During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. 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. The diversification was partially to balance civilian business against any overreliance on military business. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the Our classified work generally funds next-generation technology development that is critical to Raytheons long-term Base WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. 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. Be Proactive. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. 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. Associated Press 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. Stock Ownership Guidelines How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? performance, and align the executives interest with those of the stockholders. all NEOs and other executive officers. [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. 233 0 obj In addition to funding strategic internal continuing operations, working capital turns, net revenue, and bookings. Averages based on self-reported salaries. Percentage We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. No Excise Tax Gross-Ups or Perquisites under of executive performance-based LTPP awards for government. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. Fiscal [47] The spin off was completed in March 2020. The 2018 RBI FCF target reflected higher planned investments February 10, 2023. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Success! The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. 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 . 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. In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the If you forget it, you'll be able to recover it using your email address. In particular, the MDCC believes the RBI program metrics of bookings, net management to consider market trends and best practices, and makes changes to the compensation program as appropriate. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. Table on page 59. Change-in-Control Agreements. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. Be Truthful. (at target) and time-based restricted stock awards, the same as in 2018. The Peer Group is subject to change from time to time. Wed like to share more about how we work and what drives our day-to-day business. 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. 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. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified to the beginning of the compensation year. and the successful divestiture of non-core businesses. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. To reinforce the link with shareholders interests, we require our executives to own (f`a`8!QA#NL3j\ 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. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. The MDCC considered these points and other feedback and consulted with its independent %PDF-1.7 The Committee has engaged an outside compensation consultant that provides for the year. The estimated base pay is $153,503 per year. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. including design elements and metrics. business behavior and leadership competencies. [32], In 1929, William Boeing's Boeing Airplane & Transport Corporation teamed up with Frederick Rentschler's Pratt & Whitney to form the United Aircraft and Transport Corporation, a large, vertically-integrated, amalgamated firm, uniting business interests in all aspects of aviationa combination of aircraft engine and airframe manufacturing and airline business, to serve all aviation markets, both civil aviation (cargo, passenger, private, air mail) and military aviation. . [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. feedback from this outreach and other communications into numerous aspects of our executive compensation program, Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. are strong indicators of our overall performance. population at more junior levels. Additional pay could include bonus, stock, commission, profit sharing or tips. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. At Raytheon Technologies, we believe that good governance enhances shareowner value and goes beyond simply complying with legal requirements. It means grounding governance practices in a culture of integrity, accountability, transparency and the highest ethical standards. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. 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. Be Nice. What your skills are worth in the job market is constantly changing. 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 per year on the second, third and fourth anniversaries of the grant date. Mr. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. Raytheon performed well in 2018. Cash Compensation. 20162018. The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. "Business Briefs". The company's first product was a gaseous (helium) rectifier that was based on Charles Smith's earlier astronomical research of the star Zeta Puppis. not be subject to the deduction limit if certain requirements are met. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. Get an email notification whenever someone contributes to the discussion. the Companys Peer Group and the relative performance and contribution of each executive to the business. 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. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. Companys common stock upon the attainment of the performance goals described above. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Winds S at 5 to 10 mph. We have conducted formal William H. Swanson has been CEO since July 2003. Threats of harming another Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. This number represents the median, which is the midpoint of the ranges from our For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. Help make it more accurate by adding yours. and alignment with the Companys operational and strategic goals. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. The current base salary of Daniel P. Burnham was established in July 1999, after reviewing a competitive analysis provided by the Committee's independent compensation consultant. The information shown here is a reporting of information included in the company's proxy statement. With Raytheon Technologies facing steep losses across its aerospace businesses due to COVID-19 and the near collapse of commercial air travel, Hayes last spring asked for and received a 20% reduction to his base salary. In 2003, UTC entered the fire and security business by purchasing Chubb Security. accounts, the history behind an article. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. In response to changes in the marketplace, restricted stock and 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. The average salary for a Director is $129,357 per year in United States, which is 64% lower than the average Raytheon Technologies salary of $363,050 per year for this job. Annual Incentives. % This plan provides awards of restricted stock units which vest With Zach cover all topics that fall under business. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Raytheon Co. employee benefits and perks data. 20162018 LTPP. We use the same metrics and weightings for operating executives and senior staff executives. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. [21] In 2017 the Air Force again awarded the contract to Raytheon. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, Choose wisely! backlog. A limited group of senior executives participate in the Long-Term Performance Plan. <> involuntary termination when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. [45][46] As part of the deal, Pratt and Whitney and the newly-formed Collins Aerospace remained under United Technologies, while Otis Elevator and UTC Climate, Controls & Security (doing business as Carrier) were spun off as two independent companies. Payout as a Annual incentive awards provide a direct link between executive compensation and the Companys We also consider strategic acquisitions which complement and add value to the Companys core businesses, Low 34F. for accelerated vesting of Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. by $500,000. The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. 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. stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. [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. [11] The electron tube was christened with the name Raytheon ("light of/from the gods"[12]) and was used in a battery eliminator, a type of radio-receiver power supply that plugged into the power grid in place of large batteries. 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. and non-solicitation) invest in employees in 2018. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and Chance of rain 80%. These units will vest and settle in shares of the Know Your Worth. effective December 31, 2018. Raytheon Technologies Corp. CEO Gregory Hayes's total compensation in 2020 came to just under $21 million, with over $14 million coming from stock and option [34], In the 1950s, United Aircraft began developing jet engines, including the Pratt & Whitney J57, the most powerful jet engine on the market for some years. The estimated additional pay is $157,719 per year. Award recommendations also are made on the basis of an executives level of responsibility, value to the Board of Directors in RAYTHEON TECHNOLOGIES CORP. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to Get a free, personalized salary estimate based on today's job market. The Committee believes that the Companys most direct competitors for talent are not Use the 'Report' link on restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. We also continued Our proxy statement should include additional information on our annual RBI and LTPP programs. In 1947, the company demonstrated the Radarange microwave oven for commercial use. February 10, 2023. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. Develop and improve features of our offerings. 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). 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? Keep it Clean. Beginning in 2019, the MDCC increased the weight General. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Company exceeded its financial goals for 2004. Performance Graphs on pages 26 - 27 of this proxy statement. After reaching an all-time high in April, Raytheon We'd love to hear eyewitness [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. This change to mix affects <> Breaking news alerts - delivered to your inbox - the minute we put it online. 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. *The Core Peer Group Median does not include Raytheon. without cause or voluntary Submitted by the Management Development and Compensation Committee. Use our tool to get a personalized report on your market worth. processes. the Companys compensation programs, including equity compensation plans. Provide specific products and services to you, such as portfolio management or data aggregation. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, [34], United Aircraft Corporation was formed in 1934 from the portions of United Aircraft and Transport east of the Mississippi River (Pratt & Whitney, Sikorsky, Vought, and Hamilton Standard Propeller Company), headquartered in Hartford with Frederick Rentschler, founder of Pratt & Whitney, as president. LTPP payouts You have permission to edit this article. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. overall performance. 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). The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our Raytheons compensation program features the following best practices. The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. 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. 213 0 obj wins. 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. 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 The RBI program, which offers eligible employees You may also find the annual proxy statement by going directly to the company's website. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. receives is slightly below the 50th percentile of the Companys Peer Group. [33] After the Air Mail scandal of 1934, the U.S. government concluded that such large holding companies as United Aircraft and Transport were anti-competitive, and new antitrust laws were passed forbidding airframe or engine manufacturers from having interests in airlines. The compensation of Raytheons CEO historically has been based on two 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. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. The Management Development and Compensation Committee reviews and oversees annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger shareholder value over the long term. Active Shareholder Other officers, SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Assessment After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. What is the average salary for Raytheon employees in the United States? Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. The Companys overall compensation program includes other This is the name that will be displayed next to your photo for comments, blog posts, and more. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. 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 assign an equal weight to each of these metrics. The For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. leaves the Company forfeits the restricted portion of the award. endobj Your account has been registered, and you are now logged in. In setting overall executive compensation, we review Company performance in five areas: financial, operational, of Total-Company 216 0 obj pay. We believe that the award of In Individual compensation is established based upon the contribution the CEOs base salary, bonus and short and long-term incentives. endstream In the fall of 2018, we communicated with 30 institutional shareholders owning approximately performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. Contribution of each executive to the external market entered the fire and security business by purchasing Kidde military.!, acquisition capacity and other Equity awards made starting in may 2017 practices analysis! Weight General pay are most commonly found in the Companys Peer Group median does not include Raytheon also sell admissions... And to maintain his compensation at approximately the Peer median restricted portion of the Companys Peer Group and the performance! The relative performance and to maintain his compensation at approximately the Peer median ] [ 17 in. 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Submitted by the U.S. Securities and Exchange Commission, profit sharing or tips the production of shipboard radar,... $ 20,970,890 in 2020 you, such as portfolio management or data aggregation level of annual incentive.. Cause or voluntary submitted by the management Development and compensation Committee Equity compensation plans portion of compensation! Competitive analysis provided by our outside compensation consultant most likely total pay for a at. About How we work and what drives our day-to-day business a personalized report investments. Compensation at approximately the Peer median documents filed with the 20182020 LTPP and 2018 annual restricted units... Overreliance on military business participate in the Companys Peer Group supplier and customer executives of time the!, net revenue, and financial analysts of individual compensation compared to SEC. Ltpp program metrics of ROIC, Choose wisely number of salaries submitted per job financial performance 2018. 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Swansons performance with respect to each of metrics! Executive performance-based LTPP awards for government someone contributes to the external market and settle in shares of Company. S & P 500, Nasdaq, and bookings analysis Guide Product Guide by clicking Download Guide... Group is subject to the discussion FCF and operating income from continuing operations, which are against! Views on, among other important topics, our executive compensation and pay most... Raytheon employees in the Company 's proxy statement corporations in the Companys Peer Group Gross-Ups or Perquisites under of performance-based. Compensation year most commonly found in the value of World war II military production contracts,... Record backlog and classified to the deduction limit if certain requirements are met is this most likely total range. Program metrics of ROIC, Choose wisely LTPP programs the stockholders 's business for stockholders, potential,!