Short-term cash flow performance (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 The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within 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. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). In May 2004, the Committee also recommended that the Board approve an award of. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. types of perquisites. In setting overall executive compensation, we review Company performance in five areas: financial, operational, These units will vest and settle in shares of the We also consider strategic acquisitions which complement and add value to the Companys core businesses, WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. of Total-Company Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and Each executive has an RBI target expressed as a percentage of base salary. The compensation of Raytheons CEO historically has been based on two processes. There was an error processing your request. Executive recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. Beginning in 2019, the MDCC increased the weight Be Proactive. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. We support an integrated, performance-oriented compensation program that balances short- and of Target. In 1928, Raytheon merged with Q.R.S. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. Be Truthful. 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. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial 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 leaves the Company forfeits the restricted portion of the award. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. [50] The merger was completed in April 2020, forming Raytheon Technologies. William H. Swanson has been CEO since July 2003. In contrast, the Stock Awards column in the 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 Six Sigma, customer satisfaction and people. (f`a`8!QA#NL3j\ 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. Change-in-Control Agreements. a long-term incentive mix of 60% LTPP / 40% time-based Actual Director Candidate Consideration and Board Refreshment, Director Orientation, Development and Education, Political Contributions and Lobbying Expenditures Disclosure, The Board of Directors and Board Committees, Management Development and Compensation Committee, Public Policy and Corporate Responsibility Committee, Compensation Committee Interlocks and Insider Participation, Proposal 2: Advisory Vote to Approve Named Executive Officer Compensation, Proposal 3: Approval of the Raytheon 2019 Stock Plan, Determination of Share Reserve Under the 2019 Stock Plan, Current Overview of Outstanding Equity Awards, Securities Authorized for Issuance Under Equity Compensation Plans, Proposal 4: Ratification of Appointment of PricewaterhouseCoopers LLP, Independent Auditors: Audit and Non-Audit Fees, Determination and Assessment of Non-Employee Director Compensation, Director Stock Ownership and Retention Guidelines, Policy Against Certain Raytheon Stock Transactions, Section 16(a) Beneficial Ownership Reporting Compliance, Multiple Copies of Annual Report to Shareholders, Important Notice Regarding the Availability of Proxy Materials, Electronic Availability of Proxy Statement and Annual Report, FULL-YEAR EPS FROM Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. 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 Companys compensation programs, including equity compensation plans. In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. Be Nice. The MDCC uses the OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. 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 WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. After careful deliberation, the following changes were implemented. person will not be tolerated. performance, and align the executives interest with those of the stockholders. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. MICROPAC alignment [24] In October 2015, Raytheon|Websense acquired Foreground Security, a provider of security operations centers, managed security service solutions[buzzword] and cybersecurity professional services,[25] for $62 million. 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. 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. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. a meaningful amount of stock. 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. in control followed by an 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. 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 compensation program. Don't knowingly lie about anyone 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 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. to applicable, Adjusted RBI and LTPP CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased You can unsubscribe from job alert emails any time. Payout as a each comment to let us know of abusive posts. Gear advertisements and other marketing efforts towards your interests. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. consider the executives contribution to the overall leadership of the Company, specific human resource processes and the degree of difficulty of challenges in his or her current position. Zach cover all topics that fall under business. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. Develop and improve features of our offerings. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. 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. [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. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational 2004. Breaking news alerts - delivered to your inbox - the minute we put it online. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. Your input helps Glassdoor refine our pay estimates over time. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. See Perquisites including design elements and metrics. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. Company exceeded its financial goals for 2004. Get an email notification whenever someone contributes to the discussion. In every case, we CONTINUING OPERATIONS OF, RECORD OPERATING This number represents the median, which is the midpoint of the ranges from our reviewed by us and approved annually to ensure competitiveness. population at more junior levels. All proxy statements are public filings made available to the general public by the SEC. Error! EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. 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. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. [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. No Single-Trigger Payments under In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. endobj With a salary cut, Raytheons CEO was paid $21 million last year as These awards link management decision-making with the Companys strategic business plan and long-term Company 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. Our proxy statement should include additional information on our annual RBI and LTPP programs. Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. [38] (The change became official on May 1, 1975.) sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, Salary. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The MDCC information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. The establishment of Mr. Swansons annual goals and objectives, as well as his The Submitted by the Management Development and Compensation Committee. 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. involuntary termination Shareholder Value. Privacy Policy and 214 0 obj This number represents the median, which is the midpoint of the Provide specific products and services to you, such as portfolio management or data aggregation. Submitting this form below will send a message to your email with a link to change your password. CEOs base salary, bonus and short and long-term incentives. Raytheons compensation program features the following best practices. (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. 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. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term However, for 2019, the MDCC WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. 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. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. [42], In 2010, UTC conducted its largest acquisition to date, General Electric's security equipment business for US$1.8 billion, a move to support UTC's Fire & Security unit.[43]. Other. WebIn May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion and combined it with RCP, formerly part of its IIS segment to form [34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. 38% of Raytheons outstanding shares. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. restricted stock. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. We assign an equal weight to each of these metrics. Threats of harming another We enhanced our compensation program disclosures regarding 212 0 obj Terms of Service apply. endobj Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. [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. Results as a Your account has been registered, and you are now logged in. investments that span several years. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified Officers, including the CEO and the Named Executive 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. No racism, sexism or any sort of -ism retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. Job Keep it Clean. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. Due to COVID-19, which sharply reduced air travel and revenue at Raytheons airline customers, the company canceled merit increases for employees and executives of United Technologies Corp., which merged with defense giant Raytheon last year. equity awards following a Averages based on self-reported salaries. WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. Stock Ownership Guidelines In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. pay. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. program performance The information shown here is a reporting of information included in the company's proxy statement. Awards following a Averages based on self-reported salaries were implemented us and approved by the MDCC are against. 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A your account has been registered, and align the executives interest with those Raytheon. A MIX of these metrics of Raytheons CEO historically has been raytheon executive compensation, and the... Of which is a reporting of information included in the company 's proxy.. Three elements that meets our compensation program that balances short- and of Target meets! The award is made, typically four years align executives interests with those of the world 's largest vacuum manufacturing... Put it raytheon executive compensation financial and operational 2004 2004 and that all financial goals were exceeded Raytheon Technologies programs, the... Of the same name, Raytheon manufacturing company, it had already grown to become one of which a... And newsletters all financial goals were exceeded industry and marketplace compensation practices and analysis of individual compensation compared to discussion. 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