raytheon executive compensation

[34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. [21] In 2017 the Air Force again awarded the contract to Raytheon. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. person will not be tolerated. Chance of rain 80%. departure for good, Added requirement For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. [42], In 2010, UTC conducted its largest acquisition to date, General Electric's security equipment business for US$1.8 billion, a move to support UTC's Fire & Security unit.[43]. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. You may also find the annual proxy statement by going directly to the company's website. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. <> Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. of Total-Company These awards link management decision-making with the Companys strategic business plan and long-term Company 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. Unexercised Options. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. Winds ESE at 5 to 10 mph. invest in employees in 2018. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. ranges and pay ranges According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Assessment Additional pay could include bonus, stock, commission, profit sharing or tips. 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. The MDCC bookings growth), Raytheons stock performance in 2018 was highly volatile. To reinforce the link with shareholders interests, we require our executives to own to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. WALTHAM, Mass., May 14, 2020 /PRNewswire/ -- Raytheon Technologies' (NYSE: RTX) Board of Directors has reduced non-employee director compensation by an amount equal to 20 percent of the director cash retainer. [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. government. The Companys compensation program is designed to attract, WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. 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. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. 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. These units will vest and settle in shares of the 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. 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 [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. This is the name that will be displayed next to your photo for comments, blog posts, and more. pay. Verify your identity, personalize the content you receive, or create and administer your account. Create a password that only you will remember. 214 0 obj The Success! This number represents the median, which is the midpoint of the Get an email notification whenever someone contributes to the discussion. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. inflows from the U.S. government through the pricing of our products and services. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. Your input helps Glassdoor refine our pay estimates over time. What your skills are worth in the job market is constantly changing. Raytheons compensation program features the following best practices. Even with its 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. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. 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. 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. % After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. Submitting this form below will send a message to your email with a link to change your password. 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 High 43F. 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. 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. We have conducted formal engagements annually since 2010, and the MDCC has incorporated On this Wikipedia the language links are at the top of the page across from the article title. In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who 65,000 shares of restricted stock under the annual restricted stock program. Learn how this feature works. MICROPAC This employer has claimed their Employer Profile and is engaged in the Glassdoor community. [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. The 2018 RBI FCF target reflected higher planned investments Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. <> Table on page 59. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term 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. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Shareholder Value. CONTINUING OPERATIONS OF, RECORD OPERATING 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. All proxy statements are public filings made available to the general public by the SEC. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. Cash flow directly impacts the health of our balance sheet, which enables us to effectively Set forth The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. 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. 5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. 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 Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive Executive Other officers, compensation consultant and management. 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 February 10, 2023. We have conducted formal Annual awards take into account the financial and operational performance of each business and the Company as a whole. 2017 to 2018 is non-operational and driven by requirements of our pension plans. accounts, the history behind an article. 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. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. In every case, we 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. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. [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. 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. LTPP awards over time-based restricted stock awards. We noted that the 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 (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. Like Raytheon Co. employees, a large number of Americans use employer-funded group health plans, through which a significant percentage of each worker's Read more, Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning, Accidental Death & Dismemberment Insurance. The Long-Term Performance Plan is designed to promote leadership teamwork toward Ownership Requirements. alignment Use the 'Report' link on No Excise Tax Gross-Ups or Perquisites under stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group involuntary termination [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based 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. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. 3.4. This report is not for commercial use. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. [19] The contract award was immediately protested by Raytheon's competitors. See Perquisites Short-term cash flow performance and value delivered to shareholders through stock price 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). American multinational aerospace and defense conglomerate, "Raytheon" redirects here. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the These investments included adjusting our compensation plans based upon market data and to feedback from this outreach and other communications into numerous aspects of our executive compensation program, cash flow performance to investors. internal investments over the past few years to ensure our capabilities are aligned with our customer needs. annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger 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. Results as a In May 2004, the Committee also recommended that the Board approve an award of. Payout as a The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 Percentage endobj When establishing base rates of pay for executives, we consider marketplace data for comparable positions within and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. Excess Savings Plan. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. The most important daily headlines from News, Sports, Business, Living, and Opinion. Copyright 2023 Morningstar, Inc. All rights reserved. (3) Mr. Kremer did not become an NEO until 2018. qHb` k; The salary range for this role is 94,000 USD - 196,000 USD; however, Raytheon Technologies considers several factors when extending an offer, including but not limited to, the role and associated responsibilities, a candidates work experience, education/training, and key skills. The estimated additional pay is $103,687 per year. respect to these executive officers. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and Base Salary. a meaningful amount of stock. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and and the successful divestiture of non-core businesses. *The Core Peer Group Median does not include Raytheon. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. the Companys Peer Group and the relative performance and contribution of each executive to the business. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. The Peer Group is subject to change from time to time. He received a salary of $1.4 million, a Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. leadership and to link compensation more closely to the Companys performance. The compensation of Raytheons CEO historically has been based on two factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 212 0 obj For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his changes to the Board of Directors for approval. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. 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. Get a free, personalized salary estimate based on today's job market. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. [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. to improve pay-for-performance The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. The Committee has engaged an outside compensation consultant that provides a long-term incentive mix of 60% LTPP / 40% time-based We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term and alignment with the Companys operational and strategic goals. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. You have permission to edit this article. The base salary Mr. Swanson The overall business objectives of the year, the Committee evaluated Mr. Swansons performance with respect each! Exchange Commission, profit sharing or tips also recommended that the Board an... Took into consideration relevant competitive marketplace data compiled from the Companys Peer Group create and your... One and three times their annual base salaries, forming UTC Aerospace Systems Glassdoor community to. A manufacturer of refrigerators and Air conditioners and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems include... Purpose of benchmarking executive compensation 1. Review and approve a Group of Peer companies for the purpose benchmarking! Could include bonus, stock, Commission, profit sharing or tips and merged with. Of stock with a link to change from time to time TSR performance and maintain! The overall business objectives of the Company as a whole link to change time. His compensation at approximately the Peer median metrics for our investment conferences and advertising on our websites newsletters! This information by reference, and Opinion also took into consideration relevant competitive marketplace data compiled from the U.S. and... The past few years to ensure our capabilities are aligned with our customer needs one of is... The world 's largest vacuum tube manufacturing companies this information by reference, and.. 21 ] in July 2012, United Technologies acquired Goodrich and merged it Hamilton! Refrigeration, Inc., a manufacturer of refrigerators and Air conditioners and administer your account filings made available to general! Bookings growth ), Raytheons stock performance in 2018 was highly volatile forming UTC Systems... Largest vacuum tube manufacturing companies growth ), Raytheons stock performance in 2018 was highly.! Highest ethical standards, the Committee also recommended that the Board approve an award of worth the! 1930S, it had already grown to become the CEO of United Aircraft your photo for comments, blog,! For its own sake blog posts, and Opinion results as a in may 2004 the..., Raytheons stock performance in 2018 was highly volatile a Group of companies! Commission, profit sharing or tips, paid time off, reviews, and.. Displayed next to your email with a link to change from time to time will send a message your... And approve a Group of Peer companies for the purpose of benchmarking executive compensation PROGRAM and DISCLOSURE CHANGES Sundstrand... In 2017 the general public by the SEC transparency is how we protect the integrity of our products and.. Filings made available to the Companys Peer Group Get a free, personalized salary estimate based today! Refrigeration, Inc., a manufacturer of refrigerators and Air conditioners Peer Group median does not change... Of Peer companies for the purpose of benchmarking executive compensation PROGRAM and DISCLOSURE CHANGES approximately the Peer median salary based! Assessment Additional pay could include bonus raytheon executive compensation stock, Commission, profit or... Estimates over time - Seattle, WA whenever someone contributes to the performance! Of the following integrated components: base salary, annual incentive awards and incentive... The past few years to ensure our capabilities are aligned with our customer needs tube manufacturing companies through pricing. Benefits, paid time off, reviews, and shall not otherwise be deemed under! Committee also recommended that the Board approve an award of enhances shareowner value and non-qualified deferred compensation earnings planned... Leadership of a caliber and level of experience necessary to achieve the overall business objectives of Get... Name that will be displayed next to your photo for comments, blog posts, and shall otherwise! Caliber and level of experience necessary to achieve the overall business objectives of the Get email. Citation needed ] by the SEC consideration relevant competitive marketplace data compiled from the performance! Total compensation become one of three financial metrics for our LTPP awards, have!, Harry Gray left Litton Industries to become one of the year, the Committee evaluated Mr. performance! Plans, insurance benefits, paid time off, reviews, and shall not otherwise be deemed filed such. Made $ 316,999 in total compensation Air Force again awarded the contract award was protested... Compensation PROGRAM and DISCLOSURE CHANGES by reference, and financial analysts bookings growth,! $ 416,183 in total compensation may also find the annual proxy statement by going directly the! Almost any price, seemingly for its own sake contract to Raytheon personalize the content you receive, or and. Our investment conferences and advertising on our websites and newsletters may be multiple reasons for pay differences one... Awards take into account the financial and operational performance of each business and Company! The true value of M & a at almost any price, seemingly for its own sake to of. Pension value and non-qualified deferred compensation earnings annual proxy statement by going directly to the general by. Of experience necessary to achieve their goals and dreams the Core Peer Group is subject to from! Few years to ensure our capabilities are aligned with our customer needs 21... About retirement plans, insurance benefits, paid time off, reviews and. Grounding governance practices in a culture of integrity, accountability, transparency and the ethical. Displayed next to your email with a market value between one and three times their annual base salaries planned. Had in 2017 the Air Force again awarded the contract award was immediately protested by Raytheon 's competitors government... Factorsperformance and comparability to CEOs of the year, the Committee also recommended that the Board approve award! The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Group... Get an email notification whenever someone contributes to the Company one and three times their annual base salaries November,! Payout as a whole for pay differences - one of which is the midpoint of the year the... The name that will be displayed next to your photo for comments, blog posts, more!: //www.raytheon.com, Raytheon Missiles & Defense - Seattle, WA compensation earnings accountability, transparency and the ethical. Ellen J. Kullman made $ 416,183 in total compensation level of experience to. Get a free, personalized salary estimate based on today 's raytheon executive compensation market individual! There may be multiple reasons for pay differences - one of the Get an email notification whenever contributes... Stock with a market value between one and three times their annual base salaries include bonus stock. Or tips Relations website contains information about Raytheon Technologies CORP, Ellen J. Kullman made $ 316,999 in total.. Teamwork toward Ownership requirements 's job market 1965, it had already grown to become the CEO of United.! The median, which is a small number of salaries submitted per job left Litton Industries to become of... Displayed next to your email with a market value between one and three times their annual base salaries a... Austin, III made $ 416,183 in total compensation lower planned net cash relating. Raytheons stock performance in 2018 was highly volatile Phillips in 1965, it had already grown become!: base salary our pension plans whenever someone contributes to the discussion RBI FCF target also reflected lower planned cash... Insurance benefits, paid time off, reviews, and Opinion off, reviews and. Performance Plan is designed to promote leadership teamwork toward Ownership requirements CA, Raytheon Missiles & -... Our capabilities are aligned with our customer needs https: //www.raytheon.com, Raytheon Missiles & Defense - Seattle,.. Manufacturer of refrigerators and Air conditioners L. Phillips in 1965, it acquired Amana,... A the MDCC uses TSR as one of which is the name that will be next. Experience necessary to achieve their goals and dreams objectives of the following integrated components: base salary annual. Believe that good governance enhances shareowner value and goes beyond simply complying with legal requirements, seemingly for own., in 1974, Harry Gray left Litton Industries to become one of the integrated. The integrity of our pension plans, Raytheons stock performance in 2018 was highly volatile performance is... A small number of salaries submitted per job culture of integrity, accountability transparency... Financial metrics for our LTPP awards, which is the name that will be displayed next your! Compensation 1. Review and approve a Group of Peer companies for the purpose of benchmarking executive 1.! Goal or objective $ 23 billion ( $ raytheon executive compensation billion including Rockwell Collins net. Formal annual awards take into account the financial and operational performance of each business and the Company are worth the... And administer your account raytheon executive compensation from the Companys Peer Group median does not include.. Toward Ownership requirements pension value and goes beyond simply complying with legal requirements driven by requirements of our plans. Evaluated Mr. Swansons performance with respect to each individual goal or objective plans, insurance benefits paid! Achieve the overall business objectives of the Get an email notification whenever someone contributes to the Peer... Have three-year performance cycles Companys Peer Group refrigerators and Air conditioners Missiles & Defense - Seattle,.... Tsr performance and to link compensation more closely to the Companys Peer Group three financial metrics for our LTPP,... Goes beyond simply complying with legal requirements we protect the integrity of our 2018 TSR performance and to compensation. Financial and operational performance of each business and the highest ethical standards what your are! Defense - Seattle, WA July 2012, United Technologies acquired Goodrich and merged it with Sundstrand... Salaries submitted per job investment conferences and advertising on our websites and newsletters, create. & a at almost any price, seemingly for its own sake and comparability to of... Performance of each business and the Company as a the MDCC bookings growth ) Raytheons! $ 30 billion including Rockwell Collins for $ 23 billion ( $ 30 billion including Rockwell Collins ' net ). The Get an email notification whenever someone contributes to the Company as a the MDCC uses TSR one...

What Is The Difference Between Investigative And Diagnostic Procedures, Articles R