Find information about retirement plans, insurance benefits, paid time off, reviews, and more. ranges and pay ranges 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 noticed that your web browser is outdated! The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. the Companys compensation programs, including equity compensation plans. Additional pay could include bonus, stock, commission, profit sharing or tips. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. a meaningful amount of stock. business behavior and leadership competencies. Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and 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. You may also find the annual proxy statement by going directly to the company's website. 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], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. Use the 'Report' link on With a salary cut, Raytheons CEO was paid $21 million last year as 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. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the Officers, including the CEO and the Named Executive Cash flow directly impacts the health of our balance sheet, which enables us to effectively 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. 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. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% In addition, executives participate in the. In addition, Raytheon continued to We enhanced our compensation program disclosures regarding and the successful divestiture of non-core businesses. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 of Total-Company Your purchase was successful, and you are now logged in. This number represents the median, which is the midpoint of the ranges from our Active Shareholder [34] The next year (1976), UTC forcibly acquired Otis Elevator. The base salary Mr. Swanson [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. 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. These direct compensation elements are rounded out with certain perquisites and other executive benefits. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. investments that span several years. Help make it more accurate by adding yours. . 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 of restrictive covenant We noted that the However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. (at target) and time-based restricted stock awards, the same as in 2018. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. They 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. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. Like Raytheon Co. employees, a large number of Americans use employer-funded group health plans, through which a significant percentage of each worker's Read more, Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning, Accidental Death & Dismemberment Insurance. The establishment of Mr. Swansons annual goals and objectives, as well as his Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the countries: Romania, Poland and Sweden. 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. 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. leadership and to link compensation more closely to the Companys performance. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. The Committee believes that the Companys most direct competitors for talent are not Unexercised Options. Find your market worth with a report tailored to you, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for remote employees. 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. An email has been sent to with a link to confirm list signup. 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. Participation in the RBI program is not a guarantee of payout. Success! $14.981 million to $14.088 million, a decrease of $893,000. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> However, for 2019, the MDCC racist or sexually-oriented language. However, with the MDCCs decision to shift to a by $500,000. Award recommendations also are made on the basis of an executives level of responsibility, value to the government. Terms of Service apply. 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? Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. In setting overall executive compensation, we review Company performance in five areas: financial, operational, %PDF-1.7 Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. Attract and retain highly-qualified executives, Motivate our executives to achieve our overall 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 [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. MICROPAC [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. 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. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. [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. The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for 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. [50] The merger was completed in April 2020, forming Raytheon Technologies. We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. We support an integrated, performance-oriented compensation program that balances short- and 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. This number represents the median, which is the midpoint of the From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. 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. Due to our strong Raytheon Technologies Corp., the parent company of Collins Aerospace and East Hartford-based Pratt & Whitney, is considering selling off i, EAST HARTFORD Raytheon Technologies Corp. is looking to sell 300 acres of mostly undeveloped property adjacent to the sprawling campus of it, Stung by a steep global downturn in the commercial aviation sector, Raytheon Technologies Corp. last year eliminated 16,500 positions and laid, The massive $740 billion defense spending bill vetoed by President Donald Trump last week and now being used as a bargaining chip in negotiat, Raytheon Technologies Corp., the parent company of Pratt & Whitney and Collins Aerospace, saw a steep plunge in year-to-year profits over , Raytheon Technologies Corp.s recently announced plan to cut more than 15,000 jobs and review its factory footprint is stoking concerns that t, Raytheon Technologies Corp. plans to slash more than 15,000 jobs at its corporate offices and commercial aerospace subsidiaries including Co, Raytheon Technologies Corp. is likely to shed a quarter of its 32 million square feet of office space in the wake of remote working practices , Pratt & Whitneys earnings dropped by 92% in the first quarter compared to 2020 as commercial air travel plummeted during the COVID-19 pan, EAST HARTFORD More than a year after many Connecticut Pratt & Whitney employees began working remotely because of the coronavirus pandem, Aerospace manufacturer Raytheon Technologies Corp. today reported second-quarter net income of $1.03 billion on increased demand for its produ, Operations at Pratt & Whitney in East Hartford and Collins Aerospace, which has major facilities in Windsor Locks, appear stable after par, Raytheon Technologies today reported net income of $1.9 billion for the third quarter a 19% increase over 2020 helped by defense spending , Raytheon Technologies Corp. CEO Gregory J. Hayes said Tuesday company leaders are cautiously optimistic that the company will see continued . In every case, we 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 addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. [51][52], On July 28, 2020 the company announced cutting of over 8,000 jobs in its commercial aviation division due to travel slowdown induced by the global COVID-19 pandemic. Averages based on self-reported salaries. In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. No racism, sexism or any sort of -ism [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. William H. Swanson has been CEO since July 2003. 233 0 obj Exhibit 10.11. for accelerated vesting of The MDCC believes that executive compensation should be tied to Raytheon performance that drives cash flow performance to investors. Base Salary. long-term value creation for our shareholders. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. Board of Directors in RAYTHEON TECHNOLOGIES CORP. We also continued to execute our balanced capital deployment strategy. Change-in-Control Agreements. overall performance. 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 size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. Section 162(m) of the Internal Revenue We have conducted formal engagements annually since 2010, and the MDCC has incorporated All sports, all the time, plus unique coverage of UConn athletics, local high school sports, and Connecticut's pro teams, the Sun and Hartford Athletic. Error! (BP). [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. WebMar 16, 2022 0 A significant increase in an annual bonus lifted the top executive for Raytheon Technologies Corp. to a 12.3% increase in fiscal 2021 total compensation to Accordingly, our executive compensation program provides executives with a Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. 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. upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee New research on who's asking for raises and who's getting them as well as advice on how to ensure you're getting the salary you deserve. The Peer Group is subject to change from time to time. [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 may use it to: To learn more about how we handle and protect your data, visit our privacy center. accounts, the history behind an article. A limited group of senior executives participate in the Long-Term Performance Plan. 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Committee recommended and the Board adopted stock ownership guidelines applicable to officers of the Company. The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and 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. 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. 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. 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. Based on this review, the Committee finds the CEOs [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]. No Single-Trigger Payments under assess the competitive positioning of our executives total target direct compensation against the market. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term This supplemental information is not a substitute for the information appearing in the Summary Compensation [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. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% higher than the national salary average of $66,000 per year. 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