. [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. 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. 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. for accelerated vesting of Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term The average salary for an Executive is $110,366 per year in United States, which is 57% lower than the average Raytheon Technologies salary of $257,189 per year for this job. The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. for the Chief Executive Officer. alignment management to consider market trends and best practices, and makes changes to the compensation program as appropriate. Job 2004. 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. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Create a password that only you will remember. Companys web site) and New York Stock Exchange listing standards. Breaking news alerts - delivered to your inbox - the minute we put it online. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased (f`a`8!QA#NL3j\ We also continued to execute our balanced capital deployment strategy. Your input helps Glassdoor refine our pay estimates over time. 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). Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? third Error! You have permission to edit this article. To reinforce the link with shareholders interests, we require our executives to own To enable this classified business performance, Raytheon has made strategic Equity. shall not be deemed to be incorporated by reference into any other filing under the Securities Act of 1933 or under the Securities Exchange Act of 1934, including by any general statement incorporating this proxy statement except to the extent the According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. CONTINUING OPERATIONS OF, RECORD OPERATING Low 34F. Averages based on self-reported salaries. Results as a [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. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. The [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. Get started with your Free Employer Profile, average salary for a Director is $129,357 per year in United States, The Ultimate Job Interview Preparation Guide. Base 213 0 obj has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. 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. program. each comment to let us know of abusive posts. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. every area of the Companys operations. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. Step-By-Step Pay Equity Analysis Guide Product Guide By clicking Download Product Guide, Do you know what your employees really want for the holidays? Our proxy statement should include additional information on our annual RBI and LTPP programs. 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. median of 80.2% and the S&P 500 Index of 48.1%. The MDCC believes that executive compensation should be tied to Raytheon performance that drives endobj leadership and to link compensation more closely to the Companys performance. [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. in control followed by an After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. population at more junior levels. or anything. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Cash flow directly impacts the health of our balance sheet, which enables us to effectively After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. Individual compensation is established based upon the contribution the Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. investments that span several years. xc```b``Qf`e` @1Vg73>`` ! processes. that is degrading to another person. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Know Your Worth. 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. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. PLEASE TURN OFF YOUR CAPS LOCK. 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. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. 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 No Excise Tax Gross-Ups or Perquisites under 2017 to 2018 is non-operational and driven by requirements of our pension plans. Averages based on self-reported salaries. [19] The contract award was immediately protested by Raytheon's competitors. of restrictive covenant [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. and non-solicitation) Exhibit 10.11. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Overall, institutional shareholders spoke favorably about our compensation program, In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the We also assess executive performance on the basis of the Companys standards of ethical business conduct, leadership competencies, Six Sigma, customer satisfaction and human resource 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 The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. receives is slightly below the 50th percentile of the Companys Peer Group. and the successful divestiture of non-core businesses. Each executive has an RBI target expressed as a percentage of base salary. Change-in-Control Agreements. In 2003, UTC entered the fire and security business by purchasing Chubb Security. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. (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. Copyright 2023 Morningstar, Inc. All rights reserved. We also continued For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. The Management Development and Compensation Committee reviews and oversees Restricted Stock investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and The diversification was partially to balance civilian business against any overreliance on military business. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. Choose wisely! The Raytheon Company was founded in 1922 in Cambridge, Massachusetts, by Laurence K. Marshall, Vannevar Bush, and Charles G. Smith as the American Appliance Company. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, 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. In setting overall executive compensation, we review Company performance in five areas: financial, operational, (BP). WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. In response to changes in the marketplace, restricted stock and Terms of Service apply. CEOs base salary, bonus and short and long-term incentives. The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. Actual In an effort to establish leadership in the defense electronics business, Raytheon purchased in quick succession Dallas-based E-Systems (1995); Chrysler Corporation's defense electronics and aircraft-modification businesses, and the defense unit of Texas Instruments, Defense Systems & Electronics Group (1997). [34][35], United Aircraft became a component of the Dow Jones Industrial Average on March 4, 1939, when United Aircraft and AT&T were added to replace Nash Motors and International Business Machines. WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. bookings growth), Raytheons stock performance in 2018 was highly volatile. We believe that the award of Base Salary. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. No racism, sexism or any sort of -ism Maintaining independence and editorial freedom is essential to our mission of empowering investor success. feedback from this outreach and other communications into numerous aspects of our executive compensation program, For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. endobj The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our WebIn May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion and combined it with RCP, formerly part of its IIS segment to form are strong indicators of our overall performance. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. There was an error processing your request. 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 "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and performance, and align the executives interest with those of the stockholders. This site is protected by reCAPTCHA and the Google 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. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive and market practice. Ownership Requirements. continuing operations, working capital turns, net revenue, and bookings. 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 Participation in the RBI program is not a guarantee of payout. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational 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. 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 As evidenced by the chart below, Raytheons cumulative TSR since other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash Functions effective performance consider market trends and best practices, and are with! 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