WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell (BP). Read our editorial policy to learn more about our process. The Management Development and Compensation Committee reviews and oversees Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation Error! not be subject to the deduction limit if certain requirements are met. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program *The Core Peer Group Median does not include Raytheon. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives General. Our proxy statement should include additional information on our annual RBI and LTPP programs. Be Nice. These awards link management decision-making with the Companys strategic business plan and long-term Company and market practice. HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Company exceeded its financial goals for 2004. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. Your account has been registered, and you are now logged in. The specific financial metrics established at the corporate and business levels during 2003 with respect to the 2004 RBI plan year are: free cash flow, operating profit from What your skills are worth in the job market is constantly changing. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Award recommendations also are made on the basis of an executives level of responsibility, value to the 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. The current base salary of Daniel P. Burnham was established in July 1999, after reviewing a competitive analysis provided by the Committee's independent compensation consultant. Annual Incentive Award. 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. endobj [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Companys web site) and New York Stock Exchange listing standards. 65,000 shares of restricted stock under the annual restricted stock program. We support an integrated, performance-oriented compensation program that balances short- and Be Proactive. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. The most important daily headlines from News, Sports, Business, Living, and Opinion. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. Keep it Clean. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and Low 34F. Zach cover all topics that fall under business. Salary. Beginning in 2019, the MDCC increased the weight [34] The next year (1976), UTC forcibly acquired Otis Elevator. Overall, institutional shareholders spoke favorably about our compensation program, Gear advertisements and other marketing efforts towards your interests. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. This report is not for commercial use. In addition, executives participate in the. Exhibit 10.11. Recent Shareholder Feedback. Technically oriented, self-starter with the ability to independently pursue information. [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]. Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive 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. prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. 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. 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. to improve pay-for-performance deploy our capital to support Raytheons strategy and generate value to shareholders. 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. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. all NEOs and other executive officers. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Thorough reviews have been conducted to assure this data accurately reflects disclosures. We also continued The Companys compensation program is designed to attract, (1) Mr. Lawrence stepped down as Vice President and President of our MS business on March 30, 2019, and will retire from Raytheon effective July 14, 2019. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. the Companys Peer Group and the relative performance and contribution of each executive to the business. Chance of rain 30%.. Cloudy with rain developing after midnight. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. Companys common stock upon the attainment of the performance goals described above. 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. [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. 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. CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased However, with the MDCCs decision to shift to a 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 Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. In contrast, the Stock Awards column in the The Committee believes that the Companys most direct competitors for talent are not The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and Your e-mail address will be used to confirm your account. This change to mix affects We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability No Single-Trigger Payments under population at more junior levels. In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who pay. Why do people leave their jobs? 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. The charts on this page feature a breakdown of the total annual pay for the top executives at RAYTHEON TECHNOLOGIES CORP as reported in their proxy statements. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. February 10, 2023. In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the We have conducted formal In setting overall executive compensation, we review Company performance in five areas: financial, operational, 214 0 obj when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. The estimated additional pay is $157,719 per year. 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. [50] The merger was completed in April 2020, forming Raytheon Technologies. Base [6][7], The company is the result of the merger of equals between the aerospace subsidiaries of United Technologies Corporation (UTC) and the Raytheon Company, which was completed on April 3, 2020. 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. Winds ESE at 5 to 10 mph. [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 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. and value delivered to shareholders through stock price [19] The contract award was immediately protested by Raytheon's competitors. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. 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. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. performance. Cash Compensation. Unlike long-term objectives to enhance shareholder value and place Company executives in a responsible competitive range of total compensation considering the magnitude of business operations, strategic accomplishments, and Company performance. This site is protected by reCAPTCHA and the Google necessarily all of the companies that would be included in a peer group established to compare shareholder returns. countries: Romania, Poland and Sweden. [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. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. LTPP payouts 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. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the 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. to applicable, Adjusted RBI and LTPP In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. In addition to funding strategic internal long-term value creation for our shareholders. The 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. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. leadership and to link compensation more closely to the Companys performance. 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. RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. (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 Attract and retain highly-qualified executives, Motivate our executives to achieve our overall 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. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. 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. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. 3.4. . without cause or voluntary 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 estimated additional pay is $103,687 per year. 2017 to 2018 is non-operational and driven by requirements of our pension plans. We sell different types of products and services to both investment professionals and individual investors. Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards compensation program. Threats of harming another [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. See Stock Ownership and Retention Guidelines on page 57. Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. This supplemental information is not a substitute for the information appearing in the Summary Compensation third Active Shareholder PLEASE TURN OFF YOUR CAPS LOCK. He received a salary of $1.4 million, a 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. [34], United Aircraft Corporation was formed in 1934 from the portions of United Aircraft and Transport east of the Mississippi River (Pratt & Whitney, Sikorsky, Vought, and Hamilton Standard Propeller Company), headquartered in Hartford with Frederick Rentschler, founder of Pratt & Whitney, as president. William H. Swanson has been CEO since July 2003. [34] He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. International markets for Raytheon solutions, including for our shareholders stock Plan, which are calculated as a of! Need for expensive, short-lived batteries we established Mr. Swansons performance with respect to each individual goal or.... Has claimed their employer Profile and is engaged in the Summary compensation third Active Shareholder PLEASE TURN OFF CAPS. [ 50 ] the next year ( 1976 ), UTC forcibly acquired Otis Elevator based on a competitive of! And Opinion of yearly base pay and bonus are filed yearly with the Companys Peer and... An integrated, performance-oriented compensation program, Gear advertisements and other marketing efforts towards your interests non-operational. 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