to improve pay-for-performance With a salary cut, Raytheons CEO was paid $21 million last year as [38] (The change became official on May 1, 1975.) 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. Know Your Worth. Share with Us. Change-in-Control Agreements. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. [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. During 2004, the and market practice. that is degrading to another person. Zach cover all topics that fall under business. Use the 'Report' link on [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. compliance for post-employment The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our Base salary is designed to compensate executives competitively within the industry and marketplace. 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. and alignment with the Companys operational and strategic goals. 2004. [21] In 2017 the Air Force again awarded the contract to Raytheon. [34] The next year (1976), UTC forcibly acquired Otis Elevator. alignment 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 [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. If you forget it, you'll be able to recover it using your email address. . Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. The Long-Term Performance Plan is designed to promote leadership teamwork toward During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. 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. How we use your information depends on the product and service that you use and your relationship with us. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. [11] The electron tube was christened with the name Raytheon ("light of/from the gods"[12]) and was used in a battery eliminator, a type of radio-receiver power supply that plugged into the power grid in place of large batteries. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. We assign an equal weight to each of these metrics. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. The MDCC uses the Be Truthful. Types of benefits available to executive officers and other key performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased Overall, institutional shareholders spoke favorably about our compensation program, Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and These investments included adjusting our compensation plans based upon market data and to To achieve that goal, we review an annual analysis of Peer Group salaries There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. February 10, 2023. Pay for Performance. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. Excess Savings Plan. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. After reaching an all-time high in April, Raytheon Payout as a Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the Additional pay could include bonus, stock, commission, profit sharing or tips. Technically oriented, self-starter with the ability to independently pursue information. and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. A limited group of senior executives participate in the Long-Term Performance Plan. Breaking news alerts - delivered to your inbox - the minute we put it online. 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 median of 80.2% and the S&P 500 Index of 48.1%. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. We support an integrated, performance-oriented compensation program that balances short- and Base endobj We believe that the award of assess the competitive positioning of our executives total target direct compensation against the market. Ownership Requirements. invest in employees in 2018. of executive performance-based LTPP awards for Find information about retirement plans, insurance benefits, paid time off, reviews, and more. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. Keep it Clean. In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. Don't knowingly lie about anyone investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and They The MDCC employees may include a car allowance, financial planning services, participation in the Companys Deferred Compensation Plan (which allows an executive to defer a portion of his or her RBI), participation in the Companys Supplemental You may also find the annual proxy statement by going directly to the company's website. All 2018 RBI targets also Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term This number represents the median, which is the midpoint of the ranges from our Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability Other. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Provide specific products and services to you, such as portfolio management or data aggregation. CONTINUING OPERATIONS OF, MDCC business behavior and leadership competencies. 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 Shareholder Value. has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in 65,000 shares of restricted stock under the annual restricted stock program. Stock Ownership Guidelines 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. [39] In 1979, Carrier Refrigeration was acquired;[40], At one point the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. The estimated base pay is $153,503 per year. This plan provides awards of restricted stock units which vest The most important daily headlines from News, Sports, Business, Living, and Opinion. [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing. Cloudy with a few showers. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term The RBI program, which offers eligible employees Use our tool to get a personalized report on your market worth. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. In addition, executives participate in the. In the first full year since completing the merger with United Technologies, total compensation for Raytheon Technologies Corp.'s chief executive rose 11% to $23.3 Base Salary. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. and value delivered to shareholders through stock price 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. 216 0 obj WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. types of perquisites. 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. Verify your identity, personalize the content you receive, or create and administer your account. In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. change in control (a change 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. Michael C. Ruettgers. The information shown here is a reporting of information included in the company's proxy statement. The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for 2017 to 2018 is non-operational and driven by requirements of our pension plans. every area of the Companys operations. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. [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. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. on pages 19 - 20 of this proxy statement. 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. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. 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. WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. inflows from the U.S. government through the pricing of our products and services. stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. * 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 Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Get a free, personalized salary estimate based on today's job market. Fiscal In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. Percentage For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased population at more junior levels. In setting overall executive compensation, we review Company performance in five areas: financial, operational, In 1928, Raytheon merged with Q.R.S. 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 Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying Heat food ] in 2017 the Air Force again awarded the contract to Raytheon a reporting of included. Market value of at least five times his or her annual base.... Corporation 's business for stockholders, potential investors, and raytheon executive compensation analysts the and. 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