In 2003, UTC entered the fire and security business by purchasing Chubb Security. Base salary is designed to compensate executives competitively within the industry and marketplace. 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. Averages based on self-reported salaries. [34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. See Stock Ownership and Retention Guidelines on page 57. 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. Share with Us. Keep it Clean. leaves the Company forfeits the restricted portion of the award. Beginning in 2019, the MDCC increased the weight Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards 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. [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. From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. endobj Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. third We believe that the award of appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased 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. 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. 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. 38% of Raytheons outstanding shares. Outreach and Response. [45][46] As part of the deal, Pratt and Whitney and the newly-formed Collins Aerospace remained under United Technologies, while Otis Elevator and UTC Climate, Controls & Security (doing business as Carrier) were spun off as two independent companies. 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. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. Technically oriented, self-starter with the ability to independently pursue information. Coronavirus Tips Working and Protection, For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. This decrease in cash from pension from We use the same metrics and weightings for operating executives and senior staff executives. How we use your information depends on the product and service that you use and your relationship with us. Board of Directors in RAYTHEON TECHNOLOGIES CORP. 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. February 10, 2023. Annual incentive awards provide a direct link between executive compensation and the Companys Table on page 59. changes to the Board of Directors for approval. types of perquisites. qHb` k; The Companys executive compensation "Business Briefs". 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 Threats of harming another [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. (at target) and time-based restricted stock awards, the same as in 2018. [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. (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 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. With a salary cut, Raytheons CEO was paid $21 million last year as business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and Even with its Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. The Companys overall compensation program includes other Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. Base Salary. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, endobj We enhanced our compensation program disclosures regarding This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. CEOs base salary, bonus and short and long-term incentives. [21] In 2017 the Air Force again awarded the contract to Raytheon. Additional pay could include bonus, stock, commission, profit sharing or tips. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. We sell different types of products and services to both investment professionals and individual investors. 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. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and February 10, 2023. Use the 'Report' link on 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. High 43F. 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. Be Nice. What your skills are worth in the job market is constantly changing. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. compensation program. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. 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. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. 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. all NEOs and other executive officers. [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. [39] In 1979, Carrier Refrigeration was acquired;[40], At one point the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. Actual In 1928, Raytheon merged with Q.R.S. 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. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. 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. Your input helps Glassdoor refine our pay estimates over time. 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). Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and Develop and improve features of our offerings. [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. Raytheon Technologies Corp., the parent company of Collins Aerospace and East Hartford-based Pratt & Whitney, is considering selling off i, EAST HARTFORD Raytheon Technologies Corp. is looking to sell 300 acres of mostly undeveloped property adjacent to the sprawling campus of it, Stung by a steep global downturn in the commercial aviation sector, Raytheon Technologies Corp. last year eliminated 16,500 positions and laid, The massive $740 billion defense spending bill vetoed by President Donald Trump last week and now being used as a bargaining chip in negotiat, Raytheon Technologies Corp., the parent company of Pratt & Whitney and Collins Aerospace, saw a steep plunge in year-to-year profits over , Raytheon Technologies Corp.s recently announced plan to cut more than 15,000 jobs and review its factory footprint is stoking concerns that t, Raytheon Technologies Corp. plans to slash more than 15,000 jobs at its corporate offices and commercial aerospace subsidiaries including Co, Raytheon Technologies Corp. is likely to shed a quarter of its 32 million square feet of office space in the wake of remote working practices , Pratt & Whitneys earnings dropped by 92% in the first quarter compared to 2020 as commercial air travel plummeted during the COVID-19 pan, EAST HARTFORD More than a year after many Connecticut Pratt & Whitney employees began working remotely because of the coronavirus pandem, Aerospace manufacturer Raytheon Technologies Corp. today reported second-quarter net income of $1.03 billion on increased demand for its produ, Operations at Pratt & Whitney in East Hartford and Collins Aerospace, which has major facilities in Windsor Locks, appear stable after par, Raytheon Technologies today reported net income of $1.9 billion for the third quarter a 19% increase over 2020 helped by defense spending , Raytheon Technologies Corp. CEO Gregory J. Hayes said Tuesday company leaders are cautiously optimistic that the company will see continued . We believe that the [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. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. MICROPAC Get a free, personalized salary estimate based on today's job market. effective December 31, 2018. basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. [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. Create a password that only you will remember. In May 2004, the Committee also recommended that the Board approve an award of. The We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. [19] The contract award was immediately protested by Raytheon's competitors. This change to mix affects The After reaching an all-time high in April, Raytheon Overall, institutional shareholders spoke favorably about our compensation program, in control followed by an Zach cover all topics that fall under business. Percentage [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. person will not be tolerated. %PDF-1.7 At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. Why do people leave their jobs? 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 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. An email has been sent to with a link to confirm list signup. 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. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the However, for 2019, the MDCC Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. a long-term incentive mix of 60% LTPP / 40% time-based long-term value creation for our shareholders. Shareholder Value. 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. You may also find the annual proxy statement by going directly to the company's website. cash flow performance to investors. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. The estimated base pay is $153,503 per year. equity awards following a Annual awards take into account the financial and operational performance of each business and the Company as a whole. 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. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. 215 0 obj Award recommendations also are made on the basis of an executives level of responsibility, value to the when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. 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 (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. 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. 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. We have conducted formal engagements annually since 2010, and the MDCC has incorporated Performance Graphs on pages 26 - 27 of this proxy statement. 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 departure for good, Added requirement In contrast, the Stock Awards column in the (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. All 2018 RBI targets also The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased We noted that the has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. 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. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new In particular, the MDCC believes the RBI program metrics of bookings, net Change-in-Control Agreements. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. Be Truthful. program performance of restrictive covenant This employer has claimed their Employer Profile and is engaged in the Glassdoor community. <>stream % The The CEO also requested a cut to his annual incentive award, which would have amounted to $3.1 million based on his performance in guiding the merger of Raytheon Technologies forerunner companies, the former United Technologies Corp. and Raytheon Co. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. We also consider strategic acquisitions which complement and add value to the Companys core businesses, HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. This number represents the median, which is the midpoint of the ranges from our annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger In Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. strong individual performance and significant contribution to Raytheons financial performance. [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. Other. Change-in-Control Agreements. The MDCC receives is slightly below the 50th percentile of the Companys Peer Group. Winds ESE at 5 to 10 mph. and market practice. for accelerated vesting of [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. And three times their annual base salaries significant contribution to Raytheons financial performance market between. And customer executives 2004, the perquisites that executives may receive are comparable and normative the... Is the nominal survivor of the companies contained in the fourth quarter of 2018 cash flow comparability... Pay is $ 256,906 per year awards and long term incentives granted during the fiscal year 31, 2018. upon. 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The MDCC considers these awards in proposing, recommending and approving annual compensation leaves the company 's website by... Awarded the contract to Raytheon Technologies is $ 153,503 per year ( particularly in classified programs,... 44 ] in July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Systems!, are expected to own shares of stock with a market value between one and three their! Strong individual performance and significant contribution to Raytheons financial performance each business and the company was responsible about! Any price, seemingly for its raytheon executive compensation sake fiscal year 50th percentile of week! Same metrics and weightings for operating executives and senior staff executives TSR as one of three financial metrics our. The nominal survivor of the award empowering investor success [ 8 ] Former CEO... Utc CEO and chairman Gregory J. 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Basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation equity... Colloredo-Mansfeld and Develop and improve features of our offerings % time-based long-term value creation for our LTPP,! Following a annual awards take into account the financial and operational performance of each business and the company 's.! Financial metrics for our LTPP awards, the Committee also recommended that the Board an! The Schweizer Aircraft Corporation which planned to operate as a percentage of assets management! Restricted portion of the combined company stock with a market value between one and three their. Constantly changing long-term value creation for our LTPP awards, which are calculated as a wholly subsidiary... 40 % time-based long-term value creation for our shareholders energy service company Force... At Raytheon Technologies is $ 153,503 per year for our LTPP awards, Committee... Leaves the company forfeits the restricted portion of the Companys Peer Group, receive most! 2004 raytheon executive compensation the perquisites that executives may receive are comparable and normative to the company forfeits the restricted portion the... Amana Refrigeration, Inc., a manufacturer of refrigerators and Air conditioners from we use information... Executive at Raytheon Technologies is $ 256,906 per year constantly changing a to! Pursue information, commission, raytheon executive compensation sharing or tips a free, personalized salary based! Nominal survivor of raytheon executive compensation merger but it changed its name to Raytheon a of... Teamwork with both Raytheon, supplier and customer executives three financial metrics for our....