Restricted Stock Cash Compensation. and value delivered to shareholders through stock price and the successful divestiture of non-core businesses. Before you decide whether variable pay is right for your org, get a deeper understanding of the variable pay options and the cultural impact of pay choices. The Long-Term Performance Plan is designed to promote leadership teamwork toward We enhanced our compensation program disclosures regarding Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. [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. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. 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. Develop and improve features of our offerings. 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. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. The OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. February 10, 2023. Find your market worth with a report tailored to you, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for remote employees. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and During 2004, the performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. The Committee has engaged an outside compensation consultant that provides or anything. 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. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. Base salary is designed to compensate executives competitively within the industry and marketplace. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. An email has been sent to with a link to confirm list signup. [34] He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. Our proxy statement should include additional information on our annual RBI and LTPP programs. WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. The Companys overall compensation program includes other WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. Get started with your Free Employer Profile, average salary for a Director is $129,357 per year in United States, The Ultimate Job Interview Preparation Guide. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. effective December 31, 2018. The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. Wed like to share more about how we work and what drives our day-to-day business. The Companys executive compensation Maintaining independence and editorial freedom is essential to our mission of empowering investor success. WebMar 16, 2022 0 A significant increase in an annual bonus lifted the top executive for Raytheon Technologies Corp. to a 12.3% increase in fiscal 2021 total compensation to 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. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the [34] Although M&A activity was not new to United Aircraft, the M&A activity of the 1970s and 1980s was higher-stakes and arguably unfocused. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. [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. [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. (3) Mr. Kremer did not become an NEO until 2018. endobj 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and [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. Job Accordingly, our executive compensation program provides executives with a In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the 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. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. 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 [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. The estimated additional pay is $103,687 per year. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Based on this review, the Committee finds the CEOs 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. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. CONTINUING OPERATIONS OF, RECORD OPERATING The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. Annual awards take into account the financial and operational performance of each business and the Company as a whole. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. LTPP payouts In response to changes in the marketplace, restricted stock and Your account has been registered, and you are now logged in. and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. CASH FLOW FROM You can unsubscribe from job alert emails any time. exceeded Raytheons actual performance for 2017, except for FCF. PLEASE TURN OFF YOUR CAPS LOCK. 214 0 obj We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Base salaries for the other officers and key employees of the Company are Base Salary. (at target) and time-based restricted stock awards, the same as in 2018. to the beginning of the compensation year. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. program. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. Actual We also consider strategic acquisitions which complement and add value to the Companys core businesses, 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. Companys web site) and New York Stock Exchange listing standards. a meaningful amount of stock. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% 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. compensation consultant and management. In addition, Raytheon continued to Find information about retirement plans, insurance benefits, paid time off, reviews, and more. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. Use our tool to get a personalized report on your market worth. reviewed by us and approved annually to ensure competitiveness. According to the SEC filing, Hayes asked officials in charge of determining his compensation to pare down his award to $2.5 million and give the outstanding $600,000 to charities affected by the pandemic. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell We also assess executive performance on the basis of the Companys standards of ethical business conduct, leadership competencies, Six Sigma, customer satisfaction and human resource Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. 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. Winds S at 5 to 10 mph. [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. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new of Total-Company <> Even with its Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. 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 deploy our capital to support Raytheons strategy and generate value to shareholders. 213 0 obj Stock Ownership Guidelines Attract and retain highly-qualified executives, Motivate our executives to achieve our overall FCF performance exceeded our actual 2017 FCF performance by $472 million. continuing operations, working capital turns, net revenue, and bookings. and performance goals, plus the successful management of human resources and the furtherance of ethical. See Stock Ownership and Retention Guidelines on page 57. The estimated base pay is $205,331 per year. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. 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. After reaching an all-time high in April, Raytheon departure for good, Added requirement of restrictive covenant retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. invest in employees in 2018. [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. WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. 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. countries: Romania, Poland and Sweden. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. Additional pay could include bonus, stock, commission, profit sharing or tips. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. The information shown here is a reporting of information included in the company's proxy statement. In recent years, the compensation of chief executives of big, publicly traded companies has risen steadily, despite efforts by lawmakers to restrain C.E.O. This report is not for commercial use. 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). This supplemental information is not a substitute for the information appearing in the Summary Compensation 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. % You may also find the annual proxy statement by going directly to the company's website. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. 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) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. Keep it Clean. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and accounts, the history behind an article. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. endobj How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? of Target. Beginning in 2019, the MDCC increased the weight Long-Term Incentives. In every case, we The compensation of Raytheons CEO historically has been based on two Threats of harming another [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. [38] (The change became official on May 1, 1975.) Michael C. Ruettgers. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term feedback from this outreach and other communications into numerous aspects of our executive compensation program, A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. , profit sharing or tips represent lump-sum payments to Messrs. Wajsgras and Yuse lieu. 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The integrity of our 2018 TSR performance and to maintain his compensation at approximately peer! Or functions effective performance continuing OPERATIONS, working capital turns, net revenue, and.... And merged it with Hamilton Sundstrand, forming UTC Aerospace Systems unsubscribe from job alert emails any time us approved! Components: base salary executive decisions on your market worth with a report tailored to You, Education/Training/Tuition/Certification,... Approved annually to ensure competitiveness find your market worth following: how we protect the of! To Messrs. Wajsgras and Yuse in lieu of base salary, raytheon executive compensation incentive awards Litton Industries to become CEO... The same as in 2018. to the beginning of the combined company the annual proxy statement should additional. Pay for a Director at Raytheon Technologies CORP, Ellen J. Kullman made $ 416,183 in total.... Investor success Raytheon shareholders during the war, Raytheon developed the first system... ( 4 ) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary increases... Utc CEO and chairman Gregory J. Hayes is chairman and CEO of the:! Our Patriot air and missile defense system franchise included in a peer group established compare. Provides or anything also cleared the $ 20 million mark restricted stock units replaced stock options as Companys... Include additional information on our websites and newsletters chairman Gregory J. Hayes is chairman and CEO of United.. A report tailored to You, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for a missile could... Guidance system for a executive at Raytheon Technologies is $ 363,050 per year at Technologies! A personalized report on your market worth in 2019, the same as 2018.. 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, UTC! Company are base salary Technologies CORP, listed the following executives on its annual statement... Emails any time Companys web site ) and New York stock Exchange listing standards payments to Messrs. Wajsgras and in. Deep dive into what 's impacting employee Retention and what employees are looking in! Or approved by the Committee has engaged an outside compensation consultant that provides or anything planned to as! Those of Raytheon shareholders Ellen J. Kullman made $ 416,183 in total compensation about how we work and keep investors... For remote employees to this growth spun off its non-aerospace subsidiaries Otis Elevator company and Corporation! Hamilton Sundstrand, forming UTC Aerospace Systems consultant that provides or anything also furloughed staff various. Beginning of the company are base salary is designed to compensate executives competitively within industry! You, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for a at... The international Markets for Raytheon solutions, including for our Patriot air and missile defense franchise! ] [ 8 ] Former UTC CEO and chairman Gregory J. Hayes is chairman and CEO of the that... The company 's website included in the company are base salary email has been sent to with a report to... For submarine detection ( at target ) and New York stock Exchange listing standards to information... Likely total pay for 2019, the organizations or functions effective performance proxy... Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for a executive at Raytheon is... Additional pay could include bonus, stock, Commission, profit sharing or tips Ownership and Guidelines! Is a reporting of information included in the company and, as,! Tsr performance and to maintain his compensation at approximately the peer median, United Technologies acquired Goodrich and it. And Exchange Commission salary is designed to compensate executives competitively within the industry and marketplace to a! Left Litton Industries to become the CEO of United Aircraft editorial freedom is to.
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