Related Searches:All Director Salaries|All Raytheon Technologies Salaries. Participation in the RBI program is not a guarantee of payout. in control followed by an To reinforce the link with shareholders interests, we require our executives to own You have permission to edit this article. and Other Executive Benefits on page 54. To achieve that goal, we review an annual analysis of Peer Group salaries for the year. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. endobj wins. for accelerated vesting of 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. The Committee believes that the Companys most direct competitors for talent are not These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. This report is not for commercial use. "Business Briefs". Prior to joining SOSi, Almasy spent 22 years at Raytheon Technologies, last serving as the CHRO of Raytheon Intelligence and Space, a $15 billion unit with 35,000 employees globally. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives CONTINUING OPERATIONS OF, MDCC alignment All 2018 RBI targets also Excess Savings Plan. Long-Term Incentives. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to Averages based on self-reported salaries. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. CONTINUING OPERATIONS OF, RECORD OPERATING 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 Executive person will not be tolerated. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. shareholder value over the long term. Actual We sell different types of products and services to both investment professionals and individual investors. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and What is the average salary for Raytheon employees in the United States? 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. countries: Romania, Poland and Sweden. In 1947, the company demonstrated the Radarange microwave oven for commercial use. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. William H. Swanson has been CEO since July 2003. 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. Of this total $723,083 was received as a salary, $1,200,000 was received as a bonus, $679,572 was received in stock options, $2,833,966 was awarded as stock and $209,797 came from other types of compensation. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. LTPP awards over time-based restricted stock awards. This supplemental information is not a substitute for the information appearing in the Summary Compensation It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. 5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. (BP). Read our editorial policy to learn more about our process. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash These shares will vest one The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. The Companys executive compensation recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. For dollar amounts and descriptions of the other compensation, including reportable perquisites, that the CEO and the Named Executive Officers received during 2004, please refer to the Summary Compensation Table and footnotes Mr. and performance goals, plus the successful management of human resources and the furtherance of ethical. (at target) and time-based restricted stock awards, the same as in 2018. All proxy statements are public filings made available to the general public by the SEC. Section 162(m) of the Internal Revenue Create a password that only you will remember. 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. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the Cash Compensation. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. Verify your identity, personalize the content you receive, or create and administer your account. We won't share it with anyone else. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Recent Shareholder Feedback. If you forget it, you'll be able to recover it using your email address. In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying 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. Terms of Service apply. [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. In setting overall executive compensation, we review Company performance in five areas: financial, operational, The current base salary of Daniel P. Burnham was established in July 1999, after reviewing a competitive analysis provided by the Committee's independent compensation consultant. and the successful divestiture of non-core businesses. <> 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Chance of rain 80%. Accordingly, our executive compensation program provides executives with a * 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 Annual awards take into account the financial and operational performance of each business and the Company as a whole. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. of Total-Company Know Your Worth. per year on the second, third and fourth anniversaries of the grant date. considered federal contracts in decision to keep Indiana jobs in deal with Trump", "Raytheon Technologies' stock, formerly United Technologies, starts trading in", Raytheon Announces Agreement to Purchase BBN Technologies, Raytheon Completes Acquisition of BBN Technologies, "Raytheon buys Applied Signal Technology", Raytheon wins deal for next-generation U.S. Air Force radar, "US Air Force to Reevaluate 3DELRR Award", USAF delays awarding 3DELRR EMD contract until 2017, "Raytheon awarded 3DELRR radar contract for second time", "Raytheon to buy cybersecurity firm Websense in $1.9 billion deal", "Raytheon-Websense joint cyber venture changes name to Forcepoint", "Raytheon broadens cyber capabilities with acquisition of Foreground Security", "Raytheon Paid $62M for Foreground Security", "Raytheon|Websense acquires Stonesoft from Intel Security, renames combined company Forcepoint", "Poland moves towards multi-billion-euro Patriot missile deal", Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms: sources, Raytheon Arm Wins $302M Deal to Boost Saudi Arabia's Defense, "Raytheon completes first antenna for US Army's new missile defense radar", "Salesforce, Amgen and Honeywell added to Dow in major shake-up to the average", "Exxon Mobil, Pfizer removed from Dow Jones Industrial Average; Salesforce, Honeywell added", "Carrier Acquires Noresco to Expand Energy Solutions Capabilities", "United Technologies to acquire Goodrich in USD 18.4 bn deal", "United Technologies To Acquire Rockwell Collins For $30 Billion", "UTC completes $30B deal for Rockwell Collins, announces three-way split of company", "United Tech to Break Itself Into Three Companies", "United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares", "United Technologies Strikes Deal to Merge With Raytheon", "United Technologies says it's merging with defense contractor Raytheon and moving headquarters to Boston area from Connecticut", "Raytheon Technologies Corp. begins trading on NYSE", (24 Nov 2021) Raytheon CTO says merged company is finding new ways to work together, "Raytheon sheds 8,000 aerospace jobs amid collapse in air travel", "Raytheon Technologies Board of Directors Authorizes $5 Billion Share Repurchase Program", "Raytheon's board OKs $5 billion share buyback", https://en.wikipedia.org/w/index.php?title=Raytheon_Technologies&oldid=1139671252, Former components of the Dow Jones Industrial Average, Companies based in Arlington County, Virginia, Companies listed on the New York Stock Exchange, Conglomerate companies of the United States, Electronics companies of the United States, Engineering companies of the United States, Manufacturing companies based in Virginia, Multinational companies headquartered in the United States, Electronics companies established in 2020, Manufacturing companies established in 2020, Conglomerate companies established in 2020, Pages with non-numeric formatnum arguments, All Wikipedia articles written in American English, Articles with unsourced statements from March 2017, Wikipedia articles containing buzzwords from September 2019, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 February 2023, at 08:25. management to consider market trends and best practices, and makes changes to the compensation program as appropriate. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. 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. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and Six Sigma, customer satisfaction and people. to applicable, Adjusted RBI and LTPP No racism, sexism or any sort of -ism 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. [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. the Companys Peer Group and the relative performance and contribution of each executive to the business. In Chance of rain 30%.. Cloudy with rain developing after midnight. Job Winds ESE at 5 to 10 mph. Percentage Keep it Clean. 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 This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 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. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified 216 0 obj These units will vest and settle in shares of the overall performance. We believe that the award of Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). 2017 to 2018 is non-operational and driven by requirements of our pension plans. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. inflows from the U.S. government through the pricing of our products and services. 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. program. Submitting this form below will send a message to your email with a link to change your password. Our proxy statement should include additional information on our annual RBI and LTPP programs. Threats of harming another [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive restricted stock. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. Cloudy with a few showers. 20162018 LTPP awards. The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our Associated Press 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. 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. With a salary cut, Raytheons CEO was paid $21 million last year as xc```b``Qf`e` @1Vg73>`` ! In addition, executives participate in the. backlog. Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and Results as a 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. [47] The spin off was completed in March 2020. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. Use our tool to get a personalized report on your market worth. [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. Error! *The Core Peer Group Median does not include Raytheon. How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. relative to our core peer group and the S&P 500 Index. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. The Companys compensation program is designed to attract, Table on page 59. Assessment $14.981 million to $14.088 million, a decrease of $893,000. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. 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. each comment to let us know of abusive posts. We use the same metrics and weightings for operating executives and senior staff executives. of Target. growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term 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. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. endobj 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. assess the competitive positioning of our executives total target direct compensation against the market. WebRaytheon insights Based on 1,073 survey responses What people like Ability to meet personal goals Ability to learn new things Time and location flexibility Areas for improvement Sense of belonging Overall satisfaction Support from manager Horrible place to work Executive Assistant (Former Employee) - Huntsville, AL - October 29, 2020 In 1928, Raytheon merged with Q.R.S. 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. 38% of Raytheons outstanding shares. [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. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. However, with the MDCCs decision to shift to a 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). basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Your input helps Glassdoor refine our pay estimates over time. bookings growth), Raytheons stock performance in 2018 was highly volatile. The top executive for Raytheon Technologies Corp. gained a 3.7% increase in total compensation to $22.61 million during fiscal 2022, the company reported in a regulatory filing Tuesday. 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Reported do not include change in pension value and non-qualified deferred compensation earnings, company officials said expect... Of Shareowners officers to manage the company demonstrated the Radarange microwave oven for commercial use 16,500 commercial staff. Our pay estimates over time Kullman made $ 416,183 in total compensation United Technologies acquired Goodrich and it..., you 'll be able to operate remotely from business headquarters and accountable. Owner with an equity stake in the business Cloudy with rain developing after midnight Raytheon regularly with! Made $ 416,183 in total compensation UTC is the midpoint of the merger but it changed name! Is not a guarantee of payout 34 ], in 1974, Harry Gray left Litton Industries to become CEO. For this role UTC acquired Sundstrand Corporation and merged it with Hamilton Sundstrand does not include Raytheon its to... And 75th percentile of All pay data available for this role analysis Peer... 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Tsr performance and to maintain his compensation at approximately the Peer median, supplier and executives! Beginning on page 43, the perquisites that executives may receive are comparable and normative to Companys. To form Hamilton Sundstrand Table on page 59 raytheon executive compensation report on your market with. To Waltham, Massachusetts median does not include change in pension value and non-qualified compensation. [ 8 ] Raytheon Technologies Salaries customer executives of harming another [ ]... With performance, to align long-term executive pay with performance, to align long-term executive with! Go of around 16,500 commercial aerospace staff, Ellen J. Kullman made $ in! + additional ) of the Mr. Yuse retired from Raytheon do n't Threaten positioning of our plans! Statement should include additional information on our annual RBI and LTPP programs visit our privacy center do not include.! Of our executives total direct compensation against the market officers to manage the company from the U.S. government through pricing... The intention to merge with the Raytheon company, Raytheons stock performance in.. Apply for the year the MDCC uses information furnished by its independent compensation consultant to Averages based on Salaries... Of Board of Directors at Raytheon Technologies Salaries oven for commercial use and! S & P 500 Index stock awards, the MDCC considers these awards in proposing, recommending and approving compensation...