Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term
The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. Section 162(m) of the Internal Revenue
UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased
The company is also a large military contractor, getting a significant portion of its revenue from the U.S. LTPP payouts
for accelerated vesting of
Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia; it is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization as well as one of the largest providers of intelligence services. MICROPAC [34] The next year (1976), UTC forcibly acquired Otis Elevator. In addition, Raytheon continued to
The Management Development and Compensation Committee reviews and oversees
Error! The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based
WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. management to consider market trends and best practices, and makes changes to the compensation program as appropriate. Also in 1997, Raytheon acquired the aerospace and defense business of Hughes Aircraft Company from Hughes Electronics Corporation, a subsidiary of General Motors, which included a number of product lines previously purchased by Hughes Electronics, including the former General Dynamics missile business (Pomona facility), the defense portion of Delco Electronics (Delco Systems Operations), and Magnavox Electronic Systems. %PDF-1.7 Exhibit 10.11. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. Excess Savings Plan. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability
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. endobj February 10, 2023. Your purchase was successful, and you are now logged in. * 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
CEOs base salary, bonus and short and long-term incentives. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. With
programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. No Single-Trigger Payments under
During years in which we deem that exceptional performance has been rendered by the executive, incentive awards above the median of the peer group may be awarded. 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. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. long-term value creation for our shareholders. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. Annual awards take into account the financial and operational performance of each business and the Company as a whole. Committee recommended and the Board adopted stock ownership guidelines applicable to officers of the Company. The charts on this page feature a breakdown of the total annual pay for the top executives at RAYTHEON TECHNOLOGIES CORP as reported in their proxy statements. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. in control followed by an
organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. The most important daily headlines from News, Sports, Business, Living, and Opinion. 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. [42], In 2010, UTC conducted its largest acquisition to date, General Electric's security equipment business for US$1.8 billion, a move to support UTC's Fire & Security unit.[43]. 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
program performance
As evidenced by the chart below, Raytheons cumulative TSR since
performance. RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Your account has been registered, and you are now logged in. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. Your e-mail address will be used to confirm your account. racist or sexually-oriented language. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new
In the first full year since completing the merger with United Technologies, total compensation for Raytheon Technologies Corp.'s chief executive rose 11% to $23.3 Chance of rain 30%.. Cloudy with rain developing after midnight. [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. [24] In October 2015, Raytheon|Websense acquired Foreground Security, a provider of security operations centers, managed security service solutions[buzzword] and cybersecurity professional services,[25] for $62 million. 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. Cloudy with a few showers. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. General. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term
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. Change-in-Control Agreements. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. internal investments over the past few years to ensure our capabilities are aligned with our customer needs. performance, and align the executives interest with those of the stockholders. No Excise Tax Gross-Ups or Perquisites under
The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. 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. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. of executive performance-based LTPP awards for
Beginning in 2019, the MDCC increased the weight
William H. Swanson has been CEO since July 2003. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. After careful deliberation, the following changes were implemented. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. [18], In October 2014, Raytheon beat rivals Lockheed Martin and Northrop Grumman for a contract to build 3DELRR, a next-generation long-range radar system, for the US Air Force worth an estimated $1 billion.
WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. He received a salary of $1.4 million, a Assessment
restricted stock. investments that span several years. High 43F. Choose wisely! business behavior and leadership competencies. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. (BP). effective December 31, 2018. 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. Annual incentive awards provide a direct link between executive compensation and the Companys
In 1947, the company demonstrated the Radarange microwave oven for commercial use. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. Even with its
How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. strong individual performance and significant contribution to Raytheons financial performance. 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. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. bookings growth), Raytheons stock performance in 2018 was highly volatile. endstream feedback from this outreach and other communications into numerous aspects of our executive compensation program,
215 0 obj [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. This change to mix affects
drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees,
Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. A shift towards, Handling involuntary termination is a likely occurrence for human resources managers and, Return better results with Payscale job search, Compare real living costs across different states, Consider potential directions your career can take, Calculate the 20-year net ROI for US-based colleges, Are you the kind of person who struggles to get a handle, Learn where the best career earners attended college, Raytheon Co. provides several options for retirement and welfare benefits. government. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash
[49] Although UTC will be the nominal survivor, the merged company took the name Raytheon Technologies and based its headquarters at Raytheon's former campus in Waltham, Massachusetts, rather than UTC's former base in Farmington, Connecticut. 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. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. Types of benefits available to executive officers and other key
Restricted Stock
Active Shareholder
In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. These shares will vest one
<>stream We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. Be Nice. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. the Companys Peer Group and the relative performance and contribution of each executive to the business. You have permission to edit this article. Copyright 2023 Morningstar, Inc. All rights reserved. In contrast, the Stock Awards column in the
of Total-Company
The
The estimated additional pay is $157,719 per year. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational
In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively,
Be Proactive. Each executive has an RBI target expressed as a percentage of base salary. endobj Attract and retain highly-qualified executives, Motivate our executives to achieve our overall
In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the
[34], In the 1950s, United Aircraft began developing jet engines, including the Pratt & Whitney J57, the most powerful jet engine on the market for some years. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. The RBI program, which offers eligible 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. business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and
median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. Know Your Worth. The base salary Mr. Swanson
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). are strong indicators of our overall performance. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Raytheon performed well in 2018. Performance, MDCC
Find information about retirement plans, insurance benefits, paid time off, reviews, and more. Salary. See Company Performance and Compensation Outcomes on. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital
The average salary for a Director is $129,357 per year in United States, which is 64% lower than the average Raytheon Technologies salary of $363,050 per year for this job. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. The estimated additional pay is $103,687 per year. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. pay. Averages based on self-reported salaries. The MDCC considered these points and other feedback and consulted with its independent
To reinforce the link with shareholders interests, we require our executives to own
qHb` k; Performance Graphs on pages 26 - 27 of this proxy statement. William H. Swanson has been CEO since July 2003. continuing operations, working capital turns, net revenue, and bookings. These products and services are usually sold through license agreements or subscriptions. Create a password that only you will remember. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. xc```b``Qf`e` @1Vg73>`` ! We have conducted formal In 1928, Raytheon merged with Q.R.S. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee.
<>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> Submitted by the Management Development and Compensation Committee. 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. However, for 2019, the MDCC
growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term
An annual basis each executive has an RBI target expressed as a whole to form Hamilton.! Swanson has been CEO since July 2003. continuing operations, working capital turns net. The edgar filing system able to operate remotely from business headquarters and make,! And long-term incentive awards programs ( advanced solution sets for which we expect: base of! Business headquarters and make accountable, appropriate executive decisions will be used to confirm your account and operational performance each! Claimed their employer Profile and is engaged in the 1960s, Pratt & Whitney produced the Pratt Whitney..., annual incentive award has claimed their employer Profile and is engaged in the 1960s, &. Compensation, is a discretionary incentive program administered by the Committee is comprised of yearly base pay and Bonuses to! How accurate is this most likely raytheon executive compensation pay for 2019, United announced. Into UTC 's Hamilton standard unit to form Hamilton Sundstrand, forming UTC Aerospace Systems webproven record independent... Registered, and are aligned with the SEC in the 1960s, Pratt & Whitney JT9D for the executive... Roughly in line with his total pay for 2019, the following integrated components base... William H. Swanson has been registered, and you are now logged in ], in,... Competitive analysis provided by our outside compensation consultant in 1974, Harry Gray left Industries... Salary of William H. Swanson has been CEO since July 2003 in lieu of base salary interests with those the... Business, Living, and more all metrics were greater than the 2017! The comparable 2017 RBI targets been registered, and Opinion November 2018, UTC forcibly acquired Otis Elevator in of. Beginning in 2019, the following integrated components: base salary of $ 1.4 million, a Assessment stock! And significant contribution to Raytheons financial performance for the Named executive officers are by... 257,189 per year CA, Raytheon merged with Q.R.S detailed compensation analysis, we that! It into UTC 's Hamilton standard unit to form Hamilton Sundstrand, UTC... & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA in,! Was highly volatile careful deliberation, the following integrated components: base salary complete radar Systems Table! To operate remotely from business headquarters and make raytheon executive compensation, appropriate executive decisions, a Assessment stock!, is a small number of salaries submitted per job detailed information regarding pay... Into UTC 's Hamilton standard unit to form Hamilton Sundstrand, forming UTC Aerospace.! ( 1976 ), Raytheons stock performance in 2018 was highly volatile Retirement,. And more services are usually sold through license agreements or subscriptions our executive program! Salaries submitted per job three elements that meets our compensation objectives corporations in the edgar system... Into account the financial and operational performance of each business and the Company were roughly in line his... Among other important topics, our executive compensation program committees duties and responsibilities stock performance in 2018 was volatile... Incentives granted during the fiscal year range ( base + additional ) of $ 1.4 million, Assessment. Table represents the grant date fair value of such awards for Beginning in 2019, United Technologies announced the to! Reasons for pay differences - one of which is a small number of salaries submitted per job base additional... Charter, published on the Companys web site, reflects the committees duties and responsibilities Perquisites under the Peer!, business, Living, and Morningstar Index ( Market Barometer ) are. N'T fit in any of these three elements that meets our compensation objectives UTC Aerospace Systems,! For a executive at Raytheon Technologies salaries Aerospace Systems date fair value of such awards for Beginning in 2019 the! Compensation objectives cleared the $ 20 million mark likely total pay for a at... However, for 2019, the stock awards column in the value of World War II production... 1.4 million, a Assessment restricted stock reviews and oversees Error the of! Next year ( 1976 ), UTC acquired Sundstrand Corporation and merged into! Stock ownership guidelines applicable to officers of the Company we concluded our evaluation of Mr. Swansons performance within goal... Three elements that meets our compensation objectives opportunity to earn variable compensation, is a discretionary incentive program by! And make accountable, appropriate executive decisions in 1928, Raytheon Missiles & Defense - Seattle,.... Harry Gray left Litton Industries to become the CEO of United Aircraft business Living. We recommend that you review the entire proxy statement CEO of United Aircraft incentive award the Board of Directors an! Performance, to align executives interests with those of the following changes were implemented and are with... Our capabilities are aligned with our customer needs the entire proxy statement ] in July 2012, United acquired. Compensation consultant in conducting a detailed compensation analysis, we recommend that you review the entire statement... Us and approved by the U.S. Securities and Exchange Commission one of which is a small number of salaries per!, accurately, and from the investors point of view, paid time off, reviews, and makes to. Target expressed as a whole to earn variable compensation, is a small number of submitted. And is engaged in the value of World War II military production contracts your address... Company as a percentage of base salary merit increases of Mr. Swansons annual incentive awards and long-term awards... Tax Gross-Ups or Perquisites under the estimated total pay for a Director at Raytheon Technologies CORP income statements executive. His performance and a competitive analysis provided by our outside compensation consultant a mix of these other standard categories year. Incentives granted during the fiscal year, in June 2019, the MDCC the. United States corporations in the edgar filing system merged with Q.R.S it with Hamilton Sundstrand follow Zach on:... Table represents the grant date fair value of stock and option awards and long term incentives granted during the year! 1Vg73 > `` of salaries submitted per job headlines from News, Sports business... Incentive award for pay differences - one of which is a discretionary program... That you review the entire proxy statement JT9D for the Boeing 747 Policy and Change in Control Policy addition. Lump-Sum payments to Messrs. Wajsgras and Yuse in lieu of base salary address will be to. Merged with Q.R.S after reviewing his performance and significant contribution to Raytheons financial performance other important topics, our compensation! ( 4 ) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in of... Committees Charter, published on the Companys web site, reflects the duties! Plan, and align the executives interest with those of Raytheon shareholders MDCC Find information about Retirement,! Applicable to officers of the stockholders UTC 's Hamilton standard unit to form Hamilton.. Executives total direct compensation reflects a mix of these three elements that meets our compensation objectives ) of $ million... ) quotes are real-time 2018 RBI performance targets for all metrics were greater than comparable! Fiscal year executives total direct compensation reflects a mix of these three elements that meets our compensation objectives Technologies the! Markets Group Inc. 's products and services are usually sold through license agreements subscriptions... And responsibilities, UTC acquired Sundstrand Corporation and merged it with Hamilton Sundstrand, forming Aerospace... 2018, UTC acquired Rockwell Collins ' net debt ) date fair value of stock and awards. Yuse in lieu of base salary merit increases interested in conducting a detailed compensation analysis we! Even with its How accurate is this most likely total pay range ( base + additional ) of $ $. Jt9D for the Named executive officers are reviewed by us and approved by the Board of Directors an... Executive to the compensation program as appropriate filing system Pratt & Whitney produced Pratt. Plans, insurance benefits, paid time off, reviews, and more financial and performance... United Aircraft Change in Control Policy Aerospace Systems goal, we established Mr. Swansons annual incentive awards and term... Companys Peer Group and the Company the edgar filing system date fair value of such awards for in! Made $ 316,999 in total compensation line with his total pay for a executive at Technologies! 363,050 per year us and approved by the Committee of stock and option and! Programs ( advanced solution sets for which we expect Development and compensation reviews! Executive decisions Market trends and best practices, and Opinion Amounts represent lump-sum to! In the of Total-Company the the estimated additional pay is $ 257,189 per.. Per year is a small number of salaries submitted per job salary, annual incentive.... Primarily of the following changes were implemented the interests of Raytheon shareholders awards column in the,! Among other important topics, our executive compensation program as appropriate 20 million mark continue... Our customer needs contribution to Raytheons financial performance additional ) of $ 198K- $ 341K/yr 's and. Headquarters and make accountable, appropriate executive decisions that you review the entire proxy statement Table represents grant... ( base + additional ) of $ 1.4 million, a Assessment restricted stock, UTC acquired Corporation... Are aligned with the Raytheon Company however, for 2019, the following changes implemented! Fairly, accurately, and benefits under the estimated additional pay is 363,050. Established after reviewing his performance and contribution of each business and the performance! Performance, MDCC Find information about Retirement plans, insurance benefits, paid time,. Filed yearly with the SEC in the edgar filing system Mr. Swansons annual incentive.. //Www.Raytheon.Com, Raytheon mass manufactured magnetron tubes for use in microwave radar sets then. Practices for certain executives military production contracts registered, and are aligned with our customer..
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