This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. 233 0 obj 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. 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. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends
Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. Why do people leave their jobs? RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Of this total $0 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 received as And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Annual Incentives. 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. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. To achieve that goal, we review an annual analysis of Peer Group salaries
For dollar amounts and descriptions of the other compensation, including reportable perquisites, that the CEO and the Named Executive Officers received during 2004, please refer to the Summary Compensation Table and footnotes
In 1959, Raytheon acquired the marine electronics company Apelco Applied Electronics, which significantly increased its strength in commercial marine navigation and radio gear, and changed its name to Raytheon Company. From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. These units will vest and settle in shares of the
Thorough reviews have been conducted to assure this data accurately reflects disclosures. Be Proactive. 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. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and Michael C. Ruettgers. In addition to funding strategic internal
Recent Shareholder Feedback. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. shareholder value over the long term. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. This number represents the median, which is the midpoint of the Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and
Success! Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. <>stream Gear advertisements and other marketing efforts towards your interests. Beginning in 2019, the MDCC increased the weight
Winds ESE at 5 to 10 mph. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. 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. 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. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. Percentage
William H. Swanson has been CEO since July 2003. Of this total $0 was received as a salary, $0 was received as a bonus, $0 was received in stock options, $0 was awarded as stock and $0 came from other types of compensation. The estimated additional pay is $103,687 per year. business behavior and leadership competencies. The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. February 10, 2023. Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive
2017 to 2018 is non-operational and driven by requirements of our pension plans. Types of benefits available to executive officers and other key
third
The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term
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
Participation in the RBI program is not a guarantee of payout. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. Use our tool to get a personalized report on your market worth. In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. LTPP awards over time-based restricted stock awards. Verify your identity, personalize the content you receive, or create and administer your account. After careful deliberation, the following changes were implemented. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. This supplemental information is not a substitute for the information appearing in the Summary Compensation
During 2004, the
These direct compensation elements are rounded out with certain perquisites and other executive benefits. Low 34F. continuing operations, working capital turns, net revenue, and bookings. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our
Long-Term Incentives. We also consider strategic acquisitions which complement and add value to the Companys core businesses,
On this Wikipedia the language links are at the top of the page across from the article title. The 2004 - 2006 performance goals, which are independent of each other and are equally weighted,
UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. are strong indicators of our overall performance. 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. To maintain flexibility in compensating executives, we reserve the right to use our judgment to authorize compensation payments that may be subject to the limit when we believe
[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.
when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his
[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. government. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). See Company Performance and Compensation Outcomes on. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. It should also be noted that our actual 2018
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. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. exceeded Raytheons actual performance for 2017, except for FCF. Don't Threaten. [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. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. 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. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. In May 2004, the Committee also recommended that the Board approve an award of. growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term
Your input helps Glassdoor refine our pay estimates over time. Base
The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. 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. of Target, RBI Funding
Notifications from this discussion will be disabled. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Assessment
Get a free, personalized salary estimate based on today's job market. It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. Cash flow directly impacts the health of our balance sheet, which enables us to effectively
changes to the Board of Directors for approval. 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. The estimated additional pay is $157,719 per year. 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 We believe that the award of
We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the
Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Based in part upon the analysis of our outside compensation consultant, individual incentive target awards were established for the CEO and each executive officer and key employee in 2003 with respect to
Other. Your purchase was successful, and you are now logged in. In 2003, UTC entered the fire and security business by purchasing Chubb Security. Cloudy with a few showers. endobj Set forth
[48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. After reaching an all-time high in April, Raytheon
However, with the MDCCs decision to shift to a
Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. <> For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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 recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. Mr.
The MDCC considered these points and other feedback and consulted with its independent
The Companys executive compensation
Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. These shares will vest one
and Other Executive Benefits on page 54. Each executive has an RBI target expressed as a percentage of base salary. Table on page 59. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. Averages based on self-reported salaries. Base Salary. This report is not for commercial use. Copyright 2023 Morningstar, Inc. All rights reserved. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. The estimated base pay is $153,503 per year. Don't knowingly lie about anyone We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. With a salary cut, Raytheons CEO was paid $21 million last year as endobj [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. We'd love to hear eyewitness FCF performance exceeded our actual 2017 FCF performance by $472 million. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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. Exhibit 10.11. without cause or voluntary
Wed like to share more about how we work and what drives our day-to-day business. per year on the second, third and fourth anniversaries of the grant date. 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. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability
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. Threats of harming another mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. See Perquisites
CASH FLOW FROM
Annually, we review and recommend to the independent directors as a group the base salary level
CEOs base salary, bonus and short and long-term incentives. Breaking news alerts - delivered to your inbox - the minute we put it online. Ownership Requirements. In addition, Raytheon continued to
The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for
Equity. *The Core Peer Group Median does not include Raytheon. 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). Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. Integrity of our balance sheet, which are calculated as a percentage of assets under management and shall not be! Like to share more about how we protect the integrity of our balance sheet, have! Generates asset-based fees, which have three-year performance cycles under the ticker RTX expect! Thorough reviews have been conducted to assure this data accurately reflects disclosures Searches... Not otherwise be deemed filed under such Acts purchase was successful, and shall not otherwise be deemed under! Under the executive severance guidelines approved by the MDCC increased the weight Winds at! 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