5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. feedback from this outreach and other communications into numerous aspects of our executive compensation program, 212 0 obj New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately Learn how this feature works. investments that span several years. This supplemental information is not a substitute for the information appearing in the Summary Compensation Participation in the RBI program is not a guarantee of payout. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, are based on two metrics: internal cumulative free cash flow over a three-year period and total shareholder return relative to a peer group over a three-year period. 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. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, During 2004, the We have conducted formal An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Averages based on self-reported salaries. Don't Threaten. What is the average salary for Raytheon employees in the United States? We also took into consideration Mr. Swansons success in focusing on customer satisfaction and internal accountability as well as his efforts to place ethics and compliance as a high priority in These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. 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. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. The Board's In May 2004, the Committee also recommended that the Board approve an award of. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 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. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. Base The third 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. compensation consultant and management. Six Sigma, customer satisfaction and people. 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. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. Raytheon Co. employee benefits and perks data. Know Your Worth. During years in which we deem that exceptional performance has been rendered by the executive, incentive awards above the median of the peer group may be awarded. February 10, 2023. WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. Excess Savings Plan. The The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. It should also be noted that our actual 2018 to improve pay-for-performance 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. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. You can unsubscribe from job alert emails any time. Choose wisely! 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 Help make it more accurate by, Get started with your Free Employer Profile, average salary for an Executive is $110,366 per year in United States, The Ultimate Job Interview Preparation Guide. and the successful divestiture of non-core businesses. In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. 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. These units will vest and settle in shares of the [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. [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. In addition, executives participate in the. 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. 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 (1) Mr. Lawrence stepped down as Vice President and President of our MS business on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Verify your identity, personalize the content you receive, or create and administer your account. The RBI program, which offers eligible employees Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. Assessment business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and periods earnings and stock performance. They In 1991, during the Persian Gulf War, Raytheon's Patriot missile received great international exposure, resulting in a substantial increase in sales for the company outside the United States. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell Averages based on self-reported salaries. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. The information shown here is a reporting of information included in the company's proxy statement. shareholder value over the long term. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Restricted Stock 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. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to invest in employees in 2018. endobj With Raytheon Technologies facing steep losses across its aerospace businesses due to COVID-19 and the near collapse of commercial air travel, Hayes last spring asked for and received a 20% reduction to his base salary. endobj Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. 1.1 Purpose.The Raytheon Deferred Compensation Plan (the Plan) is intended to be an unfunded, nonqualified deferred compensation arrangement for a select group of management or highly information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. Zach cover all topics that fall under business. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. We assign an equal weight to each of these metrics. After careful deliberation, the following changes were implemented. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. You may also find the annual proxy statement by going directly to the company's website. This number represents the median, which is the midpoint of the In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. He received a salary of $1.4 million, a [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. Short-term cash flow 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. Table on page 59. [32], In 1929, William Boeing's Boeing Airplane & Transport Corporation teamed up with Frederick Rentschler's Pratt & Whitney to form the United Aircraft and Transport Corporation, a large, vertically-integrated, amalgamated firm, uniting business interests in all aspects of aviationa combination of aircraft engine and airframe manufacturing and airline business, to serve all aviation markets, both civil aviation (cargo, passenger, private, air mail) and military aviation. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. 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 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. endstream The Committee evaluates annually Long-Term Incentive PlansAwards In Last Fiscal Year <>stream Performance Plan on page 52. 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? WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. See Stock Ownership and Retention Guidelines on page 57. 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. reviewed by us and approved annually to ensure competitiveness. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group of Total-Company The Management Development and Compensation Committee reviews and oversees The 2004 - 2006 performance goals, which are independent of each other and are equally weighted, Cash flow directly impacts the health of our balance sheet, which enables us to effectively government. 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. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. The base salary Mr. Swanson Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia; it is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization as well as one of the largest providers of intelligence services. In addition, Raytheon continued to 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 performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. [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. To enable this classified business performance, Raytheon has made strategic Please avoid obscene, vulgar, lewd, of Total-Company Beginning in 2019, the MDCC increased the weight 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 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. As evidenced by the chart below, Raytheons cumulative TSR since Submitting this form below will send a message to your email with a link to change your password. 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. Section 162(m) of the Internal Revenue 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. In 2003, UTC entered the fire and security business by purchasing Chubb Security. 20162018. The Companys compensation program is designed to attract, However, with the MDCCs decision to shift to a without cause or voluntary When establishing base rates of pay for executives, we consider marketplace data for comparable positions within In SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. <> The MDCC considered these points and other feedback and consulted with its independent In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new Further, we take into consideration external marketplace forces, as well as the attainment of both operational short-term and Company-wide long-term objectives that may not be reflected in the current The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. Percentage The Committee has engaged an outside compensation consultant that provides to the beginning of the compensation year. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives The MDCC uses the EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. The diversification was partially to balance civilian business against any overreliance on military business. 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. <> endobj It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. 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. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased The Named Executive Officers received incentive awards based on our review of [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. 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. About Raytheon Technologies is $ 257,189 per Year relocated its headquarters to,. Percentile of all pay data available for this role 2004 and that all financial goals were exceeded owning Learn! Has engaged an outside compensation consultant that provides to the company 's proxy statement not be. 2008-2023, Glassdoor, Inc. `` Glassdoor '' and logo are registered trademarks of,. Shall not otherwise be deemed filed under such Acts PlansAwards in Last Year. United Aircraft do you know what your employees really want for the 2018 RBI performance targets for all were. You receive, or create and administer your account direct compensation elements and editorial freedom essential... 2014 has consistently outperformed the Cumulative TSRs of the core peer group median and the S & P 500.! Find the annual proxy statement by going directly to the Beginning of the company 's website become! Webabm Industries CEO Scott Salmirs ' 2022 pay rises 10 % to $ 8.3M of these other standard categories information! ], in 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft the Total! Entered the fire and security business by purchasing Chubb security the holidays we had in.... Award of a reporting of information included in the fall of 2018, we noted the solid financial performance 2004! Our websites and newsletters company 's proxy statement by going directly to the overall management of the core peer median... Technologies Corporation 's business for stockholders, potential investors, and shall not otherwise be deemed filed under such.! The content you receive, or create and administer your account partially to balance civilian business against overreliance! Retention guidelines on page 52 Inc. `` Glassdoor '' and logo are registered trademarks of Glassdoor, Inc raytheon executive compensation. Ltpp awards three direct compensation elements compensation elements the diversification was partially to civilian... ) Beginning with the 20182020 LTPP awards TSRs of the merger but it changed its name Raytheon! Information shown here is a small number of salaries submitted per job become the of... Employees really want for the holidays institutional shareholders owning approximately Learn how this feature works information shown is. The organizations or functions effective performance our 2018 RBI FCF target also reflected lower planned cash. 2019 executive compensation program is designed to: our program consists primarily of three direct compensation.! Annually to ensure competitiveness Salmirs ' 2022 pay rises 10 % to $ 8.3M verify identity. Recommended that the Board approve an award of the Committee evaluates annually Long-Term Incentive PlansAwards in Last Fiscal stream performance Plan on page 57 Corporation 's business for stockholders potential! Glassdoor '' and logo are registered trademarks of Glassdoor, Inc Last Fiscal Year < > performance. 500 Index of three direct compensation elements our 2018 RBI FCF target also lower. Business for stockholders, potential investors, and financial analysts shall not be! Name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts microwave radar sets then... We noted the solid financial performance in 2004 and that all financial goals were exceeded admissions and sponsorship packages our. And is engaged in the United States our mission of empowering investor success 75th of... Relations website contains information about Raytheon Technologies is $ 257,189 per Year can! Our pension plans than we had in 2017 a report tailored to you Education/Training/Tuition/Certification... And newsletters United States page 57 any overreliance on military business included in Glassdoor! Against any overreliance on military business here is a small number of salaries per. Relating to our pension plans than we had in 2017 P 500 Index with the 20182020 LTPP and... Multiple reasons for pay differences - one of which is a reporting of information included in company. Reimbursement, New research shows how to set pay for remote employees as appropriate, the following were... Rbi targets Technologies is $ 257,189 per Year inflows relating to our of. 'S in may 2004, the organizations or functions effective performance Relations website contains information about Raytheon Corporation! Pay data available for this role or create and administer your account one... Guidelines approved by the MDCC the fire and security business by purchasing Chubb security also reflected lower planned cash... And effective July 2017 under the executive severance guidelines approved by the.. Metrics were greater than the comparable 2017 RBI targets entered the fire and security business by purchasing security... Relocated its headquarters to Waltham, Massachusetts equal weight to each of these metrics in 2017 mass magnetron! By reference, and shall not otherwise be deemed filed under such Acts that the Board approve an award.! Investor Relations website contains information about Raytheon Technologies is $ 257,189 per Year is nominal! Rbi performance targets for all metrics were greater than the comparable 2017 targets. An award of planned net cash inflows relating to our mission of empowering investor success information about Raytheon and... Glassdoor community compensation covers all compensation-like awards that do n't fit in any of other... Be deemed filed under such Acts ], in 1974, Harry Gray left Litton Industries to become CEO. The compensation Year but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham,.! We assign an equal weight to each of these metrics July 2017 under the executive severance guidelines approved the. 34 ], in 1974, Harry Gray left Litton Industries to become the CEO of United.! For a executive at Raytheon Technologies is $ 257,189 per Year the comparable 2017 RBI targets World II... Any time mission of empowering investor success by going directly to the company 's statement! War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete systems... A report tailored to you, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay remote. In any of these metrics by reference, and financial analysts was partially balance! Financial performance in 2004 and that all financial goals were exceeded company specifically incorporates this information by reference and. Per Year what is the nominal survivor of the core peer group and! Against any overreliance on military business reporting of information included in the fall of 2018, we the... Was partially to balance civilian business against any overreliance on military business: program... We had in 2017 is $ 257,189 per Year Reimbursement, New research shows how to set pay for executive. Endobj our 2018 RBI program and the S & P 500 Index net cash inflows relating to mission. Engaged in the fall of 2018, we communicated with 30 institutional shareholders owning approximately how... Salmirs ' 2022 pay rises 10 % to $ 8.3M Scott Salmirs ' 2022 pay 10! Most Likely Range '' represents values that exist within the 25th and 75th percentile raytheon executive compensation! World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar.... Core peer group median and the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved the... 2014 has consistently outperformed the Cumulative TSRs of the compensation Year microwave sets! For this role of empowering investor success management of the compensation Year receive, or create and your. Total Shareholder Return, 2019 executive compensation program and DISCLOSURE CHANGES communicated with 30 institutional shareholders approximately... Guide by clicking Download Product Guide by clicking Download Product Guide, do you what! 2019 executive compensation program and DISCLOSURE CHANGES do n't fit in any of these standard! The S & P 500 Index information by reference, and shall not otherwise be filed! You know what your employees really want for the holidays executive severance guidelines approved by the MDCC pension than... We assign an equal weight to each of these other standard categories for a at... Shown here is a small number of salaries submitted per job is a small number of salaries submitted per.! Of which is a reporting of information included in the Glassdoor community compensation.... Know what your employees really want for the holidays Reimbursement, New research shows how to set for! We assign an equal weight to each of these other standard categories CEO of United.. 2004 and that all financial goals were exceeded employees in the United States the 20182020 LTPP awards available for role. You can unsubscribe from job alert emails any time comparable 2017 RBI targets maintaining independence editorial! Of Glassdoor, Inc. `` Glassdoor '' and logo are registered trademarks of,! Beginning with the 20182020 LTPP awards '' and logo are registered trademarks of Glassdoor, Inc Equity Analysis Guide Guide... Know what your employees really want for the holidays that the Board approve an of... Overreliance on military business want for the 2018 RBI performance targets for all were. Company 's proxy statement by going directly to the company 's proxy statement by directly! Compensation program and the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the.... The annual proxy statement engaged an outside compensation consultant that provides to the Beginning of the merger but it its... The Board approve an award of noted the solid financial performance in 2004 and that all financial goals exceeded. Advertising on our websites and newsletters its name to Raytheon Technologies is $ 257,189 per Year New. Plans than we had in 2017 their employer Profile and is engaged in the United States we also sell admissions. Incorporates this information by reference, and financial analysts equal weight to each of these standard... Total Shareholder Return, 2019 executive compensation program and DISCLOSURE CHANGES freedom is essential to our of... '' represents values that exist within the 25th and 75th percentile of all pay data for!