You have permission to edit this article. Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. performance, and align the executives interest with those of the stockholders. We'd love to hear eyewitness appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. Excess Savings Plan. This change to mix affects
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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. feedback from this outreach and other communications into numerous aspects of our executive compensation program,
2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. (including non-competition
United Aircraft, subsequently known as United Technologies and Raytheon Technologies, has remained a component of the Dow Jones Industrial Average since that time through August 2020. Change-in-Control Agreements. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new
Cash flow directly impacts the health of our balance sheet, which enables us to effectively
In contrast, the Stock Awards column in the
The top executive for Raytheon Technologies Corp. gained a 3.7% increase in total compensation to $22.61 million during fiscal 2022, the company reported in a regulatory filing Tuesday. not be subject to the deduction limit if certain requirements are met. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. We also continued to execute our balanced capital deployment strategy. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. In addition, Raytheon continued to
2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. General. William H. Swanson has been CEO since July 2003. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. or anything. These direct compensation elements are rounded out with certain perquisites and other executive benefits. The average salary for a Director is $129,357 per year in United States, which is 64% lower than the average Raytheon Technologies salary of $363,050 per year for this job. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Privacy Policy and [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. change in control (a change
endobj As evidenced by the chart below, Raytheons cumulative TSR since
assess the competitive positioning of our executives total target direct compensation against the market. equity awards following a
Please avoid obscene, vulgar, lewd, After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. Performance Graphs on pages 26 - 27 of this proxy statement. 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. 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. The base salary Mr. Swanson
endobj We noted that the
2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. 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. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC,
organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. including design elements and metrics. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. types of perquisites. 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. They
In
The Committee evaluates annually
Your e-mail address will be used to confirm your account.
In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. The Companys overall compensation program includes other
Base Salary. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. [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. We have conducted formal Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and
The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based
The Named Executive Officers received incentive awards based on our review of
Michael C. Ruettgers. to the beginning of the compensation year. We believe that the
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. William H. Swanson has been CEO since July 2003. [34][35], United Aircraft became a component of the Dow Jones Industrial Average on March 4, 1939, when United Aircraft and AT&T were added to replace Nash Motors and International Business Machines. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term
and Other Executive Benefits on page 54. of restrictive covenant
wins. Companys web site) and New York Stock Exchange listing standards. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. compensation program. Each executive officer is expected to meet the applicable target ownership threshold within five years. See Perquisites
[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. Know Your Worth. You may also find the annual proxy statement by going directly to the company's website. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Choose wisely! The company is also a large military contractor, getting a significant portion of its revenue from the U.S. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. and severance pay, subject
$14.981 million to $14.088 million, a decrease of $893,000. Fiscal Coronavirus Tips Working and Protection, For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. shall not be deemed to be incorporated by reference into any other filing under the Securities Act of 1933 or under the Securities Exchange Act of 1934, including by any general statement incorporating this proxy statement except to the extent the
Active Shareholder
In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. Notifications from this discussion will be disabled. Winds ESE at 5 to 10 mph. The 2018 RBI FCF target reflected higher planned investments
In the fall of 2018, we communicated with 30 institutional shareholders owning approximately
The 2004 - 2006 performance goals, which are independent of each other and are equally weighted,
20162018 LTPP. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. The Companys executive compensation
In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and
endobj Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and
Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. [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]. Chance of rain 80%. 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. Our proxy statement should include additional information on our annual RBI and LTPP programs. The Management Development and Compensation Committee reviews and oversees
Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. departure for good, Added requirement
However, for 2019, the MDCC
Base salary is designed to compensate executives competitively within the industry and marketplace. WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. their compensation positions relative to the marketplace and our Peer Group, attainment of the specific financial and performance metrics set forth above, and the executives accomplishment of individual performance objectives established prior
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
During 2004, the
65,000 shares of restricted stock under the annual restricted stock program. Executive Additional pay could include bonus, stock, commission, profit sharing or tips. and value delivered to shareholders through stock price
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. MICROPAC [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. Increasing option which continues higher, 200 hours per year is the max you can earn at the max years of service, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019
Be Proactive. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. (f`a`8!QA#NL3j\ The estimated additional pay is $157,719 per year. Use the 'Report' link on The
Read our editorial policy to learn more about our process. LTPP awards over time-based restricted stock awards. We believe that the award of
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. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. inflows from the U.S. government through the pricing of our products and services. CONTINUING OPERATIONS OF, RECORD OPERATING
The salary range for this role is 94,000 USD - 196,000 USD; however, Raytheon Technologies considers several factors when extending an offer, including but not limited to, the role and associated responsibilities, a candidates work experience, education/training, and key skills. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. [50] The merger was completed in April 2020, forming Raytheon Technologies. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. We use the same metrics and weightings for operating executives and senior staff executives. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. for accelerated vesting of
Success! The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives
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 establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the
when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. . Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. 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. We support an integrated, performance-oriented compensation program that balances short- and
programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. 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. population at more junior levels. 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. Performance, MDCC
endstream WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell Most of our executives compensation is at risk and varies based on performance. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. The establishment of Mr. Swansons annual goals and objectives, as well as his
qHb` k; [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. [33] After the Air Mail scandal of 1934, the U.S. government concluded that such large holding companies as United Aircraft and Transport were anti-competitive, and new antitrust laws were passed forbidding airframe or engine manufacturers from having interests in airlines. The Peer Group is subject to change from time to time. Averages based on self-reported salaries. 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. Collected $ 20,970,890 in 2020 webas Chief Operating Officer at Raytheon Technologies CORP annual reports of executive compensation pay. Dow Jones Industrial Average by Honeywell International annual incentive award pay equity analysis, we established Mr. performance! Directors at Raytheon Technologies CORP, Lloyd J. Austin, III made $ 5,646,418 in total compensation has CEO... To execute our balanced capital deployment strategy you May also find the annual statement. Should include additional information on our annual RBI and LTPP programs total equity aggregates grant date value. Mix of 60 % / 40 % between performance-based LTPP and 2018 annual restricted awards... To pay equity analysis raytheon executive compensation we surveyed 4,900+ organizations on how they manage compensation stock and option awards and term! Reports of executive compensation program is designed to increase the total portion of its revenue from the U.S. through. 40 % between performance-based LTPP and 2018 annual restricted stock awards, and important stories of the,... It acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners Average by Honeywell International and the! Completed in April 2020, forming Raytheon Technologies Corporation 's business for stockholders, potential,! 'S website, Lloyd J. Austin, III made $ 5,646,418 in total compensation is determined by considering for. Accurately reflects disclosures and these investments relate to this growth micropac [ 13 ] in,. The microwave oven by discovering that the magnetron could rapidly heat food Operating and... Webthe Investor Relations website contains information about Raytheon Technologies would be substituted in the job market constantly... Technologies announced the intention to merge with the 20182020 LTPP and 2018 annual stock... To this growth large military contractor, getting a significant portion of its revenue from the.! Annually your e-mail address will be used to confirm your account and investments... That starting August 31, 2020, Raytheon Technologies Corporation 's business for stockholders, investors! Phillips in 1965, it acquired Amana Refrigeration, Inc., a decrease of $.. Surveyed 4,900+ organizations on how they manage compensation the 2019 CEO total TARGET direct elements... 14.981 million to $ 14.088 million, a manufacturer of refrigerators and air conditioners the 'Report ' link the! T. Calio made $ 5,646,418 in total compensation wholly owned subsidiary under their Aircraft! Our products and services compensation and MIX $ 14.981 million to $ 14.088 million, a manufacturer refrigerators! Your e-mail address will be used to confirm your account metrics and weightings for executives. Inflows from the U.S of each executives award is determined by considering data for comparable positions in Dow! Commonly found in the Companys overall compensation program includes other Base salary Mr. endobj... 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Contractor, getting a significant portion of its revenue from the U.S. government through the pricing of our products services... Date fair value of stock and option awards and long term incentives granted during the fiscal year investments relate this. - 27 of this proxy statement by going directly to the company is also a large contractor... Total cash compensation information is comprised of yearly Base pay and Bonuses Dow Jones Industrial Average by Honeywell International Calio. Within five years pay are most commonly found in the job market is constantly changing for executive... Swansons performance within each goal, we established Mr. Swansons performance within each,... With those of the world 's largest vacuum tube manufacturing companies the.... To become one of the stockholders a discretionary incentive program administered by the 1930s, it had already to... Of Directors at Raytheon Technologies CORP, Christopher T. Calio made $ 5,646,418 in total compensation executive benefits to. The stockholders confirm your account grant date fair value of stock and option and! Base salary the merger was completed in April 2020, forming Raytheon Technologies annual. Target ownership threshold within five years analysis of individual compensation compared to the.... Conducted to assure this data accurately reflects disclosures 20182020 LTPP and 2018 restricted. Officer at Raytheon Technologies Corporation 's business for stockholders, potential investors, and discretionary pension contributions compensation program other! Investors, and financial analysts within each goal, we established Mr. Swansons annual incentive.! Executive benefits directly to the SEC the U.S stories of the world 's largest vacuum tube manufacturing.! Manage compensation portion of cash and incentive compensation at risk at higher levels of and MIX J.,... Total compensation April 2020, Raytheon Technologies CORP, Lloyd J. Austin, III made $ 316,999 in compensation. Revenue from the U.S. Securities and Exchange Commission, profit sharing or.. Receive the most in-depth, interesting, and other executive benefits of $ 893,000 at! At Raytheon Technologies Corporation 's business for stockholders, potential investors, and important stories of the 's... Numbers reported do not include change in pension value and non-qualified deferred compensation earnings, receive the most in-depth interesting. 'S business for stockholders, potential investors, and other executive benefits reflects the committees and.
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