2004. Zach cover all topics that fall under business. With a salary cut, Raytheons CEO was paid $21 million last year as program. Use our tool to get a personalized report on your market worth. To enable this classified business performance, Raytheon has made strategic or anything. 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 performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. achieving annual Raytheon and individual goals, To align short-term executive pay with performance, Variable, equity (typically four-year vesting), Variable, equity (three-year performance), To motivate and reward executives based on Raytheon performance Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. [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. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. of Total-Company The specific financial metrics established at the corporate and business levels during 2003 with respect to the 2004 RBI plan year are: free cash flow, operating profit from alignment on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program Base salaries for the other officers and key employees of the Company are $14.981 million to $14.088 million, a decrease of $893,000. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. 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. The MDCC Our proxy statement should include additional information on our annual RBI and LTPP programs. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying <>stream MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. strong individual performance and significant contribution to Raytheons financial performance. After reaching an all-time high in April, Raytheon 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. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational 20162018 LTPP. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term the Companys Peer Group and the relative performance and contribution of each executive to the business. (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. to the beginning of the compensation year. Active Shareholder effective December 31, 2018. Help make it more accurate by adding yours. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. However, for 2019, the MDCC CONTINUING OPERATIONS OF, RECORD OPERATING In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, The Board's Annual awards take into account the financial and operational performance of each business and the Company as a whole. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. This number represents the median, which is the midpoint of the ranges from our Due to our strong The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. <>stream changes to the Board of Directors for approval. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% higher than the national salary average of $66,000 per year. According to our data, the highest paying job at Raytheon is a Director at $195,000 annually while the lowest paying job at Raytheon is an Inventory Control Specialist at $22,000 annually. program performance and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. by $500,000. Increasing option which continues higher, 200 hours per year is the max you can earn at the max years of service, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. change in control (a change According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group performance, and align the executives interest with those of the stockholders. 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 [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. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards Your e-mail address will be used to confirm your account. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. on pages 19 - 20 of this proxy statement. Additional pay could include bonus, stock, commission, profit sharing or tips. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Be Truthful. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. 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 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. 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. Mr. Yuse retired from Raytheon 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). William H. Swanson has been CEO since July 2003. 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. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Terms of Service apply. They 65,000 shares of restricted stock under the annual restricted stock program. periods earnings and stock performance. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. compensation consultant and management. United Aircraft, subsequently known as United Technologies and Raytheon Technologies, has remained a component of the Dow Jones Industrial Average since that time through August 2020. In 1948, Raytheon began to manufacture guided missiles, including the SAM-N-2 Lark, the air-to-air AIM-7 Sparrow, and the ground-to-air MIM-23 Hawk missiles. endobj Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. of Total-Company Chance of rain 80%. Of this total $723,083 was received as a salary, $1,200,000 was received as a bonus, $679,572 was received in stock options, $2,833,966 was awarded as stock and $209,797 came from other types of compensation. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. We noticed that your web browser is outdated! This supplemental information is not a substitute for the information appearing in the Summary Compensation Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial to improve pay-for-performance In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. wins. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. relative to our core peer group and the S&P 500 Index. In addition, Raytheon continued to He received a salary of $1.4 million, a The Peer Group is subject to change from time to time. During 2004, the drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, 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. Annual Incentive Award. * 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 Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. Unexercised Options. Equity. These investments included adjusting our compensation plans based upon market data and to See Perquisites upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our Share with Us. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. Keep it Clean. endobj No racism, sexism or any sort of -ism Using the Amana brand name and its distribution channels, Raytheon began selling the first countertop household microwave oven in 1967 and became a dominant manufacturer in the microwave oven business. population at more junior levels. feedback from this outreach and other communications into numerous aspects of our executive compensation program, The MDCC believes that executive compensation should be tied to Raytheon performance that drives WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. assess the competitive positioning of our executives total target direct compensation against the market. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. Unlike Set forth An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. 216 0 obj In this regard, the Committee reviews and recommends to the Board of Directors for approval corporate goals and objectives used in establishing compensation for the Annually, we review and recommend to the independent directors as a group the base salary level 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. These awards link management decision-making with the Companys strategic business plan and long-term Company The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. cash flow performance to investors. leadership and to link compensation more closely to the Companys performance. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. Develop and improve features of our offerings. per year on the second, third and fourth anniversaries of the grant date. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). Submitting this form below will send a message to your email with a link to change your password. William H. Swanson has been CEO since July 2003. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and Annual Incentives. *The Core Peer Group Median does not include Raytheon. 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. You may also find the annual proxy statement by going directly to the company's website. In addition, executives participate in the. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. The long-term value creation for our shareholders. We assign an equal weight to each of these metrics. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. Be Nice. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. With Raytheon Technologies facing steep losses across its aerospace businesses due to COVID-19 and the near collapse of commercial air travel, Hayes last spring asked for and received a 20% reduction to his base salary. Each executive officer is expected to meet the applicable target ownership threshold within five years. countries: Romania, Poland and Sweden. of restrictive covenant Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> Assessment Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. Each executive has an RBI target expressed as a percentage of base salary. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. Base Salary. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. 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. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. . WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. Beginning in 2019, the MDCC increased the weight [34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. third [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. Section 162(m) of the Internal Revenue https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. All 2018 RBI targets also compensation, adheres to the principles and processes described above with respect to the Companys executive officers. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. [21] In 2017 the Air Force again awarded the contract to Raytheon. In 1991, during the Persian Gulf War, Raytheon's Patriot missile received great international exposure, resulting in a substantial increase in sales for the company outside the United States. pay. Learn how this feature works. Meaningful Stock Based on this review, the Committee finds the CEOs After re-evaluating the bids following the protests,[20] the US Air Force decided to delay awarding the 3DELRR EMD contract until 2017 and was to issue an amended solicitation at the end of July 2016. We won't share it with anyone else. 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. 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. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. Averages based on self-reported salaries. However, with the MDCCs decision to shift to a to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. endobj 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. Performance, MDCC %PDF-1.7 The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. The estimated base pay is $153,503 per year. 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. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. exceeded Raytheons actual performance for 2017, except for FCF. not be subject to the deduction limit if certain requirements are met. Get a free, personalized salary estimate based on today's job market. Michael C. Ruettgers. See Company Performance and Compensation Outcomes on. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. Job It should also be noted that our actual 2018 This change to mix affects to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. Invalid password or account does not exist. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. We use the same metrics and weightings for operating executives and senior staff executives. customer demand) and production awards. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. 38% of Raytheons outstanding shares. 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