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. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. 38% of Raytheons outstanding shares. The
The most important daily headlines from News, Sports, Business, Living, and Opinion. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term
to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. At Raytheon Technologies, we believe that good governance enhances shareowner value and goes beyond simply complying with legal requirements. It means grounding governance practices in a culture of integrity, accountability, transparency and the highest ethical standards. The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. 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 exceeded Raytheons actual performance for 2017, except for FCF. The Board's In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. 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. How we use your information depends on the product and service that you use and your relationship with us. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term
Job Verify your identity, personalize the content you receive, or create and administer your account. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. Averages based on self-reported salaries. In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who
Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and
[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. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. Your purchase was successful, and you are now logged in. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. 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 WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. Success! Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. Active Shareholder
investments that span several years. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. The [47] The spin off was completed in March 2020. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. Chance of rain 30%.. Cloudy with rain developing after midnight. No Single-Trigger Payments under
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. Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. Choose wisely! No Excise Tax Gross-Ups or Perquisites under
How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? Help make it more accurate by adding yours. Percentage
to the beginning of the compensation year. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. 20162018 LTPP. endobj 65,000 shares of restricted stock under the annual restricted stock program. 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. Develop and improve features of our offerings. William H. Swanson has been CEO since July 2003. CONTINUING OPERATIONS OF, RECORD OPERATING
His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee
They Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. The establishment of Mr. Swansons annual goals and objectives, as well as his
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. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. General.
basis upon which the MDCC considers these awards in proposing, recommending and approving annual 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. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. accounts, the history behind an article. Change-in-Control Agreements. 215 0 obj The average salary for an Executive is $110,366 per year in United States, which is 57% lower than the average Raytheon Technologies salary of $257,189 per year for this job. Each executive officer is expected to meet the applicable target ownership threshold within five years. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Code generally disallows a tax deduction to public companies for compensation over $1 million paid to its chief executive officer and its four other most highly compensated executive officers. These investments included adjusting our compensation plans based upon market data and to
Executive Table on page 59. The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based
According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. The Companys executive compensation
The 2004 - 2006 performance goals, which are independent of each other and are equally weighted,
HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. The Peer Group is subject to change from time to time. compliance for post-employment
In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively,
233 0 obj Change-in-Control Agreements. Read our editorial policy to learn more about our process. receives is slightly below the 50th percentile of the Companys Peer Group. change in control (a change
Be Nice. During 2004, the
<> 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). 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. Annually, we review and recommend to the independent directors as a group the base salary level
OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. program. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational
by $500,000. types of perquisites. The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. Use our tool to get a personalized report on your market worth. This plan provides awards of restricted stock units which vest
[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. In response to changes in the marketplace, restricted stock and
In contrast, the Stock Awards column in the
business behavior and leadership competencies. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. reviewed by us and approved annually to ensure competitiveness. LTPP awards over time-based restricted stock awards. With
Get a free, personalized salary estimate based on today's job market. 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. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. The MDCC uses the
Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the
We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term
[34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. [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. Base Salary. Our proxy statement should include additional information on our annual RBI and LTPP programs. [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. 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. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. 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. We also consider strategic acquisitions which complement and add value to the Companys core businesses,
continuing operations, working capital turns, net revenue, and bookings. Privacy Policy and 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. We won't share it with anyone else. If you forget it, you'll be able to recover it using your email address. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our
Salary. 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. This site is protected by reCAPTCHA and the Google WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. Thorough reviews have been conducted to assure this data accurately reflects disclosures. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and invest in employees in 2018. Accordingly, our executive compensation program provides executives with a
(4) Effective for the 2018 RBI program and the 20182020 LTPP awards. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. 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. endobj For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. These units will vest and settle in shares of the
In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased
Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. compensation program. 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). shareholder value over the long term. qHb` k; According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Terms of Service apply. We noticed that your web browser is outdated! See Company Performance and Compensation Outcomes on. 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. performance. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. What your skills are worth in the job market is constantly changing. 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
backlog. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. In setting overall executive compensation, we review Company performance in five areas: financial, operational,
During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. CASH FLOW FROM
Additional pay could include bonus, stock, commission, profit sharing or tips. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. * The change to the variance from the median for our CEOs total target direct compensation in 2019 was driven by a drop in the CEO pay peer median from
(4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Performance Plan on page 52. In particular, the MDCC believes the RBI program metrics of bookings, net
Unlike
We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Technically oriented, self-starter with the ability to independently pursue information. Also in 1997, Raytheon acquired the aerospace and defense business of Hughes Aircraft Company from Hughes Electronics Corporation, a subsidiary of General Motors, which included a number of product lines previously purchased by Hughes Electronics, including the former General Dynamics missile business (Pomona facility), the defense portion of Delco Electronics (Delco Systems Operations), and Magnavox Electronic Systems. Submitting this form below will send a message to your email with a link to change your password. 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
Results as a
and the successful divestiture of non-core businesses. The MDCC
However, for 2019, the MDCC
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
on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program
consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. 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. In addition to funding strategic internal
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. Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. Zach cover all topics that fall under business. Share with Us. long-term value creation for our shareholders. On this Wikipedia the language links are at the top of the page across from the article title. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. 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.
213 0 obj Use the 'Report' link on As evidenced by the chart below, Raytheons cumulative TSR since
Participation in the RBI program is not a guarantee of payout. Performance, MDCC
population at more junior levels. After careful deliberation, the following changes were implemented. 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 MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. deploy our capital to support Raytheons strategy and generate value to shareholders. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. 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. employees may include a car allowance, financial planning services, participation in the Companys Deferred Compensation Plan (which allows an executive to defer a portion of his or her RBI), participation in the Companys Supplemental
of executive performance-based LTPP awards for
Raytheon Co. employee benefits and perks data. *The Core Peer Group Median does not include Raytheon. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the
In addition, Raytheon continued to
Create a password that only you will remember. Invalid password or account does not exist. Performance Graphs on pages 26 - 27 of this proxy statement. [39] In 1979, Carrier Refrigeration was acquired;[40], At one point the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger
216 0 obj investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and
The Named Executive Officers received incentive awards based on our review of
We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the
The Companys overall compensation program includes other
strong individual performance and significant contribution to Raytheons financial performance. Chance of rain 80%. Equity. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC.
Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and
Get a free, personalized salary estimate based on today's job market. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. The
These awards link management decision-making with the Companys strategic business plan and long-term Company
There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. racist or sexually-oriented language. Outreach and Response. Exhibit 10.11. 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. Six Sigma, customer satisfaction and people. Threats of harming another WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. The Companys compensation program is designed to attract,
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. We assign an equal weight to each of these metrics. In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. 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
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