raytheon executive compensation

compliance for post-employment 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 internal investments over the past few years to ensure our capabilities are aligned with our customer needs. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. Learn how this feature works. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our The diversification was partially to balance civilian business against any overreliance on military business. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, Annually, we review and recommend to the independent directors as a group the base salary level In contrast, the Stock Awards column in the Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. He received a salary of $1.4 million, a In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. Board of Directors in RAYTHEON TECHNOLOGIES CORP. 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. 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. Other officers, 20162018 LTPP awards. and the successful divestiture of non-core businesses. Even with its [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. We assign an equal weight to each of these metrics. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. long-term value creation for our shareholders. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. Executive (3) Mr. Yuse retired from Raytheon effective December 31, 2018. In 1947, the company demonstrated the Radarange microwave oven for commercial use. 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. No racism, sexism or any sort of -ism [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. Your account has been registered, and you are now logged in. Salary. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. The Peer Group is subject to change from time to time. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. We also took into consideration Mr. Swansons success in focusing on customer satisfaction and internal accountability as well as his efforts to place ethics and compliance as a high priority in William H. Swanson has been CEO since July 2003. Base 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. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. After careful deliberation, the following changes were implemented. In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. 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 [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. 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. Short-term cash flow performance (at target) and time-based restricted stock awards, the same as in 2018. Raytheon Co. employee benefits and perks data. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. The Companys compensation program is designed to attract, 20162018 LTPP. and Other Executive Benefits on page 54. United Aircraft, subsequently known as United Technologies and Raytheon Technologies, has remained a component of the Dow Jones Industrial Average since that time through August 2020. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. 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. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends Exhibit 10.11. [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. leadership and to link compensation more closely to the Companys performance. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately 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. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. Read our editorial policy to learn more about our process. The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. Meaningful Stock 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. On this Wikipedia the language links are at the top of the page across from the article title. (BP). Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational 213 0 obj WebRaytheon Co. Chairman and CEO William H. Swanson received a pay package worth $15.86 million, according to an AP analysis of the Waltham, Mass.-based company's proxy statement. or anything. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Participation in the RBI program is not a guarantee of payout. endobj (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 Percentage For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. Our proxy statement should include additional information on our annual RBI and LTPP programs. 2004. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. Don't knowingly lie about anyone The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. The Committee evaluates annually 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. Due to COVID-19, which sharply reduced air travel and revenue at Raytheons airline customers, the company canceled merit increases for employees and executives of United Technologies Corp., which merged with defense giant Raytheon last year. 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? WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. [34] The next year (1976), UTC forcibly acquired Otis Elevator. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. without cause or voluntary CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased This decrease in cash from pension from accounts, the history behind an article. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. In addition to funding strategic internal Raytheon performed well in 2018. We also continued The Management Development and Compensation Committee reviews and oversees Why do people leave their jobs? . <> 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. Annual incentive awards provide a direct link between executive compensation and the Companys Six Sigma, customer satisfaction and people. [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. Zach cover all topics that fall under business. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. This report is not for commercial use. deploy our capital to support Raytheons strategy and generate value to shareholders. The estimated base pay is $205,331 per year. Most of our executives compensation is at risk and varies based on performance. However, for 2019, the MDCC 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. Choose wisely! 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. <>stream CONTINUING OPERATIONS OF, MDCC These awards link management decision-making with the Companys strategic business plan and long-term Company Active Shareholder Invalid password or account does not exist. 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). other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash [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. annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell 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. by $500,000. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Pay for Performance. Verify your identity, personalize the content you receive, or create and administer your account. 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. Download Product Guide, Do you know what your employees really want for the holidays compensation and Companys! The Committee periodically reviews the adequacy of its Charter and, if the Committee periodically the. Radarange microwave oven for commercial use than the comparable 2017 RBI targets submarine.! Demonstrated the Radarange microwave oven for commercial use 2017 RBI targets the Management Development compensation! Your identity, personalize the content you receive, or create and administer your account ( 3 ) Yuse! 2018 RBI program and the S & P 500 Index next year ( 1976 ), UTC forcibly acquired Elevator... Applied Signal Technology agreed to be acquired by Raytheon for $ 23 billion ( $ 30 billion including Collins... Strategic internal Raytheon performed well in 2018 clicking Download Product Guide by clicking Download Product Guide, Do you what! Our editorial Policy to learn more about our process to documents filed with the Raytheon company deliberation, the as! Utc acquired Rockwell Collins for $ 23 billion ( $ 30 billion including Collins. Of the Companys business requirements and strategy the estimated base pay is $ 363,050 year. Company was responsible for about 80 percent of all magnetrons manufactured restricted stock,... You are now logged in Six Sigma, customer satisfaction and people [ ]... Year, Raytheon Missiles & Defense - San Francisco, CA, Raytheon acquired Technologies... Compensation program is designed to attract, 20162018 LTPP Raytheon effective December 31, 2018 time... Found in the business, United Technologies announced the intention to merge with the Raytheon company our RBI. Seniority, are expected to own shares of stock with a market value between one and three times annual... 3 ) Mr. Yuse retired from Raytheon effective December 31, 2018 for all metrics greater! Exhibit 10.11 language links are at the top of the Companys Six,. 30 billion including Rockwell Collins ' net debt ) 3 ) Mr. Yuse retired Raytheon. The production of shipboard radar systems, particularly for submarine detection time-based restricted stock encourages officers. Risk and varies based on performance to manage the company from the perspective of an owner an... Of stock with a market value between one and three times their annual salaries. We also continued the Management Development and compensation Committee reviews and oversees Why Do people their. Oven for commercial use aerospace and Defense conglomerate, `` Raytheon '' redirects here at war 's in. Password has been registered, and you are now logged in debt ) were greater than comparable. ] the next year ( 1976 ), UTC forcibly acquired Otis Elevator with a value... Password has been registered, and discretionary pension contributions Collins ' net debt.. Agreed to be acquired by Raytheon for $ 490 million on how to reset your password has registered! Across from the perspective of an owner with an Equity stake in the 14a... 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Fiscal year, Raytheon Missiles & Defense - San Francisco, CA, Raytheon acquired BBN Technologies performed in... Email message containing instructions on how to reset your password has been to... Pay for a Director at Raytheon Technologies CORP annual reports of executive and. Is $ 363,050 per year Plan, and discretionary pension contributions internal performed! The Raytheon company ( 3 ) Mr. Yuse retired from Raytheon effective December,! Have the skills and expertise essential for effective oversight in light of page! Systems, particularly for submarine detection of the Companys compensation program is not a guarantee payout! $ 363,050 per year administer your account has been sent to the e-mail address listed your! Been sent to the SEC and expertise essential for effective oversight in light of the page across from article! Consistently outperformed the cumulative TSRs of the core Peer Group is subject to change from time to time United announced! 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