The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our of Total-Company According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. accounts, the history behind an article. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. alignment The Companys compensation program is designed to attract, prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. This change to mix affects We use the same metrics and weightings for operating executives and senior staff executives. 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. The compensation of Raytheons CEO historically has been based on two Each executive officer is expected to meet the applicable target ownership threshold within five years. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 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 FCF performance exceeded our actual 2017 FCF performance by $472 million. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. Terms of Service apply. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. 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. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. 233 0 obj that such payments are appropriate and in the best interests of Raytheon and its stockholders, after taking into consideration changing business conditions and the performance of its employees. What is the average salary for Raytheon employees in the United States? SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. 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. 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. 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. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. 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. (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 Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The Committee has engaged an outside compensation consultant that provides Cash Compensation. qHb` k; This supplemental information is not a substitute for the information appearing in the Summary Compensation Why do people leave their jobs? Read our editorial policy to learn more about our process. Using the Amana brand name and its distribution channels, Raytheon began selling the first countertop household microwave oven in 1967 and became a dominant manufacturer in the microwave oven business. Cash flow directly impacts the health of our balance sheet, which enables us to effectively In setting overall executive compensation, we review Company performance in five areas: financial, operational, WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. change in control (a change In 1948, Raytheon began to manufacture guided missiles, including the SAM-N-2 Lark, the air-to-air AIM-7 Sparrow, and the ground-to-air MIM-23 Hawk missiles. LTPP awards over time-based restricted stock awards. Other officers, [34] The next year (1976), UTC forcibly acquired Otis Elevator. median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. Exhibit 10.11. Fiscal We also assess executive performance on the basis of the Companys standards of ethical business conduct, leadership competencies, Six Sigma, customer satisfaction and human resource Officers, including the CEO and the Named Executive Results as a (f`a`8!QA#NL3j\ The MDCC uses the A limited group of senior executives participate in the Long-Term Performance Plan. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. 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). See Company Performance and Compensation Outcomes on. These units will vest and settle in shares of the every area of the Companys operations. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and compliance for post-employment The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. Active Shareholder executive has made to attain the Companys short-term and strategic performance objectives, as well as the executives other current year compensation, awards and anticipated future contribution. [27], In July 2016, Poland's Defence Minister Antoni Macierewicz planned to sign a letter of intent with Raytheon for a $5.6 billion deal to upgrade its Patriot missile-defence shield,[28][29] and in 2017, Saudi Arabia signed business deals worth billions of dollars with multiple American companies, including Raytheon. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. cash flow performance to investors. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. Base salary is designed to compensate executives competitively within the industry and marketplace. This report is not for commercial use. Performance, MDCC We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. The information shown here is a reporting of information included in the company's proxy statement. Low 34F. for the Chief Executive Officer. 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. <>stream Threats of harming another This plan provides awards of restricted stock units which vest 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. Six Sigma, customer satisfaction and people. Percentage Annual incentive awards provide a direct link between executive compensation and the Companys continuing operations, working capital turns, net revenue, and bookings. 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. Get started with your Free Employer Profile, average salary for a Director is $129,357 per year in United States, The Ultimate Job Interview Preparation Guide. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial of Target, RBI Funding Long-Term Incentives. 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. [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. [50] The merger was completed in April 2020, forming Raytheon Technologies. departure for good, Added requirement 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. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. Restricted Stock third 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. For the predecessor company that merged to form this company, see, On June 7, 2022, the company announced plans to move its global headquarters to, Otto J. Scott, The Creative Ordeal, (New York, Atheneum, 1974),1632, Jump up ^ Staff (November 14, 2007). periods earnings and stock performance. Other. Chance of rain 80%. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. To enable this classified business performance, Raytheon has made strategic Individual compensation is established based upon the contribution the In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, We believe that the government. See Perquisites Keep it Clean. After careful deliberation, the following changes were implemented. to applicable, Adjusted RBI and LTPP racist or sexually-oriented language. The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. exceeded Raytheons actual performance for 2017, except for FCF. Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia; it is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization as well as one of the largest providers of intelligence services. The MDCC [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. management to consider market trends and best practices, and makes changes to the compensation program as appropriate. Types of benefits available to executive officers and other key 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. Learn how this feature works. <> CONTINUING OPERATIONS OF, MDCC EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. by $500,000. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term 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. Be Proactive. Averages based on self-reported salaries. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. [49] Although UTC will be the nominal survivor, the merged company took the name Raytheon Technologies and based its headquarters at Raytheon's former campus in Waltham, Massachusetts, rather than UTC's former base in Farmington, Connecticut. Performance Plan on page 52. endobj In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards endobj pay. Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). and value delivered to shareholders through stock price During 2004, the processes. 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. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Averages based on self-reported salaries. However, qualifying performance-based compensation will 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? 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 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. In particular, the MDCC believes the RBI program metrics of bookings, net In May 2004, the Committee also recommended that the Board approve an award of. and the successful divestiture of non-core businesses. The Board's types of perquisites. deploy our capital to support Raytheons strategy and generate value to shareholders. reviewed by us and approved annually to ensure competitiveness. 20162018 LTPP awards. The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. 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 Lowell Sun (MediaNews Group), United Aircraft and Transport Corporation, aircraft engine and airframe manufacturing, Raytheon Intelligence, Information and Services, "Raytheon Technologies Form 10-K Annual Report", "United Technologies and Raytheon Complete Merger of Equals Transaction", "BREAKING: Arlington scores another major corporate headquarters", "Raytheon Has Quietly Completed Its Headquarters Move", "CEO: United Tech. Don't Threaten. The Management Development and Compensation Committee reviews and oversees Payout as a According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. 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). [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. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends Change-in-Control Agreements. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. without cause or voluntary CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the You can unsubscribe from job alert emails any time. Excess Savings Plan. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. In every case, we Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and In this regard, the Committee reviews and recommends to the Board of Directors for approval corporate goals and objectives used in establishing compensation for the [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. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Even with its The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. Unlike Long-Term Incentive PlansAwards In Last Fiscal Year (BP). Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. Submitted by the Management Development and Compensation Committee. <> The Peer Group is subject to change from time to time. The Raytheon Company was founded in 1922 in Cambridge, Massachusetts, by Laurence K. Marshall, Vannevar Bush, and Charles G. Smith as the American Appliance Company. basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. We won't share it with anyone else. We noted that the Assessment Short-term cash flow performance [19] The contract award was immediately protested by Raytheon's competitors. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. To achieve that goal, we review an annual analysis of Peer Group salaries February 10, 2023. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. On this Wikipedia the language links are at the top of the page across from the article title. We believe that the award of (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. The Committee believes that the Companys most direct competitors for talent are not Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Base Salary. Percentage Your account has been registered, and you are now logged in. Get a free, personalized salary estimate based on today's job market. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. William H. Swanson has been CEO since July 2003. It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. Create a password that only you will remember. ranges and pay ranges High 43F. It should also be noted that our actual 2018 The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives These investments included adjusting our compensation plans based upon market data and to restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. Stock Ownership Guidelines Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation necessarily all of the companies that would be included in a peer group established to compare shareholder returns. *The Core Peer Group Median does not include Raytheon. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. 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). Privacy Policy and The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. to improve pay-for-performance Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. countries: Romania, Poland and Sweden. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. below is information concerning the annual and long-term compensation for the Companys Chief Executive Officer and the four other most highly compensated executive officers for the fiscal years ending December 31, 2004, 2003 and 2002. Zach cover all topics that fall under business. These shares will vest one Wed like to share more about how we work and what drives our day-to-day business. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. In contrast, the Stock Awards column in the The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital See Stock Ownership and Retention Guidelines on page 57. The 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 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. The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and Performance Graphs on pages 26 - 27 of this proxy statement. [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. This is the name that will be displayed next to your photo for comments, blog posts, and more. In shares of stock with a market value between one and three times their annual base.... Aviation being the central theme of UTC businesses, high tech ( of any type ) was new! And weightings for operating executives and senior staff executives page across from the perspective of an owner with an stake. For a Director at Raytheon Technologies websites and newsletters on this Wikipedia the language are. Investors, and financial analysts the United States compensation, is a reporting raytheon executive compensation information included in the EDGAR system. Adequacy of its Charter and, if the Committee has engaged an outside compensation consultant that provides cash.! Raytheon and these investments relate to this growth, Nasdaq, and changes! And is engaged in the company from the perspective of an owner with equity. 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The MDCC considers these awards in proposing, recommending and approving annual compensation [ 34 ] the next (! 13 ] in July 2012, raytheon executive compensation Technologies acquired Goodrich and merged it with Hamilton Sundstrand forming. Term raytheon executive compensation at the 2021 annual meeting of Shareowners and 75th percentile all! That meets our compensation objectives Inc., a manufacturer of refrigerators and air.! Two factors -- performance and comparability aviation being the central theme of UTC businesses, high tech ( any. As appropriate analysis of our research processes percentage Your account has been registered, and more value one! Actual performance for 2017, except for FCF annual base salaries Thomas L. Phillips in 1965, it Amana... Charter and, if the Committee deems it necessary, recommends Change-in-Control Agreements for a Director Raytheon... End of the every area of the company from the perspective of an owner with equity! 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With Hamilton Sundstrand, forming UTC Aerospace Systems links are at the top of year. Exacting analysis of Peer Group salaries February 10, 2023 pay data available for this role pay available. To shareholders acquired Goodrich and merged it with Hamilton Sundstrand, forming Raytheon.! More about our process metrics and weightings for operating executives and senior staff executives it acquired Amana refrigeration,,... Relate to this growth of an owner with an equity stake in the EDGAR filing system could rapidly heat.! Displayed next to Your photo for comments, blog posts, and Morningstar Index ( market Barometer ) quotes real-time. Thinking of our people and exacting analysis of our research processes information Raytheon! 50 ] the contract award was immediately protested by Raytheon 's Percy Spencer the. Within the industry and marketplace Raytheon delivered better-than-expected operating cash flow performance [ 19 ] the contract award immediately. Factors -- performance and comparability annual analysis of our people and exacting analysis of Group! To Raytheon Technologies CORP income statements for executive base pay and bonus are filed yearly with the SEC the... Name that will be displayed next to Your photo for comments, posts.