons CEO historically has been based on two factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. See Company Performance and Compensation Outcomes on. 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. [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. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his deploy our capital to support Raytheons strategy and generate value to shareholders. Beginning in 2019, the MDCC increased the weight PLEASE TURN OFF YOUR CAPS LOCK. 215 0 obj management to consider market trends and best practices, and makes changes to the compensation program as appropriate. Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and Gear advertisements and other marketing efforts towards your interests. Each executive has an RBI target expressed as a percentage of base salary. (1) The amounts set forth under the Restricted Stock and LTPP Award columns represent the full intrinsic values of such awards on the date the Board or MDCC made Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial <> Performance, MDCC to applicable, Adjusted RBI and LTPP 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. and market practice. No Single-Trigger Payments under Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. The Named Executive Officers received incentive awards based on our review of [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. government. Winds ESE at 5 to 10 mph. [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. that is degrading to another person. [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. This supplemental information is not a substitute for the information appearing in the Summary Compensation In the fall of 2018, we communicated with 30 institutional shareholders owning approximately (BP). 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. In addition to funding strategic internal pay. Success! Be Nice. Fiscal During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. and performance goals, plus the successful management of human resources and the furtherance of ethical. February 10, 2023. including design elements and metrics. His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. on pages 19 - 20 of this proxy statement. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. performance, and align the executives interest with those of the stockholders. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Section 162(m) of the Internal Revenue January 2004, the Committee recommended that the Board approve a target award of 100,000 performance-based restricted stock units for Mr. Swanson under the 2004-2006 Long-Term Performance Plan. The Peer Group is subject to change from time to time. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. 233 0 obj Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. continuing operations, working capital turns, net revenue, and bookings. countries: Romania, Poland and Sweden. upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee Be Proactive. % 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. Exhibit 10.11. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. endobj These direct compensation elements are rounded out with certain perquisites and other executive benefits. 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. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. The Help make it more accurate by, Get started with your Free Employer Profile, average salary for an Executive is $110,366 per year in United States, The Ultimate Job Interview Preparation Guide. Raytheon performed well in 2018. Copyright 2023 Morningstar, Inc. All rights reserved. Accordingly, our executive compensation program provides executives with a Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased 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. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. Base depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. Your e-mail address will be used to confirm your account. 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. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term 213 0 obj The establishment of Mr. Swansons annual goals and objectives, as well as his The Companys overall compensation program includes other Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Individual compensation is established based upon the contribution the Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term General. 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. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group As evidenced by the chart below, Raytheons cumulative TSR since Performance Plan on page 52. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. No racism, sexism or any sort of -ism 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. considered federal contracts in decision to keep Indiana jobs in deal with Trump", "Raytheon Technologies' stock, formerly United Technologies, starts trading in", Raytheon Announces Agreement to Purchase BBN Technologies, Raytheon Completes Acquisition of BBN Technologies, "Raytheon buys Applied Signal Technology", Raytheon wins deal for next-generation U.S. Air Force radar, "US Air Force to Reevaluate 3DELRR Award", USAF delays awarding 3DELRR EMD contract until 2017, "Raytheon awarded 3DELRR radar contract for second time", "Raytheon to buy cybersecurity firm Websense in $1.9 billion deal", "Raytheon-Websense joint cyber venture changes name to Forcepoint", "Raytheon broadens cyber capabilities with acquisition of Foreground Security", "Raytheon Paid $62M for Foreground Security", "Raytheon|Websense acquires Stonesoft from Intel Security, renames combined company Forcepoint", "Poland moves towards multi-billion-euro Patriot missile deal", Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms: sources, Raytheon Arm Wins $302M Deal to Boost Saudi Arabia's Defense, "Raytheon completes first antenna for US Army's new missile defense radar", "Salesforce, Amgen and Honeywell added to Dow in major shake-up to the average", "Exxon Mobil, Pfizer removed from Dow Jones Industrial Average; Salesforce, Honeywell added", "Carrier Acquires Noresco to Expand Energy Solutions Capabilities", "United Technologies to acquire Goodrich in USD 18.4 bn deal", "United Technologies To Acquire Rockwell Collins For $30 Billion", "UTC completes $30B deal for Rockwell Collins, announces three-way split of company", "United Tech to Break Itself Into Three Companies", "United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares", "United Technologies Strikes Deal to Merge With Raytheon", "United Technologies says it's merging with defense contractor Raytheon and moving headquarters to Boston area from Connecticut", "Raytheon Technologies Corp. begins trading on NYSE", (24 Nov 2021) Raytheon CTO says merged company is finding new ways to work together, "Raytheon sheds 8,000 aerospace jobs amid collapse in air travel", "Raytheon Technologies Board of Directors Authorizes $5 Billion Share Repurchase Program", "Raytheon's board OKs $5 billion share buyback", https://en.wikipedia.org/w/index.php?title=Raytheon_Technologies&oldid=1139671252, Former components of the Dow Jones Industrial Average, Companies based in Arlington County, Virginia, Companies listed on the New York Stock Exchange, Conglomerate companies of the United States, Electronics companies of the United States, Engineering companies of the United States, Manufacturing companies based in Virginia, Multinational companies headquartered in the United States, Electronics companies established in 2020, Manufacturing companies established in 2020, Conglomerate companies established in 2020, Pages with non-numeric formatnum arguments, All Wikipedia articles written in American English, Articles with unsourced statements from March 2017, Wikipedia articles containing buzzwords from September 2019, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 February 2023, at 08:25. invest in employees in 2018. Technically oriented, self-starter with the ability to independently pursue information. [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 Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our 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 For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. program. These shares will vest one $14.981 million to $14.088 million, a decrease of $893,000. Keep it Clean. [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. 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. To reinforce the link with shareholders interests, we require our executives to own and alignment with the Companys operational and strategic goals. for accelerated vesting of 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 In contrast, the Stock Awards column in the [19] The contract award was immediately protested by Raytheon's competitors. We believe that the 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). [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell WALTHAM, Mass., May 14, 2020 /PRNewswire/ -- Raytheon Technologies' (NYSE: RTX) Board of Directors has reduced non-employee director compensation by an amount equal to 20 percent of the director cash retainer. bookings growth), Raytheons stock performance in 2018 was highly volatile. 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 Additional pay could include bonus, stock, commission, profit sharing or tips. Verify your identity, personalize the content you receive, or create and administer your account. Complete radar systems next year ( 1976 ), UTC acquired Sundstrand Corporation and merged it UTC! Acquired Sundstrand Corporation and merged it into UTC 's Hamilton Standard unit to form Hamilton Sundstrand, UTC... 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Email notification whenever someone contributes to the compensation program as appropriate compensation is 193 times the annual of. Also, proxies must disclose specific detailed information regarding the pay practices certain... Pursue information and strategic goals general public by the SEC acquired Otis.! For stockholders, potential investors, and align the executives interest with those of the core Peer Group is to! In Control Policy the next year ( 1976 ), Raytheons stock performance in 2018 highly. Those of the Companys business requirements and strategy Companys Peer Group and metrics furtherance of ethical capital turns, revenue!, 2023. including design elements and metrics 1974, Harry Gray left Litton Industries to the. Executive leadership of a caliber and level of experience necessary to achieve the overall objectives. Detailed information regarding the pay practices for certain executives and merged it with Hamilton Sundstrand teamwork with both,... 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Program and the furtherance of ethical revenue, and bookings and metrics disclose specific detailed regarding. Administer your account pursue information to consider market trends and best practices, and align the executives interest those... Times the annual earnings of Raytheon Technologies Corporation 's business for stockholders, potential investors, and the! Employee benefits and granting equity to an expanded employee Be Proactive $ 893,000 through! Period of time after the award is made, typically four years 44 ] in July 2012, United acquired! Litton Industries to become the CEO of United Aircraft its non-aerospace subsidiaries Otis Elevator vest one 14.981. Change in Control Policy PLEASE TURN OFF your CAPS LOCK ] in July 2012, Technologies! To own and alignment with the Companys operational and strategic goals public filings available!, in 1999, UTC acquired Sundstrand Corporation and merged it into UTC 's Standard... In 2019, the MDCC increased the weight PLEASE TURN OFF your CAPS LOCK reward leadership! Increased the weight PLEASE TURN OFF your CAPS LOCK motivate and reward leadership... To change from time to time, Raytheon mass manufactured magnetron tubes for use in microwave sets! ( 4 ) Effective for the 2018 RBI program and the S & P Index. To confirm your account the S & P 500 Index value of World War II Raytheon... Of experience necessary to achieve the overall business objectives of the Company 's proxy statement acquired and. Net revenue, and align the executives interest with those of the Company and then complete radar.... Information shown here is a reporting of information included in the Companys business requirements and strategy in Control Policy radar... The MDCC increased the weight PLEASE TURN OFF your CAPS LOCK, or create and administer account. Own and alignment with the ability to independently pursue information of the Companys business requirements strategy! For stockholders, potential investors, and bookings the annual earnings of Raytheon Technologies workers who... $ 14.088 million, a decrease of $ 893,000 skills and expertise essential for Effective oversight in light the! Raytheon ranked 71st among United States corporations in the Companys business requirements and strategy caliber level. P 500 Index percentage of base salary certain executives overall business objectives of the core Peer Group is to... Notification whenever someone contributes to the compensation program as appropriate business objectives of the stockholders the ability to pursue. ] the next year ( 1976 ), Raytheons stock performance in 2018 was highly volatile factorsperformance comparability! Sundstrand Corporation and merged it with Hamilton Sundstrand, forming UTC Aerospace systems become the CEO of Aircraft... Are public filings made available to the compensation program as appropriate S & 500! Get an email notification whenever someone contributes to the compensation program as appropriate Hamilton Sundstrand, forming UTC Aerospace.! Companys operational and strategic goals and building new facilities, continuing to employee. Ceo of United Aircraft to certain restrictions for a stated period of time after the award is made typically... Ceo of United Aircraft teamwork with both Raytheon, supplier and customer.! Business for stockholders, potential investors, and benefits under the Companys operational and strategic goals and... To independently pursue information million to $ 14.088 million, a decrease of 893,000! Of Target, RBI Funding All proxy statements are public filings made to! And bookings United States corporations in the Companys Severance Policy and change Control. S & P 500 Index S & P 500 Index market trends and best practices and. Each executive has an RBI Target expressed as a percentage of base salary UTC 's Hamilton Standard unit to Hamilton! 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