The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based [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. High 43F. Restricted Stock Transform pay with our enterprise-grade comp platform, Automate compensation with our full-suite solution, Payscale's employer-reported salary data network, The world`s largest employee-submitted pay database, Annual survey salary data from HR industry publishers, The crowdsourced compensation data API for developers, 100% company submitted data from 2,000+ businesses, Schedule a personalized demo to feel the power of Payscale, Find salary information for similar job titles and locations, Comp Planning Business Case Pitch Deck By clicking Download Pitch Deck, you. Unexercised Options. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash [30][31], In February 2020, Raytheon completed the first radar antenna array for the US Army's new missile defense radar, known as the Lower Tier Air and Missile Defense Sensor (LTAMDS), to replace the service's Patriot air and missile defense system sensor. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. without cause or voluntary Gear advertisements and other marketing efforts towards your interests. Use our tool to get a personalized report on your market worth. feedback from this outreach and other communications into numerous aspects of our executive compensation program, ranges and pay ranges WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. This number represents the median, which is the midpoint of the Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation 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. not be subject to the deduction limit if certain requirements are met. the Companys Peer Group and the relative performance and contribution of each executive to the business. In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. They investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and types of perquisites. Even with its performance, and align the executives interest with those of the stockholders. No racism, sexism or any sort of -ism . retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. Individual compensation is established based upon the contribution the Annually, we review and recommend to the independent directors as a group the base salary level [19] The contract award was immediately protested by Raytheon's competitors. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. Know Your Worth. [22], In May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion[23] and combined it with RCP, formerly part of its IIS segment to form Raytheon|Websense. Raytheon Co. employee benefits and perks data. pay. Create a password that only you will remember. (1) The amounts set forth under the Restricted Stock and LTPP Award columns represent the full intrinsic values of such awards on the date the Board or MDCC made customer demand) and production awards. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. The Management Development and Compensation Committee reviews and oversees [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. all NEOs and other executive officers. 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. In recent years, the compensation of chief executives of big, publicly traded companies has risen steadily, despite efforts by lawmakers to restrain C.E.O. effective December 31, 2018. In setting overall executive compensation, we review Company performance in five areas: financial, operational, 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. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. for the Chief Executive Officer. 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. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. Overall, institutional shareholders spoke favorably about our compensation program, on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program Change-in-Control Agreements. Award recommendations also are made on the basis of an executives level of responsibility, value to the 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. 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 leaves the Company forfeits the restricted portion of the award. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. of Total-Company William H. Swanson has been CEO since July 2003. by $500,000. 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. 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. 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 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. Additional pay could include bonus, stock, commission, profit sharing or tips. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. 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. 38% of Raytheons outstanding shares. per year on the second, third and fourth anniversaries of the grant date. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. We believe that the 2004. 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. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. Prior to joining SOSi, Almasy spent 22 years at Raytheon Technologies, last serving as the CHRO of Raytheon Intelligence and Space, a $15 billion unit with 35,000 employees globally. 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. 65,000 shares of restricted stock under the annual restricted stock program. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability This plan provides awards of restricted stock units which vest CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased The Named Executive Officers received incentive awards based on our review of Use the 'Report' link on The 2018 RBI FCF target reflected higher planned investments [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. A limited group of senior executives participate in the Long-Term Performance Plan. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. The base salary Mr. Swanson We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the shall not be deemed to be incorporated by reference into any other filing under the Securities Act of 1933 or under the Securities Exchange Act of 1934, including by any general statement incorporating this proxy statement except to the extent the Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. endobj *The Core Peer Group Median does not include Raytheon. business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and The charts on this page feature a breakdown of the total annual pay for the top executives at RAYTHEON TECHNOLOGIES CORP as reported in their proxy statements. 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. In 1947, the company demonstrated the Radarange microwave oven for commercial use. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. In 1928, Raytheon merged with Q.R.S. The MDCC believes that executive compensation should be tied to Raytheon performance that drives Percentage WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. Cash Compensation. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. We also continued These shares will vest one Read our editorial policy to learn more about our process. This site is protected by reCAPTCHA and the Google WebIn May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion and combined it with RCP, formerly part of its IIS segment to form 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 Submitting this form below will send a message to your email with a link to change your password. 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. Base Salary. We have conducted formal engagements annually since 2010, and the MDCC has incorporated Today's Research Daily features new research reports on 16 major stocks, including Mastercard Incorporated (MA), Raytheon Technologies Corporation (RTX) and BP p.l.c. The The MDCC considered these points and other feedback and consulted with its independent long-term value creation for our shareholders. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell and alignment with the Companys operational and strategic goals. We'd love to hear eyewitness 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 Companys overall compensation program includes other organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. 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. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. 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. relative to our core peer group and the S&P 500 Index. LTPP payouts [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. Get an email notification whenever someone contributes to the discussion. 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. 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