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 [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. 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 Long-Term Incentive PlansAwards In Last Fiscal Year Participation in the RBI program is not a guarantee of payout. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Performance, MDCC General. 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. You can unsubscribe from job alert emails any time. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends Job 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. On this Wikipedia the language links are at the top of the page across from the article title. Privacy Policy and WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. Why do people leave their jobs? (including non-competition Stock Ownership Guidelines RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Submitting this form below will send a message to your email with a link to change your password. stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. The The diversification was partially to balance civilian business against any overreliance on military business. third Officers, and key employees participate in a Results Based Incentive (RBI) program which is designed to focus management attention and effort on the attainment of pre-established performance metrics. However, with the MDCCs decision to shift to a If you forget it, you'll be able to recover it using your email address. 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. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. a meaningful amount of stock. 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. You have permission to edit this article. Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. We also continued 65,000 shares of restricted stock under the annual restricted stock program. WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. The estimated base pay is $205,331 per year. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. [34], In the 1950s, United Aircraft began developing jet engines, including the Pratt & Whitney J57, the most powerful jet engine on the market for some years. 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 <>stream In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. The establishment of Mr. Swansons annual goals and objectives, as well as his [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. person will not be tolerated. prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. 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. The Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the [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. [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 addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Annual incentive awards provide a direct link between executive compensation and the Companys 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. (3) Mr. Kremer did not become an NEO until 2018. Annual Incentive Award. Exhibit 10.11. We sell different types of products and services to both investment professionals and individual investors. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the Base salary is designed to compensate executives competitively within the industry and marketplace. Know Your Worth. Get a free, personalized salary estimate based on today's job market. performance. has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in 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). 38% of Raytheons outstanding shares. It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. %PDF-1.7 The RBI program, which offers eligible employees 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 The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and and performance goals, plus the successful management of human resources and the furtherance of ethical. The Peer Group is subject to change from time to time. In 1928, Raytheon merged with Q.R.S. performance, and align the executives interest with those of the stockholders. 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. 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? [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. 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. Additional pay could include bonus, stock, commission, profit sharing or tips. Most of our executives compensation is at risk and varies based on performance. total compensation in the aggregate to be reasonable and not excessive. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. To enable this classified business performance, Raytheon has made strategic EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. These units will vest and settle in shares of the without cause or voluntary Be Nice. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. Be Proactive. change in control (a change The Management Development and Compensation Committee reviews and oversees 215 0 obj These products and services are usually sold through license agreements or subscriptions. Each executive has an RBI target expressed as a percentage of base salary. endobj His coverage can include openings and closings of local businesses, trends in unemployment, details of developments from major companies and utilities, and investigating the impact of state politics and regulations on the private sector. Keep it Clean. We assign an equal weight to each of these metrics. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. customer demand) and production awards. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. <> 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. exceeded Raytheons actual performance for 2017, except for FCF. CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased of Target. We believe that the award of 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. February 10, 2023. In particular, the MDCC believes the RBI program metrics of bookings, net equity awards following a 20162018 LTPP. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. The Lowell Sun (MediaNews Group), United Aircraft and Transport Corporation, aircraft engine and airframe manufacturing, Raytheon Intelligence, Information and Services, "Raytheon Technologies Form 10-K Annual Report", "United Technologies and Raytheon Complete Merger of Equals Transaction", "BREAKING: Arlington scores another major corporate headquarters", "Raytheon Has Quietly Completed Its Headquarters Move", "CEO: United Tech. Meaningful Stock Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Terms of Service apply. MICROPAC In 1947, the company demonstrated the Radarange microwave oven for commercial use. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new In Each executive officer is expected to meet the applicable target ownership threshold within five years. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Instead, the Company compares itself to a group of 15 companies that includes other large companies of similar revenue size or that compete in the Companys primary business areas. of Total-Company Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive CONTINUING OPERATIONS OF, RECORD OPERATING Annual Incentives. Excess Savings Plan. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. endobj We also continued to execute our balanced capital deployment strategy. 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. 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). . The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. 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. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. 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. respect to these executive officers. Recent Shareholder Feedback. 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 See Stock Ownership and Retention Guidelines on page 57. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within 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. program. Verify your identity, personalize the content you receive, or create and administer your account. [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. Outreach and Response. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. Restricted Stock median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. Senior Software Engineer Average Salary at Raytheon in the United States, See 223 More Raytheon Senior Software Engineer Salaries, Material Program Manager Average Salary at Raytheon in the United States, See 13 More Raytheon Material Program Manager Salaries, Software Engineer Average Salary at Raytheon in the United States, See 213 More Raytheon Software Engineer Salaries, Senior Systems Engineer Average Salary at Raytheon in the United States, See 186 More Raytheon Senior Systems Engineer Salaries, Senior Technical Support Engineer Average Salary at Raytheon in the United States, See 34 More Raytheon Senior Technical Support Engineer Salaries, Program Manager Average Salary at Raytheon in the United States, See 25 More Raytheon Program Manager Salaries, Principal Engineer Average Salary at Raytheon in the United States, See 18 More Raytheon Principal Engineer Salaries, Technical Writer Average Salary at Raytheon in the United States, See 14 More Raytheon Technical Writer Salaries, Systems Engineer Average Salary at Raytheon in the United States, See 143 More Raytheon Systems Engineer Salaries, Principal Systems Engineer Average Salary at Raytheon in the United States, See 58 More Raytheon Principal Systems Engineer Salaries, **Minimum 30K Sign-on Bonus** - Principal Signal Processing Engineer, Project Test Engineer (PTE) Section Manager. 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