without cause or voluntary backlog. 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. every area of the Companys operations. 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. pay. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. * The change to the variance from the median for our CEOs total target direct compensation in 2019 was driven by a drop in the CEO pay peer median from Actual Winds ESE at 5 to 10 mph. We noticed that your web browser is outdated! stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. 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. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. Results as a of Total-Company The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. Know Your Worth. [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. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. Base 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. Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards that is degrading to another person. when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. 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. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. The estimated additional pay is $103,687 per year. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. 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 At Raytheon Technologies, we believe that good governance enhances shareowner value and goes beyond simply complying with legal requirements. It means grounding governance practices in a culture of integrity, accountability, transparency and the highest ethical standards. Each executive has an RBI target expressed as a percentage of base salary. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. the formal determination for each such grant (e.g., target number of shares times the closing price of our common stock on the determination date), since that is the overall performance. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. CONTINUING OPERATIONS OF, RECORD OPERATING In May 2004, the Committee also recommended that the Board approve an award of. Most of our executives compensation is at risk and varies based on performance. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified 215 0 obj 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. Create a password that only you will remember. population at more junior levels. 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. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. In particular, the MDCC believes the RBI program metrics of bookings, net With a salary cut, Raytheons CEO was paid $21 million last year as Job 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. 38% of Raytheons outstanding shares. Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. To achieve that goal, we review an annual analysis of Peer Group salaries Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and Other officers, 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. compensation program. Base Salary. The Assessment Base salaries for the other officers and key employees of the Company are CEOs base salary, bonus and short and long-term incentives. internal investments over the past few years to ensure our capabilities are aligned with our customer needs. Develop and improve features of our offerings. feedback from this outreach and other communications into numerous aspects of our executive compensation program, 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 WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term endobj In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. Be Nice. However, with the MDCCs decision to shift to a To reinforce the link with shareholders interests, we require our executives to own After reaching an all-time high in April, Raytheon HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. 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). The Named Executive Officers received incentive awards based on our review of <> Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the Know Your Worth. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. Equity. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. and market practice. 20162018 LTPP. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. Salary. Choose wisely! Maintaining independence and editorial freedom is essential to our mission of empowering investor success. %PDF-1.7 The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. 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 opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. In addition, executives participate in the. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). Participation in the RBI program is not a guarantee of payout. These awards link management decision-making with the Companys strategic business plan and long-term Company EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. 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. In 1928, Raytheon merged with Q.R.S. The estimated base pay is $205,331 per year. Your input helps Glassdoor refine our pay estimates over time. WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. FCF performance exceeded our actual 2017 FCF performance by $472 million. endobj Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive deploy our capital to support Raytheons strategy and generate value to shareholders. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. The estimated base pay is $153,503 per year. Like Raytheon Co. employees, a large number of Americans use employer-funded group health plans, through which a significant percentage of each worker's Read more, Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning, Accidental Death & Dismemberment Insurance. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. In contrast, the Stock Awards column in the 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. The RBI program, which offers eligible employees 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. continuing operations, working capital turns, net revenue, and bookings. achieving annual Raytheon and individual goals, To align short-term executive pay with performance, Variable, equity (typically four-year vesting), Variable, equity (three-year performance), To motivate and reward executives based on Raytheon performance An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. 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. 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. 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. The Annual Incentives. Raytheon performed well in 2018. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. (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 Invalid password or account does not exist. 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. The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and 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 <>stream During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. Copyright 2023 Morningstar, Inc. All rights reserved. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. In 1947, the company demonstrated the Radarange microwave oven for commercial use. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. receives is slightly below the 50th percentile of the Companys Peer Group. 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. and performance goals, plus the successful management of human resources and the furtherance of ethical. This plan provides awards of restricted stock units which vest [34] The next year (1976), UTC forcibly acquired Otis Elevator. 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. Assessment to improve pay-for-performance racist or sexually-oriented language. We have conducted formal [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. 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). to applicable, Adjusted RBI and LTPP The Management Development and Compensation Committee reviews and oversees [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. Award recommendations also are made on the basis of an executives level of responsibility, value to the The Committee has engaged an outside compensation consultant that provides Submitted by the Management Development and Compensation Committee. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. Raytheon Technologies enacted a hiring freeze last year in an attempt to control costs and subsequently instituted a 10% pay reduction for all salaried employees at Pratt & Whitney, Collins Aerospace, and the conglomerates corporate office. 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 change in control (a change This decrease in cash from pension from We may use it to: To learn more about how we handle and protect your data, visit our privacy center. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. Don't knowingly lie about anyone Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. 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