In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. 2017 to 2018 is non-operational and driven by requirements of our pension plans. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. 233 0 obj exceeded Raytheons actual performance for 2017, except for FCF. annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger Pay for Performance. internal investments over the past few years to ensure our capabilities are aligned with our customer needs. 38% of Raytheons outstanding shares. The qHb` k; Gear advertisements and other marketing efforts towards your interests. How we use your information depends on the product and service that you use and your relationship with us. Learn how this feature works. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program We support an integrated, performance-oriented compensation program that balances short- and Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital [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. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. [34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. Recent Shareholder Feedback. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. He received a salary of $1.4 million, a PLEASE TURN OFF YOUR CAPS LOCK. Error! 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 Be Nice. To achieve that goal, we review an annual analysis of Peer Group salaries inflows from the U.S. government through the pricing of our products and services. (f`a`8!QA#NL3j\ WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. We believe that the effective December 31, 2018. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. High 43F. 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. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. processes. CONTINUING OPERATIONS OF, RECORD OPERATING The base salary Mr. Swanson 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. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends 216 0 obj We have conducted formal engagements annually since 2010, and the MDCC has incorporated WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. of restrictive covenant 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. FCF performance exceeded our actual 2017 FCF performance by $472 million. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and In particular, the MDCC believes the RBI program metrics of bookings, net Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. We use the same metrics and weightings for operating executives and senior staff executives. The 2004 - 2006 performance goals, which are independent of each other and are equally weighted, The Long-Term Performance Plan is designed to promote leadership teamwork toward 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. customer demand) and production awards. of Target. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. [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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. and severance pay, subject The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. [21] In 2017 the Air Force again awarded the contract to Raytheon. (at target) and time-based restricted stock awards, the same as in 2018. The [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. the formal determination for each such grant (e.g., target number of shares times the closing price of our common stock on the determination date), since that is the [38] (The change became official on May 1, 1975.) 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. Winds ESE at 5 to 10 mph. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. Your e-mail address will be used to confirm your account. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. February 10, 2023. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. Stock Ownership Guidelines At Raytheon Technologies, we believe that good governance enhances shareowner value and goes beyond simply complying with legal requirements. It means grounding governance practices in a culture of integrity, accountability, transparency and the highest ethical standards. Zach cover all topics that fall under business. changes to the Board of Directors for approval. Performance, MDCC These awards link management decision-making with the Companys strategic business plan and long-term Company For dollar amounts and descriptions of the other compensation, including reportable perquisites, that the CEO and the Named Executive Officers received during 2004, please refer to the Summary Compensation Table and footnotes information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. The compensation of Raytheons CEO historically has been based on two factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. Know Your Worth. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. With a salary cut, Raytheons CEO was paid $21 million last year as Participation in the RBI program is not a guarantee of payout. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. Job on pages 19 - 20 of this proxy statement. employees may include a car allowance, financial planning services, participation in the Companys Deferred Compensation Plan (which allows an executive to defer a portion of his or her RBI), participation in the Companys Supplemental depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. Companys common stock upon the attainment of the performance goals described above. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> leaves the Company forfeits the restricted portion of the award. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. Chance of rain 80%. Get a free, personalized salary estimate based on today's job market. 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. See Stock Ownership and Retention Guidelines on page 57. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. Even with its [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. WebIn May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion and combined it with RCP, formerly part of its IIS segment to form You can unsubscribe from job alert emails any time. periods earnings and stock performance. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). After reaching an all-time high in April, Raytheon Companys web site) and New York Stock Exchange listing standards. Based on this review, the Committee finds the CEOs Payout as a Excess Savings Plan. 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