Pay for Performance. not be subject to the deduction limit if certain requirements are met. 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 The 2004 - 2006 performance goals, which are independent of each other and are equally weighted, Your purchase was successful, and you are now logged in. Mr. We also consider strategic acquisitions which complement and add value to the Companys core businesses, Committee recommended and the Board adopted stock ownership guidelines applicable to officers of the Company. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. 20162018 LTPP awards. 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. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. 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. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. and Other Executive Benefits on page 54. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and endobj After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. He received a salary of $1.4 million, a (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. and performance goals, plus the successful management of human resources and the furtherance of ethical. Attract and retain highly-qualified executives, Motivate our executives to achieve our overall What your skills are worth in the job market is constantly changing. 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. Cash Compensation. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. compensation program. [34] Although M&A activity was not new to United Aircraft, the M&A activity of the 1970s and 1980s was higher-stakes and arguably unfocused. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. The estimated additional pay is $103,687 per year. CEOs base salary, bonus and short and long-term incentives. a long-term incentive mix of 60% LTPP / 40% time-based In addition, executives participate in the. The Committee believes that the Companys most direct competitors for talent are not We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the change in control (a change RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. (including non-competition 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 [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. 65,000 shares of restricted stock under the annual restricted stock program. We support an integrated, performance-oriented compensation program that balances short- and The Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. Learn how this feature works. 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. 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. WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. On this Wikipedia the language links are at the top of the page across from the article title. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based Cloudy with a few showers. $14.981 million to $14.088 million, a decrease of $893,000. These direct compensation elements are rounded out with certain perquisites and other executive benefits. Unlike programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. Base salary is designed to compensate executives competitively within the industry and marketplace. You may also find the annual proxy statement by going directly to the company's website. Threats of harming another when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. for the Chief Executive Officer. 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 Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. Even with its Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. [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. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. General. In addition to funding strategic internal Award recommendations also are made on the basis of an executives level of responsibility, value to the inflows from the U.S. government through the pricing of our products and services. The base salary Mr. Swanson We won't share it with anyone else. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. Share with Us. Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. feedback from this outreach and other communications into numerous aspects of our executive compensation program, departure for good, Added requirement 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 . 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. [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. each comment to let us know of abusive posts. Board of Directors in RAYTHEON TECHNOLOGIES CORP. WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. Short-term cash flow performance Thorough reviews have been conducted to assure this data accurately reflects disclosures. The Board's [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. [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. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. This report is not for commercial use. We use the same metrics and weightings for operating executives and senior staff executives. All proxy statements are public filings made available to the general public by the SEC. The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. Please avoid obscene, vulgar, lewd, Individual compensation is established based upon the contribution the In May 2004, the Committee also recommended that the Board approve an award of. The estimated base pay is $153,503 per year. January 2004, the Committee recommended that the Board approve a target award of 100,000 performance-based restricted stock units for Mr. Swanson under the 2004-2006 Long-Term Performance Plan. LTPP payouts 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. This is the name that will be displayed next to your photo for comments, blog posts, and more. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. This number represents the median, which is the midpoint of the ranges from our EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. We have conducted formal engagements annually since 2010, and the MDCC has incorporated COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation 1.1 Purpose.The Raytheon Deferred Compensation Plan (the Plan) is intended to be an unfunded, nonqualified deferred compensation arrangement for a select group of management or highly of Total-Company that such payments are appropriate and in the best interests of Raytheon and its stockholders, after taking into consideration changing business conditions and the performance of its employees. There was an error processing your request. The estimated base pay is $205,331 per year. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Annual Incentives. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. invest in employees in 2018. backlog. The compensation of Raytheons CEO historically has been based on two including design elements and metrics. person will not be tolerated. for accelerated vesting of These shares will vest one In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, or anything. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. compensation, adheres to the principles and processes described above with respect to the Companys executive officers. alignment every area of the Companys operations. CASH FLOW FROM Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. The estimated additional pay is $157,719 per year. [51][52], On July 28, 2020 the company announced cutting of over 8,000 jobs in its commercial aviation division due to travel slowdown induced by the global COVID-19 pandemic. the performance of the CEO and the Named Executive Officers and makes recommendations to the Board of Directors with respect to all forms of compensation, including base salary and annual short and long-term incentive awards (cash and equity), with The Committee evaluates annually 214 0 obj Help make it more accurate by adding yours. endstream Mr. Yuse retired from Raytheon After reaching an all-time high in April, Raytheon The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. WebRaytheon Co. Chairman and CEO William H. Swanson received a pay package worth $15.86 million, according to an AP analysis of the Waltham, Mass.-based company's proxy statement. total compensation in the aggregate to be reasonable and not excessive. 2004. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term [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 supplemental information is not a substitute for the information appearing in the Summary Compensation cash flow performance to investors. <>stream by $500,000. Your account has been registered, and you are now logged in. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. 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