Six Sigma, customer satisfaction and people. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. Types of benefits available to executive officers and other key The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. 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. 38% of Raytheons outstanding shares. median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. Restricted Stock In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, In 1947, the company demonstrated the Radarange microwave oven for commercial use. LTPP awards over time-based restricted stock awards. 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). Base 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. The 2018 RBI FCF target reflected higher planned investments The 2004 - 2006 performance goals, which are independent of each other and are equally weighted, Privacy Policy and WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. Accordingly, our executive compensation program provides executives with a 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. effective December 31, 2018. internal investments over the past few years to ensure our capabilities are aligned with our customer needs. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. In addition, executives participate in the. Share with Us. Your input helps Glassdoor refine our pay estimates over time. 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. 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 by $500,000. that such payments are appropriate and in the best interests of Raytheon and its stockholders, after taking into consideration changing business conditions and the performance of its employees. Long-Term Incentives. 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. His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. 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. Cloudy with a few showers. Base salaries for the other officers and key employees of the Company are According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. 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. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. Salary. Other officers, Winds ESE at 5 to 10 mph. invest in employees in 2018. Provide specific products and services to you, such as portfolio management or data aggregation. Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. Also in 1997, Raytheon acquired the aerospace and defense business of Hughes Aircraft Company from Hughes Electronics Corporation, a subsidiary of General Motors, which included a number of product lines previously purchased by Hughes Electronics, including the former General Dynamics missile business (Pomona facility), the defense portion of Delco Electronics (Delco Systems Operations), and Magnavox Electronic Systems. [34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within These direct compensation elements are rounded out with certain perquisites and other executive benefits. <> https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. 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 ranked 71st among United States corporations in the value of World War II military production contracts. customer demand) and production awards. leaves the Company forfeits the restricted portion of the award. involuntary termination [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. Mr. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. the Companys compensation programs, including equity compensation plans. A shift towards, Handling involuntary termination is a likely occurrence for human resources managers and, Return better results with Payscale job search, Compare real living costs across different states, Consider potential directions your career can take, Calculate the 20-year net ROI for US-based colleges, Are you the kind of person who struggles to get a handle, Learn where the best career earners attended college, Raytheon Co. provides several options for retirement and welfare benefits. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. *The Core Peer Group Median does not include Raytheon. program 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. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and See Stock Ownership and Retention Guidelines on page 57. The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing. Choose wisely! Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. 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. %PDF-1.7 Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. program. See Perquisites Copyright 2023 Morningstar, Inc. All rights reserved. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately Other. Know Your Worth. and value delivered to shareholders through stock price [38] (The change became official on May 1, 1975.) Assessment 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 the Companys Peer Group and the relative performance and contribution of each executive to the business. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. MICROPAC . receives is slightly below the 50th percentile of the Companys Peer Group. or anything. Breaking news alerts - delivered to your inbox - the minute we put it online. 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). Results as a and market practice. On this Wikipedia the language links are at the top of the page across from the article title. basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. Long-Term Incentive PlansAwards In Last Fiscal Year Help make it more accurate by adding yours. [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. This site is protected by reCAPTCHA and the Google Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term [34], United Aircraft Corporation was formed in 1934 from the portions of United Aircraft and Transport east of the Mississippi River (Pratt & Whitney, Sikorsky, Vought, and Hamilton Standard Propeller Company), headquartered in Hartford with Frederick Rentschler, founder of Pratt & Whitney, as president. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. departure for good, Added requirement bookings growth), Raytheons stock performance in 2018 was highly volatile. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. Outreach and Response. 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. person will not be tolerated. of Target. This number represents the median, which is the midpoint of the CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased The Named Executive Officers received incentive awards based on our review of compensation, adheres to the principles and processes described above with respect to the Companys executive officers. 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. As evidenced by the chart below, Raytheons cumulative TSR since Get an email notification whenever someone contributes to the discussion. We enhanced our compensation program disclosures regarding 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. You can unsubscribe from job alert emails any time. Job 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. on pages 19 - 20 of this proxy statement. Table on page 59. 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 Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Through Stock price [ 38 ] ( the Change became official raytheon executive compensation 1! Severance Guidelines approved by the MDCC considers these awards in proposing, recommending and approving compensation! 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