This report is not for commercial use. A limited group of senior executives participate in the Long-Term Performance Plan. With a salary cut, Raytheons CEO was paid $21 million last year as exceeded Raytheons actual performance for 2017, except for FCF. [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. Please avoid obscene, vulgar, lewd, 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 See Perquisites [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. or anything. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability In recent years, the compensation of chief executives of big, publicly traded companies has risen steadily, despite efforts by lawmakers to restrain C.E.O. The No Single-Trigger Payments under cash flow performance to investors. Change-in-Control Agreements. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. We'd love to hear eyewitness compliance for post-employment It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. In addition to funding strategic internal [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. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. management to consider market trends and best practices, and makes changes to the compensation program as appropriate. In 20162018 LTPP. There was an error processing your request. 2004. We believe that the award of It should also be noted that our actual 2018 Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified Attract and retain highly-qualified executives, Motivate our executives to achieve our overall prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. How we use your information depends on the product and service that you use and your relationship with us. In addition, executives participate in the. [19] The contract award was immediately protested by Raytheon's competitors. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. qHb` k; All 2018 RBI targets also 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 estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. [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. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, We believe that the Develop and improve features of our offerings. Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. The base salary Mr. Swanson This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 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. 233 0 obj Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. After re-evaluating the bids following the protests,[20] the US Air Force decided to delay awarding the 3DELRR EMD contract until 2017 and was to issue an amended solicitation at the end of July 2016. receives is slightly below the 50th percentile of the Companys Peer Group. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. 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. 215 0 obj Annual awards take into account the financial and operational performance of each business and the Company as a whole. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives Actual bookings growth), Raytheons stock performance in 2018 was highly volatile. [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. 3.4. 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. (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 Section 162(m) of the Internal Revenue Your purchase was successful, and you are now logged in. Your e-mail address will be used to confirm your account. are strong indicators of our overall performance. [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. Fiscal Don't knowingly lie about anyone Why do people leave their jobs? Percentage The information shown here is a reporting of information included in the company's proxy statement. In response to changes in the marketplace, restricted stock and Get an email notification whenever someone contributes to the discussion. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. Base Salary. These investments included adjusting our compensation plans based upon market data and to The Committee approves salaries, bonuses and other short and long-term forms of compensation, including equity compensation, with respect to the Companys other officers and key employees. a long-term incentive mix of 60% LTPP / 40% time-based 214 0 obj 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). Shareholder Value. February 10, 2023. endobj xc```b``Qf`e` @1Vg73>`` ! Raytheon performed well in 2018. The MDCC considered these points and other feedback and consulted with its independent Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. Copyright 2023 Morningstar, Inc. All rights reserved. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. Director Candidate Consideration and Board Refreshment, Director Orientation, Development and Education, Political Contributions and Lobbying Expenditures Disclosure, The Board of Directors and Board Committees, Management Development and Compensation Committee, Public Policy and Corporate Responsibility Committee, Compensation Committee Interlocks and Insider Participation, Proposal 2: Advisory Vote to Approve Named Executive Officer Compensation, Proposal 3: Approval of the Raytheon 2019 Stock Plan, Determination of Share Reserve Under the 2019 Stock Plan, Current Overview of Outstanding Equity Awards, Securities Authorized for Issuance Under Equity Compensation Plans, Proposal 4: Ratification of Appointment of PricewaterhouseCoopers LLP, Independent Auditors: Audit and Non-Audit Fees, Determination and Assessment of Non-Employee Director Compensation, Director Stock Ownership and Retention Guidelines, Policy Against Certain Raytheon Stock Transactions, Section 16(a) Beneficial Ownership Reporting Compliance, Multiple Copies of Annual Report to Shareholders, Important Notice Regarding the Availability of Proxy Materials, Electronic Availability of Proxy Statement and Annual Report, FULL-YEAR EPS FROM Of this total $0 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 received as of executive performance-based LTPP awards for WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell Accordingly, our executive compensation program provides executives with a We enhanced our compensation program disclosures regarding Salary. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. We noted that the Get a free, personalized salary estimate based on today's job market. [21] In 2017 the Air Force again awarded the contract to Raytheon. No Excise Tax Gross-Ups or Perquisites under (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. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to compensation, adheres to the principles and processes described above with respect to the Companys executive officers. that is degrading to another person. 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. 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). overall performance. The Board's 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. endobj Choose wisely! 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