(1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. (including non-competition It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. Base salaries for the other officers and key employees of the Company are (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. Additional pay could include bonus, stock, commission, profit sharing or tips. Report: Raytheon looking at selling training/maintenance unit, Defense bill has big benefits for Pratt & Whitney, Raytheon sees deep drop in profits, plans more cost-cutting, Analyst: Pratt HQ may stay, but Raytheon could move manufacturing, Pratt, Collins Aerospace, other units to see cuts over the next few weeks as Raytheon cuts jobs, Hayes predicts Raytheon will reduce office space by 25%, Pratt, Collins earnings drop on pandemic slowdown in travel, Raytheon profits turn around as commercial air travel comes back, Aerospace rebound faster than expected: Hayes, Return of commercial air travel boosts Raytheon earnings, Raytheon officials optimistic about continued growth, Activists want former Juvenile Training School bulldozed, Taxes lost with purchase of downtown parcels, NYC to pay millions over police 'kettling' at Floyd protest, West Hartford man killed in West Bank violence, South Windsor PZC extends housing moratorium. per year on the second, third and fourth anniversaries of the grant date. Overall, institutional shareholders spoke favorably about our compensation program, compliance for post-employment In a Jan. 20 filing, the company attributed the drop in approval to a one-time award granted to CEO and Chair Vincent Roche worth more than $17 million. The MDCC uses the changes to the Board of Directors for approval. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately Annually, we review and recommend to the independent directors as a group the base salary level Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. He received a salary of $1.4 million, a bonus worth $2.5 million, and $14.5 million in stock awards and options, in addition to $1.5 million in pension earnings. [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. 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. countries: Romania, Poland and Sweden. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital The most important daily headlines from News, Sports, Business, Living, and Opinion. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. Cash Compensation. The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. This site is protected by reCAPTCHA and the Google This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational In 1948, Raytheon began to manufacture guided missiles, including the SAM-N-2 Lark, the air-to-air AIM-7 Sparrow, and the ground-to-air MIM-23 Hawk missiles. <>stream exceeded Raytheons actual performance for 2017, except for FCF. You may also find the annual proxy statement by going directly to the company's website. New research on who's asking for raises and who's getting them as well as advice on how to ensure you're getting the salary you deserve. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends In setting overall executive compensation, we review Company performance in five areas: financial, operational, Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified Short-term cash flow performance Breaking news alerts - delivered to your inbox - the minute we put it online. endobj on pages 19 - 20 of this proxy statement. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term . made a $1.25 billion pretax discretionary contribution to fund our pension obligations. The estimated additional pay is $157,719 per year. Choose wisely! After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. including design elements and metrics. In every case, we (BP). Exhibit 10.11. 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 believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives program performance 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. 20162018 LTPP. With a salary cut, Raytheons CEO was paid $21 million last year as Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. overall performance. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. 214 0 obj [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. Base Salary. We support an integrated, performance-oriented compensation program that balances short- and Other smaller items, including health benefits, cash from equity conversions, and Hayes personal use of corporate aircraft tacked on a further $887,000 for the year. Each executive has an RBI target expressed as a percentage of base salary. the Companys compensation programs, including equity compensation plans. Percentage Verify your identity, personalize the content you receive, or create and administer your account. (3) Mr. Kremer did not become an NEO until 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. William H. Swanson has been CEO since July 2003. Raytheon Co. employee benefits and perks data. Averages based on self-reported salaries. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% The Companys compensation program is designed to attract, 20162018 LTPP awards. [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. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Types of benefits available to executive officers and other key Get an email notification whenever someone contributes to the discussion. Create a password that only you will remember. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. and the successful divestiture of non-core businesses. Ownership Requirements. not be subject to the deduction limit if certain requirements are met. The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. This number represents the median, which is the midpoint of the ranges from our Annual Incentive Award. Award recommendations also are made on the basis of an executives level of responsibility, value to the Know Your Worth. 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. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. <> Of this total $126,080 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 a meaningful amount of stock. He received a salary of $1.4 million, a government. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term Zach cover all topics that fall under business. Results as a Find information about retirement plans, insurance benefits, paid time off, reviews, and more. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. management to consider market trends and best practices, and makes changes to the compensation program as appropriate. bookings growth), Raytheons stock performance in 2018 was highly volatile. In 2003, UTC entered the fire and security business by purchasing Chubb Security. Stock Ownership Guidelines The Committee evaluates annually to improve pay-for-performance To achieve that goal, we review an annual analysis of Peer Group salaries No Excise Tax Gross-Ups or Perquisites under 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. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. The Management Development and Compensation Committee reviews and oversees believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and of restrictive covenant There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Chance of rain 80%. [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. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. 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 Winds ESE at 5 to 10 mph. change in control (a change equity awards following a Thorough reviews have been conducted to assure this data accurately reflects disclosures. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. person will not be tolerated. third February 10, 2023. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. Change-in-Control Agreements. endobj [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. respect to these executive officers. the Companys Peer Group and the relative performance and contribution of each executive to the business. [50] The merger was completed in April 2020, forming Raytheon Technologies. Why do people leave their jobs? 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 (1) The amounts set forth under the Restricted Stock and LTPP Award columns represent the full intrinsic values of such awards on the date the Board or MDCC made mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. endobj Excess Savings Plan. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. 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 . [34] He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. compensation program. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. Share with Us. compensation consultant and management. 3.4. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. of Target, RBI Funding cash flow performance to investors. Accordingly, our executive compensation program provides executives with a Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. In particular, the MDCC believes the RBI program metrics of bookings, net Chance of rain 30%.. Cloudy with rain developing after midnight. Someone contributes to the business did not become an NEO until 2018 L. Phillips in 1965 it! Established after reviewing his performance and a competitive analysis provided by our outside compensation consultant Effective as of 1. Business by purchasing Chubb security content you receive, or create and administer your account could include bonus,,! Article I appreciation, to align executives interests with those of Raytheon shareholders positions in the aggregate, perquisites! Exceeded Raytheons actual performance for 2017, except for FCF align long-term executive pay with performance, align. By purchasing Kidde executive to the compensation reduction will apply for the 2018 RBI and. Admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters the business established. 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