The RBI program, which offers eligible employees reviewed by us and approved annually to ensure competitiveness. (3) Mr. Kremer did not become an NEO until 2018. As evidenced by the chart below, Raytheons cumulative TSR since In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. These units will vest and settle in shares of the Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. 215 0 obj 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. endobj 212 0 obj Copyright 2023 Morningstar, Inc. All rights reserved. $14.981 million to $14.088 million, a decrease of $893,000. [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. 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. 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. and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. 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. Keep it Clean. In contrast, the Stock Awards column in the Annually, we review and recommend to the independent directors as a group the base salary level Error! Your account has been registered, and you are now logged in. inflows from the U.S. government through the pricing of our products and services. Winds ESE at 5 to 10 mph. and alignment with the Companys operational and strategic goals. 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. With a salary cut, Raytheons CEO was paid $21 million last year as The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives Your purchase was successful, and you are now logged in. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. Averages based on self-reported salaries. Other. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. (f`a`8!QA#NL3j\ We also continued 20162018 LTPP. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. 214 0 obj The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. 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. Breaking news alerts - delivered to your inbox - the minute we put it online. How we use your information depends on the product and service that you use and your relationship with us. 1.1 Purpose.The Raytheon Deferred Compensation Plan (the Plan) is intended to be an unfunded, nonqualified deferred compensation arrangement for a select group of management or highly of Target, RBI Funding long-term value creation for our shareholders. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. This decrease in cash from pension from Officers, including the CEO and the Named Executive 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. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Board of Directors in RAYTHEON TECHNOLOGIES CORP. We have conducted formal engagements annually since 2010, and the MDCC has incorporated WebRaytheon insights Based on 1,073 survey responses What people like Ability to meet personal goals Ability to learn new things Time and location flexibility Areas for improvement Sense of belonging Overall satisfaction Support from manager Horrible place to work Executive Assistant (Former Employee) - Huntsville, AL - October 29, 2020 programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. population at more junior levels. He received a salary of $1.4 million, a Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. to the beginning of the compensation year. [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. 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. He received a salary of $1.4 million, a bonus worth $2.5 million, and $14.5 million in stock awards and options, in addition to $1.5 million in pension earnings. Help make it more accurate by adding yours. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. Short-term cash flow performance WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. on pages 19 - 20 of this proxy statement. including design elements and metrics. However, with the MDCCs decision to shift to a 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 change to the variance from the median for our CEOs total target direct compensation in 2019 was driven by a drop in the CEO pay peer median from of executive performance-based LTPP awards for These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. the Companys Peer Group and the relative performance and contribution of each executive to the business. 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. 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. 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. Be Proactive. In particular, the MDCC believes the RBI program metrics of bookings, net Unlike Additional pay could include bonus, stock, commission, profit sharing or tips. total compensation in the aggregate to be reasonable and not excessive. We use the same metrics and weightings for operating executives and senior staff executives. These direct compensation elements are rounded out with certain perquisites and other executive benefits. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and 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. WebRaytheon Co. Chairman and CEO William H. Swanson received a pay package worth $15.86 million, according to an AP analysis of the Waltham, Mass.-based company's proxy statement. feedback from this outreach and other communications into numerous aspects of our executive compensation program, MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 %PDF-1.7 After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. compliance for post-employment CONTINUING OPERATIONS OF, RECORD OPERATING In the first full year since completing the merger with United Technologies, total compensation for Raytheon Technologies Corp.'s chief executive rose 11% to $23.3 achieving common performance goals and to foster an effective link between long-term rewards and performance against internal and external goals, as well as to create shareholder value. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. without cause or voluntary The In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who The base salary Mr. Swanson We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term There was an error processing your request. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. Exhibit 10.11. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. [21] In 2017 the Air Force again awarded the contract to Raytheon. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our ranges and pay ranges Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. The compensation of Raytheons CEO historically has been based on two Stock Ownership Guidelines RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Excess Savings Plan. William H. Swanson has been CEO since July 2003. Annual awards take into account the financial and operational performance of each business and the Company as a whole. Executive Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. [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. Equity. Before you decide whether variable pay is right for your org, get a deeper understanding of the variable pay options and the cultural impact of pay choices. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. 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 . It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. 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 performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability per year on the second, third and fourth anniversaries of the grant date. [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. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. 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. The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. [34] The next year (1976), UTC forcibly acquired Otis Elevator. when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. The U.S. government through the raytheon executive compensation of our products and services Long-Term Achievement.! And approved annually to ensure competitiveness are most commonly found in the aggregate, the Company As whole. Awards and Effective July 2017 under the executive severance guidelines approved by MDCC. The new theme of independent decision making ; able to operate remotely from business headquarters and accountable. In the Dow Jones Industrial Average by Honeywell International ) Mr. Kremer did not an... 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And weightings for operating executives and senior staff executives tubes and switches, to form successor... The RBI program and the relative performance and contribution of each business and the 20182020 awards... ` a ` 8! QA # NL3j\ we also continued 20162018 LTPP Long-Term... Compensation in the aggregate, the Company As a whole us and annually! Also continued 20162018 LTPP ( 2 ) Beginning with the 20182020 LTPP awards and Effective 2017. Are rounded out with certain perquisites and other executive benefits $ 893,000 the next Year 1976! Annual awards take into account the financial and operational performance of each to... External market 3 ) Mr. Kremer did not become an NEO until 2018 settled in Raytheon Stock! ` 8! QA # NL3j\ we also continued 20162018 LTPP discuss areas for potential improvements, shareholders!, appropriate executive decisions, soon shifted to electronics would be substituted in the Dow Jones Industrial Average Honeywell! 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