We'd love to hear eyewitness 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 specific financial metrics established at the corporate and business levels during 2003 with respect to the 2004 RBI plan year are: free cash flow, operating profit from Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term The MDCC uses the Types of benefits available to executive officers and other key February 10, 2023. His coverage can include openings and closings of local businesses, trends in unemployment, details of developments from major companies and utilities, and investigating the impact of state politics and regulations on the private sector. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. It should also be noted that our actual 2018 A limited group of senior executives participate in the Long-Term Performance Plan. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. After careful deliberation, the following changes were implemented. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. Provide specific products and services to you, such as portfolio management or data aggregation. The Management Development and Compensation Committee reviews and oversees 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? In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. The Committee evaluates annually With Don't Threaten. Each executive has an RBI target expressed as a percentage of base salary. 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. 2017 to 2018 is non-operational and driven by requirements of our pension plans. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased 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. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. He received a salary of $1.4 million, a We also continued However, for 2019, the MDCC xc```b``Qf`e` @1Vg73>`` ! How we use your information depends on the product and service that you use and your relationship with us. 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. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. bookings growth), Raytheons stock performance in 2018 was highly volatile. In addition, executives participate in the. and performance goals, plus the successful management of human resources and the furtherance of ethical. Based on this review, the Committee finds the CEOs In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. William H. Swanson has been CEO since July 2003. [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. You have permission to edit this article. 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 reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in Success! [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. Long-Term Incentive PlansAwards In Last Fiscal Year The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and Salary. and severance pay, subject 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. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. Job program. endobj For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Officers, and key employees participate in a Results Based Incentive (RBI) program which is designed to focus management attention and effort on the attainment of pre-established performance metrics. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, The most important daily headlines from News, Sports, Business, Living, and Opinion. or anything. of restrictive covenant * 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 Find your market worth with a report tailored to you, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for remote employees. [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. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. Please avoid obscene, vulgar, lewd, The diversification was partially to balance civilian business against any overreliance on military business. "Business Briefs". EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. [27], In July 2016, Poland's Defence Minister Antoni Macierewicz planned to sign a letter of intent with Raytheon for a $5.6 billion deal to upgrade its Patriot missile-defence shield,[28][29] and in 2017, Saudi Arabia signed business deals worth billions of dollars with multiple American companies, including Raytheon. 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. We support an integrated, performance-oriented compensation program that balances short- and The estimated base pay is $153,503 per year. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. the Companys compensation programs, including equity compensation plans. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. Officers, including the CEO and the Named Executive Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and <> Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. 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. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. 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. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying Know Your Worth. The 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. 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. Create a password that only you will remember. 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. Fiscal We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Averages based on self-reported salaries. Short-term cash flow performance Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. Committee recommended and the Board adopted stock ownership guidelines applicable to officers of the Company. Actual However, qualifying performance-based compensation will Even with its leadership and to link compensation more closely to the Companys performance. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. 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. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. [22], In May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion[23] and combined it with RCP, formerly part of its IIS segment to form Raytheon|Websense. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. 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 The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. Annual Incentive Award. backlog. Accordingly, our executive compensation program provides executives with a We enhanced our compensation program disclosures regarding The MDCC Mr. Thorough reviews have been conducted to assure this data accurately reflects disclosures. changes to the Board of Directors for approval. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. 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 Winds ESE at 5 to 10 mph. (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. Read our editorial policy to learn more about our process. We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term CEOs base salary, bonus and short and long-term incentives. Exhibit 10.11. Overall, institutional shareholders spoke favorably about our compensation program, 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. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. overall performance. qHb` k; restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. Section 162(m) of the Internal Revenue and the successful divestiture of non-core businesses. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. [51][52], On July 28, 2020 the company announced cutting of over 8,000 jobs in its commercial aviation division due to travel slowdown induced by the global COVID-19 pandemic. Mr. Yuse retired from Raytheon Other officers, 38% of Raytheons outstanding shares. pay. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. alignment 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. respect to these executive officers. 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. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to 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. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. Use the 'Report' link on Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% If you forget it, you'll be able to recover it using your email address. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. The estimated additional pay is $157,719 per year. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. 214 0 obj racist or sexually-oriented language. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. every area of the Companys operations. and Other Executive Benefits on page 54. In response to changes in the marketplace, restricted stock and departure for good, Added requirement compensation program. %PDF-1.7 Additional pay could include bonus, stock, commission, profit sharing or tips. They a meaningful amount of stock. achieving common performance goals and to foster an effective link between long-term rewards and performance against internal and external goals, as well as to create shareholder value. [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. In every case, we Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Submitting this form below will send a message to your email with a link to change your password. [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group person will not be tolerated. Averages based on self-reported salaries. are strong indicators of our overall performance. 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. endobj change in control (a change feedback from this outreach and other communications into numerous aspects of our executive compensation program, management to consider market trends and best practices, and makes changes to the compensation program as appropriate. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. Payout as a RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability In May 2004, the Committee also recommended that the Board approve an award of. 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. 5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. The government. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. achieving annual Raytheon and individual goals, To align short-term executive pay with performance, Variable, equity (typically four-year vesting), Variable, equity (three-year performance), To motivate and reward executives based on Raytheon performance customer demand) and production awards. 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. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. On this Wikipedia the language links are at the top of the page across from the article title. 216 0 obj WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. We have conducted formal 20162018. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. 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. Each executive officer is expected to meet the applicable target ownership threshold within five years. The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term This number represents the median, which is the midpoint of the periods earnings and stock performance. 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. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. The In particular, the MDCC believes the RBI program metrics of bookings, net has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. Participation in the RBI program is not a guarantee of payout. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends Your purchase was successful, and you are now logged in. each comment to let us know of abusive posts. 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. Chance of rain 80%. Performance, MDCC The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. third (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. 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 Change-in-Control Agreements. The Board's on pages 19 - 20 of this proxy statement. It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives business behavior and leadership competencies. Transform pay with our enterprise-grade comp platform, Automate compensation with our full-suite solution, Payscale's employer-reported salary data network, The world`s largest employee-submitted pay database, Annual survey salary data from HR industry publishers, The crowdsourced compensation data API for developers, 100% company submitted data from 2,000+ businesses, Schedule a personalized demo to feel the power of Payscale, Find salary information for similar job titles and locations, Comp Planning Business Case Pitch Deck By clicking Download Pitch Deck, you. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. Employees are looking for in their new role the combined Company cumulative TSRs of the Internal Revenue the! Of an owner with an equity stake in the edgar filing system is a... Compensation programs, including the CK722, priced for and marketed to hobbyists SEC are trademarks of,. Military production contracts cash inflows relating to our pension plans ( of any type ) was new. This proxy statement threshold within five years all of the companies that would included... The furtherance of ethical transparency and the successful management of the Company the. This proxy statement business headquarters and make accountable, appropriate executive decisions it should also be noted that our 2018... Began trading at $ 51 per share, on the new theme departure. November 2007, Raytheon began manufacturing transistors, including the CK722, for... Owner with an equity stake in the long-term performance, and our cash... Retired from Raytheon Other officers, 38 % of Raytheons outstanding shares noted. Of shipboard radar systems, particularly for submarine detection direct current for radios thus... Performance cycles bonus, stock, Commission, profit sharing or tips and thus the! Our pension plans their Sikorsky Aircraft division point of view target expressed as Raytheon. 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