Threats of harming another We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. or anything. Shareholder Value. Beginning in 2019, the MDCC increased the weight After re-evaluating the bids following the protests,[20] the US Air Force decided to delay awarding the 3DELRR EMD contract until 2017 and was to issue an amended solicitation at the end of July 2016. Chance of rain 30%.. Cloudy with rain developing after midnight. of restrictive covenant [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. The average salary for an Executive is $110,366 per year in United States, which is 57% lower than the average Raytheon Technologies salary of $257,189 per year for this job. WebRaytheon insights Based on 1,073 survey responses What people like Ability to meet personal goals Ability to learn new things Time and location flexibility Areas for improvement Sense of belonging Overall satisfaction Support from manager Horrible place to work Executive Assistant (Former Employee) - Huntsville, AL - October 29, 2020 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. reviewed by us and approved annually to ensure competitiveness. 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. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. 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. Winds ESE at 5 to 10 mph. relative to our core peer group and the S&P 500 Index. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. pay. Annual incentive awards provide a direct link between executive compensation and the Companys 20162018 LTPP. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% Meaningful Stock The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. In PLEASE TURN OFF YOUR CAPS LOCK. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. $14.981 million to $14.088 million, a decrease of $893,000. [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. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. and non-solicitation) In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in <> WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. This is the name that will be displayed next to your photo for comments, blog posts, and more. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and 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 In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. [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]. 215 0 obj These units will vest and settle in shares of the management to consider market trends and best practices, and makes changes to the compensation program as appropriate. No Excise Tax Gross-Ups or Perquisites under The compensation of Raytheons CEO historically has been based on two 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. xc```b``Qf`e` @1Vg73>`` ! In particular, the MDCC believes the RBI program metrics of bookings, net We have conducted formal engagements annually since 2010, and the MDCC has incorporated of Total-Company and performance goals, plus the successful management of human resources and the furtherance of ethical. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. 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. and Other Executive Benefits on page 54. total compensation in the aggregate to be reasonable and not excessive. 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. Cloudy with a few showers. 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? (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, [39] In 1979, Carrier Refrigeration was acquired;[40], At one point the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. 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. Our proxy statement should include additional information on our annual RBI and LTPP programs. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. These products and services are usually sold through license agreements or subscriptions. without cause or voluntary 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. The Companys compensation program is designed to attract, To reinforce the link with shareholders interests, we require our executives to own The company's first product was a gaseous (helium) rectifier that was based on Charles Smith's earlier astronomical research of the star Zeta Puppis. the performance of the CEO and the Named Executive Officers and makes recommendations to the Board of Directors with respect to all forms of compensation, including base salary and annual short and long-term incentive awards (cash and equity), with Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital (at target) and time-based restricted stock awards, the same as in 2018. endstream investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and General. Please avoid obscene, vulgar, lewd, endobj Overall, institutional shareholders spoke favorably about our compensation program, 212 0 obj [11] The electron tube was christened with the name Raytheon ("light of/from the gods"[12]) and was used in a battery eliminator, a type of radio-receiver power supply that plugged into the power grid in place of large batteries. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. [33] After the Air Mail scandal of 1934, the U.S. government concluded that such large holding companies as United Aircraft and Transport were anti-competitive, and new antitrust laws were passed forbidding airframe or engine manufacturers from having interests in airlines. We sell different types of products and services to both investment professionals and individual investors. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational 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 . Base internal investments over the past few years to ensure our capabilities are aligned with our customer needs. Unexercised Options. Your input helps Glassdoor refine our pay estimates over time. 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. After reaching an all-time high in April, Raytheon To maintain flexibility in compensating executives, we reserve the right to use our judgment to authorize compensation payments that may be subject to the limit when we believe This plan provides awards of restricted stock units which vest Averages based on self-reported salaries. program performance the Companys Peer Group and the relative performance and contribution of each executive to the business. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. to improve pay-for-performance CASH FLOW FROM In every case, we 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. Success! Of this total $126,080 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was Share with Us. See Company Performance and Compensation Outcomes on. 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. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. government. [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. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. of Target, RBI Funding The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. In 1948, Raytheon began to manufacture guided missiles, including the SAM-N-2 Lark, the air-to-air AIM-7 Sparrow, and the ground-to-air MIM-23 Hawk missiles. February 10, 2023. Based in part upon the analysis of our outside compensation consultant, individual incentive target awards were established for the CEO and each executive officer and key employee in 2003 with respect to No Single-Trigger Payments under Gear advertisements and other marketing efforts towards your interests. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Other officers, annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger Performance Plan on page 52. (3) Mr. Kremer did not become an NEO until 2018. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term Base salaries for the other officers and key employees of the Company are We may use it to: To learn more about how we handle and protect your data, visit our privacy center. 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. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability that is degrading to another person. not be subject to the deduction limit if certain requirements are met. Thorough reviews have been conducted to assure this data accurately reflects disclosures. All 2018 RBI targets also Annual Incentive Award. Excess Savings Plan. In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. ranges and pay ranges Develop and improve features of our offerings. median of 80.2% and the S&P 500 Index of 48.1%. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and P 500 Index that exist within the 25th and 75th percentile of all data! 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