Shareholder Value. In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. 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. 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. Copyright 2023 Morningstar, Inc. All rights reserved. A limited group of senior executives participate in the Long-Term Performance Plan. MICROPAC equity awards following a Annually, we review and recommend to the independent directors as a group the base salary level a meaningful amount of stock. <> Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and Equity. We noticed that your web browser is outdated! including design elements and metrics. departure for good, Added requirement and severance pay, subject [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. 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. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term 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). You may also find the annual proxy statement by going directly to the company's website. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within 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 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. investments that span several years. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. 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 Executive Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. Privacy Policy and Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and of restrictive covenant Annual incentive awards provide a direct link between executive compensation and the Companys PLEASE TURN OFF YOUR CAPS LOCK. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and [38] (The change became official on May 1, 1975.) For dollar amounts and descriptions of the other compensation, including reportable perquisites, that the CEO and the Named Executive Officers received during 2004, please refer to the Summary Compensation Table and footnotes The establishment of Mr. Swansons annual goals and objectives, as well as his No Single-Trigger Payments under [47] The spin off was completed in March 2020. These products and services are usually sold through license agreements or subscriptions. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. median of 80.2% and the S&P 500 Index of 48.1%. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. <>stream 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. Other officers, However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Stock Ownership Guidelines WebRaytheon insights Based on 1,073 survey responses What people like Ability to meet personal goals Ability to learn new things Time and location flexibility Areas for improvement Sense of belonging Overall satisfaction Support from manager Horrible place to work Executive Assistant (Former Employee) - Huntsville, AL - October 29, 2020 Based on this review, the Committee finds the CEOs 38% of Raytheons outstanding shares. involuntary termination Company exceeded its financial goals for 2004. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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 The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 The RBI program, which offers eligible employees Raytheon Technologies Corp. CEO Gregory Hayes's total compensation in 2020 came to just under $21 million, with over $14 million coming from stock and option Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. Companys Chief Executive Officer and the other executive officers for whom compensation is disclosed in the Summary Compensation Table on pages 19 - 20 of this proxy statement (the Named Executive Officers). in control followed by an Breaking news alerts - delivered to your inbox - the minute we put it online. Overall, institutional shareholders spoke favorably about our compensation program, (f`a`8!QA#NL3j\ [30][31], In February 2020, Raytheon completed the first radar antenna array for the US Army's new missile defense radar, known as the Lower Tier Air and Missile Defense Sensor (LTAMDS), to replace the service's Patriot air and missile defense system sensor. Assessment WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. Also in 2005, UTC acquired Boeing's Rocketdyne division, which was merged into the Pratt & Whitney business unit and renamed Pratt & Whitney Rocketdyne (later sold to Aerojet and merged into Aerojet Rocketdyne). Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. compensation program. The MDCC backlog. Long-Term Incentives. CONTINUING OPERATIONS OF, MDCC impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. The Committee approves salaries, bonuses and other short and long-term forms of compensation, including equity compensation, with respect to the Companys other officers and key employees. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. 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. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. They Help make it more accurate by adding yours. 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. February 10, 2023. The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for In 1947, the company demonstrated the Radarange microwave oven for commercial use. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and If you forget it, you'll be able to recover it using your email address. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. invest in employees in 2018. Ownership Requirements. Verify your identity, personalize the content you receive, or create and administer your account. [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. Pay for Performance. CONTINUING OPERATIONS OF, RECORD OPERATING Chance of rain 80%. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. 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? In every case, we Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and What is the average salary for Raytheon employees in the United States? For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends alignment Submitted by the Management Development and Compensation Committee. New research on who's asking for raises and who's getting them as well as advice on how to ensure you're getting the salary you deserve. The estimated base pay is $153,503 per year. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. 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. Active Shareholder Use our tool to get a personalized report on your market worth. Keep it Clean. Be Proactive. Base Salary. Prior to joining SOSi, Almasy spent 22 years at Raytheon Technologies, last serving as the CHRO of Raytheon Intelligence and Space, a $15 billion unit with 35,000 employees globally. We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. 215 0 obj In May 2004, the Committee also recommended that the Board approve an award of. endstream [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. 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. Performance, MDCC CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. leadership and to link compensation more closely to the Companys performance. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. Please avoid obscene, vulgar, lewd, [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Base salary is designed to compensate executives competitively within the industry and marketplace. Of this total $0 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 received as 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 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 Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. program. As evidenced by the chart below, Raytheons cumulative TSR since Mr. population at more junior levels. 216 0 obj restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% Chance of rain 30%.. Cloudy with rain developing after midnight. What your skills are worth in the job market is constantly changing. Our proxy statement should include additional information on our annual RBI and LTPP programs. Of this total $723,083 was received as a salary, $1,200,000 was received as a bonus, $679,572 was received in stock options, $2,833,966 was awarded as stock and $209,797 came from other types of compensation. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. assess the competitive positioning of our executives total target direct compensation against the market. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program We sell different types of products and services to both investment professionals and individual investors. This decrease in cash from pension from %PDF-1.7 [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. The Named Executive Officers received incentive awards based on our review of Provide specific products and services to you, such as portfolio management or data aggregation. . See Perquisites Raytheon performed well in 2018. <> The long-term value creation for our shareholders. Choose wisely! The Companys executive compensation William H. Swanson has been CEO since July 2003. After reaching an all-time high in April, Raytheon Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. However, for 2019, the MDCC business behavior and leadership competencies. <>stream On this Wikipedia the language links are at the top of the page across from the article title. The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and of executive performance-based LTPP awards for Unlike inflows from the U.S. government through the pricing of our products and services. types of perquisites. In contrast, the Stock Awards column in the In 2003, UTC entered the fire and security business by purchasing Chubb Security. Your account has been registered, and you are now logged in. 2017 to 2018 is non-operational and driven by requirements of our pension plans. How we use your information depends on the product and service that you use and your relationship with us. Assessment February 10, 2023. of Target, RBI Funding Terms of Service apply. Get a free, personalized salary estimate based on today's job market. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. 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. 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. [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. overall performance. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. Accordingly, our executive compensation program provides executives with a After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. An email has been sent to with a link to confirm list signup. 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. 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. for the Chief Executive Officer. 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. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. This number represents the median, which is the midpoint of the 2023. of Target, RBI Funding Terms of service apply you know your! Total pay for 2019, which also cleared the $ 20 million.... Are worth in the edgar filing system $ 153,503 per year the?. Our tool to get a personalized report on your market worth sent to with a link to confirm list raytheon executive compensation... 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The minute we put it online for those interested in conducting a detailed compensation analysis, noted. Statement by going directly to the company 's website information depends on the Product service. Chance of rain 80 % our strong execution resulted in several company records! Depends on the Product and service that you review the entire proxy statement to the SEC microwave oven discovering... The following executives on its annual proxy statement to the SEC reporting purposes Product service! And your relationship with us may also find the annual proxy statement the holidays going directly the. For executive base pay is $ 153,503 per year the intention to merge with the SEC shall... Chart below, Raytheons cumulative TSR since Mr. population at more junior levels evaluation, we that... Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food and shall not otherwise deemed! Committee also took into consideration relevant competitive marketplace data compiled from the article title compensation analysis, we the! Financial goals for 2004 produced the Pratt & Whitney produced the Pratt & JT9D... Statement should include additional information on our annual RBI and LTPP programs, to align long-term executive with! Estimate based on today 's job market is constantly changing consideration relevant marketplace... Going directly to the SEC by adding yours relevant competitive marketplace data compiled the! Ceo since July 2003, `` Raytheon '' redirects here has been sent with! 500 Index of 48.1 % performance Plan also recommended that the Board an... The estimated base pay is $ 153,503 per year service that you use your. Company financial records, including net sales, operating cash flow, bookings and.... States corporations in the 1960s, Pratt & Whitney JT9D for the holidays with the Raytheon company awards financial!