raytheon executive compensation

restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. <> (including non-competition Job Similar to the process described above used in making annual base salary recommendations and RBI awards, restricted stock awards are based in part upon Peer Group data compiled by our outside compensation consultant. reviewed by us and approved annually to ensure competitiveness. 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. 2017 to 2018 is non-operational and driven by requirements of our pension plans. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term PLEASE TURN OFF YOUR CAPS LOCK. William H. Swanson has been CEO since July 2003. We won't share it with anyone else. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. (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. Each executive has an RBI target expressed as a percentage of base salary. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. The 2004 - 2006 performance goals, which are independent of each other and are equally weighted, We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. No Excise Tax Gross-Ups or Perquisites under UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. respect to these executive officers. Get an email notification whenever someone contributes to the discussion. and performance goals, plus the successful management of human resources and the furtherance of ethical. backlog. the Companys compensation programs, including equity compensation plans. Additional pay could include bonus, stock, commission, profit sharing or tips. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. Annual incentive awards provide a direct link between executive compensation and the Companys 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. We also continued When establishing base rates of pay for executives, we consider marketplace data for comparable positions within depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. In particular, the MDCC believes the RBI program metrics of bookings, net Each executive officer is expected to meet the applicable target ownership threshold within five years. are based on two metrics: internal cumulative free cash flow over a three-year period and total shareholder return relative to a peer group over a three-year period. WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. Threats of harming another WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. [19] The contract award was immediately protested by Raytheon's competitors. The 2018 RBI FCF target reflected higher planned investments Percentage stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. that is degrading to another person. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. In a Jan. 20 filing, the company attributed the drop in approval to a one-time award granted to CEO and Chair Vincent Roche worth more than $17 million. inflows from the U.S. government through the pricing of our products and services. 20162018 LTPP awards. growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term The Companys executive compensation This is the name that will be displayed next to your photo for comments, blog posts, and more. 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 The Committee believes that the Companys most direct competitors for talent are not To achieve that goal, we review an annual analysis of Peer Group salaries Outreach and Response. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Error! Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. Be Truthful. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. Long-Term Incentives. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. processes. Averages based on self-reported salaries. 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). We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. <>stream The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified customer demand) and production awards. Provide specific products and services to you, such as portfolio management or data aggregation. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. %PDF-1.7 RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. Winds ESE at 5 to 10 mph. It should also be noted that our actual 2018 [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. We sell different types of products and services to both investment professionals and individual investors. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the feedback from this outreach and other communications into numerous aspects of our executive compensation program, [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. endobj [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. 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 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. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. [34] The next year (1976), UTC forcibly acquired Otis Elevator. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. Unexercised Options. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately Director Candidate Consideration and Board Refreshment, Director Orientation, Development and Education, Political Contributions and Lobbying Expenditures Disclosure, The Board of Directors and Board Committees, Management Development and Compensation Committee, Public Policy and Corporate Responsibility Committee, Compensation Committee Interlocks and Insider Participation, Proposal 2: Advisory Vote to Approve Named Executive Officer Compensation, Proposal 3: Approval of the Raytheon 2019 Stock Plan, Determination of Share Reserve Under the 2019 Stock Plan, Current Overview of Outstanding Equity Awards, Securities Authorized for Issuance Under Equity Compensation Plans, Proposal 4: Ratification of Appointment of PricewaterhouseCoopers LLP, Independent Auditors: Audit and Non-Audit Fees, Determination and Assessment of Non-Employee Director Compensation, Director Stock Ownership and Retention Guidelines, Policy Against Certain Raytheon Stock Transactions, Section 16(a) Beneficial Ownership Reporting Compliance, Multiple Copies of Annual Report to Shareholders, Important Notice Regarding the Availability of Proxy Materials, Electronic Availability of Proxy Statement and Annual Report, FULL-YEAR EPS FROM [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new 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. In 2003, UTC entered the fire and security business by purchasing Chubb Security. 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. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. 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. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. In addition, executives participate in the. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. (3) Mr. Kremer did not become an NEO until 2018. However, qualifying performance-based compensation will compliance for post-employment Low 34F. Accordingly, our executive compensation program provides executives with a to applicable, Adjusted RBI and LTPP Don't Threaten. person will not be tolerated. racist or sexually-oriented language. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. Keep it Clean. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. 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. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash Performance Graphs on pages 26 - 27 of this proxy statement. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. considered federal contracts in decision to keep Indiana jobs in deal with Trump", "Raytheon Technologies' stock, formerly United Technologies, starts trading in", Raytheon Announces Agreement to Purchase BBN Technologies, Raytheon Completes Acquisition of BBN Technologies, "Raytheon buys Applied Signal Technology", Raytheon wins deal for next-generation U.S. Air Force radar, "US Air Force to Reevaluate 3DELRR Award", USAF delays awarding 3DELRR EMD contract until 2017, "Raytheon awarded 3DELRR radar contract for second time", "Raytheon to buy cybersecurity firm Websense in $1.9 billion deal", "Raytheon-Websense joint cyber venture changes name to Forcepoint", "Raytheon broadens cyber capabilities with acquisition of Foreground Security", "Raytheon Paid $62M for Foreground Security", "Raytheon|Websense acquires Stonesoft from Intel Security, renames combined company Forcepoint", "Poland moves towards multi-billion-euro Patriot missile deal", Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms: sources, Raytheon Arm Wins $302M Deal to Boost Saudi Arabia's Defense, "Raytheon completes first antenna for US Army's new missile defense radar", "Salesforce, Amgen and Honeywell added to Dow in major shake-up to the average", "Exxon Mobil, Pfizer removed from Dow Jones Industrial Average; Salesforce, Honeywell added", "Carrier Acquires Noresco to Expand Energy Solutions Capabilities", "United Technologies to acquire Goodrich in USD 18.4 bn deal", "United Technologies To Acquire Rockwell Collins For $30 Billion", "UTC completes $30B deal for Rockwell Collins, announces three-way split of company", "United Tech to Break Itself Into Three Companies", "United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares", "United Technologies Strikes Deal to Merge With Raytheon", "United Technologies says it's merging with defense contractor Raytheon and moving headquarters to Boston area from Connecticut", "Raytheon Technologies Corp. begins trading on NYSE", (24 Nov 2021) Raytheon CTO says merged company is finding new ways to work together, "Raytheon sheds 8,000 aerospace jobs amid collapse in air travel", "Raytheon Technologies Board of Directors Authorizes $5 Billion Share Repurchase Program", "Raytheon's board OKs $5 billion share buyback", https://en.wikipedia.org/w/index.php?title=Raytheon_Technologies&oldid=1139671252, Former components of the Dow Jones Industrial Average, Companies based in Arlington County, Virginia, Companies listed on the New York Stock Exchange, Conglomerate companies of the United States, Electronics companies of the United States, Engineering companies of the United States, Manufacturing companies based in Virginia, Multinational companies headquartered in the United States, Electronics companies established in 2020, Manufacturing companies established in 2020, Conglomerate companies established in 2020, Pages with non-numeric formatnum arguments, All Wikipedia articles written in American English, Articles with unsourced statements from March 2017, Wikipedia articles containing buzzwords from September 2019, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 February 2023, at 08:25. The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. Fiscal Develop and improve features of our offerings. . prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. These investments included adjusting our compensation plans based upon market data and to Raytheon Technologies enacted a hiring freeze last year in an attempt to control costs and subsequently instituted a 10% pay reduction for all salaried employees at Pratt & Whitney, Collins Aerospace, and the conglomerates corporate office. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. 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. In response to changes in the marketplace, restricted stock and Excess Savings Plan. 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. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term types of perquisites. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and performance. 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. 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. [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. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. Of this total $126,080 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who compensation program. Choose wisely! investments that span several years. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. third The Companys compensation program is designed to attract, long-term value creation for our shareholders. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 Further, we take into consideration external marketplace forces, as well as the attainment of both operational short-term and Company-wide long-term objectives that may not be reflected in the current Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). 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 Annual Incentive Award. Executive We also consider strategic acquisitions which complement and add value to the Companys core businesses, WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. 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. Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. *The Core Peer Group Median does not include Raytheon. Notifications from this discussion will be disabled. [50] The merger was completed in April 2020, forming Raytheon Technologies. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. equity awards following a You may also find the annual proxy statement by going directly to the company's website. The Management Development and Compensation Committee reviews and oversees Assessment restricted stock. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. and the successful divestiture of non-core businesses. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. wins. LTPP payouts Cash Compensation. Results as a After reaching an all-time high in April, Raytheon [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. WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. 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. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. shareholder value over the long term. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. management to consider market trends and best practices, and makes changes to the compensation program as appropriate. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased Know Your Worth. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. This number represents the median, which is the midpoint of the [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. Success! [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. We also took into consideration Mr. Swansons success in focusing on customer satisfaction and internal accountability as well as his efforts to place ethics and compliance as a high priority in Get a free, personalized salary estimate based on today's job market. 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. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. population at more junior levels. 20162018 LTPP. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. relative to our core peer group and the S&P 500 Index. overall performance. Help make it more accurate by adding yours. "Business Briefs". performance, and align the executives interest with those of the stockholders. Performance, MDCC performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. Terms of Service apply. He received a salary of $1.4 million, a necessarily all of the companies that would be included in a peer group established to compare shareholder returns. We assign an equal weight to each of these metrics. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. 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. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. However, for 2019, the MDCC Our proxy statement should include additional information on our annual RBI and LTPP programs. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. leaves the Company forfeits the restricted portion of the award. The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. In addition to funding strategic internal Verify your identity, personalize the content you receive, or create and administer your account. 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.
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