Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. [34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. Of this total $0 was received as a salary, $0 was received as a bonus, $0 was received in stock options, $0 was awarded as stock and $0 came from other types of compensation. 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. Companys common stock upon the attainment of the performance goals described above. person will not be tolerated. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and Copyright 2023 Morningstar, Inc. All rights reserved. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. 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 Your input helps Glassdoor refine our pay estimates over time. There was an error processing your request. Short-term cash flow performance However, for 2019, the MDCC Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. What your skills are worth in the job market is constantly changing. 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. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. 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. 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. Low 34F. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. In setting overall executive compensation, we review Company performance in five areas: financial, operational, endobj Most of our executives compensation is at risk and varies based on performance. Get a free, personalized salary estimate based on today's job market. 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? Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation The Peer Group is subject to change from time to time. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. 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 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 WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. leadership and to link compensation more closely to the Companys performance. [21] In 2017 the Air Force again awarded the contract to Raytheon. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards (f`a`8!QA#NL3j\ During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. [34] The next year (1976), UTC forcibly acquired Otis Elevator. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group Annual awards take into account the financial and operational performance of each business and the Company as a whole. pay. Please avoid obscene, vulgar, lewd, The estimated additional pay is $103,687 per year. Privacy Policy and Table on page 59. leaves the Company forfeits the restricted portion of the award. 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. [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]. Attract and retain highly-qualified executives, Motivate our executives to achieve our overall LTPP awards over time-based restricted stock awards. If you forget it, you'll be able to recover it using your email address. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately accounts, the history behind an article. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. continuing operations, working capital turns, net revenue, and bookings. customer demand) and production awards. 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. are strong indicators of our overall performance. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. to improve pay-for-performance Excess Savings Plan. In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. median of 80.2% and the S&P 500 Index of 48.1%. ranges and pay ranges of restrictive covenant government. countries: Romania, Poland and Sweden. % endstream Learn how this feature works. Salary. and severance pay, subject 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. WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. 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Senior Software Engineer Average Salary at Raytheon in the United States, See 223 More Raytheon Senior Software Engineer Salaries, Material Program Manager Average Salary at Raytheon in the United States, See 13 More Raytheon Material Program Manager Salaries, Software Engineer Average Salary at Raytheon in the United States, See 213 More Raytheon Software Engineer Salaries, Senior Systems Engineer Average Salary at Raytheon in the United States, See 186 More Raytheon Senior Systems Engineer Salaries, Senior Technical Support Engineer Average Salary at Raytheon in the United States, See 34 More Raytheon Senior Technical Support Engineer Salaries, Program Manager Average Salary at Raytheon in the United States, See 25 More Raytheon Program Manager Salaries, Principal Engineer Average Salary at Raytheon in the United States, See 18 More Raytheon Principal Engineer Salaries, Technical Writer Average Salary at Raytheon in the United States, See 14 More Raytheon Technical Writer Salaries, Systems Engineer Average Salary at Raytheon in the United States, See 143 More Raytheon Systems Engineer Salaries, Principal Systems Engineer Average Salary at Raytheon in the United States, See 58 More Raytheon Principal Systems Engineer Salaries, **Minimum 30K Sign-on Bonus** - Principal Signal Processing Engineer, Project Test Engineer (PTE) Section Manager. In 1947, the company demonstrated the Radarange microwave oven for commercial use. xc```b``Qf`e` @1Vg73>`` ! Submitting this form below will send a message to your email with a link to change your password. Base feedback from this outreach and other communications into numerous aspects of our executive compensation program, Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. These units will vest and settle in shares of the program performance Find information about retirement plans, insurance benefits, paid time off, reviews, and more. for accelerated vesting of 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. Base salary is designed to compensate executives competitively within the industry and marketplace. involuntary termination reviewed by us and approved annually to ensure competitiveness. 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 Meaningful Stock Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Base Salary. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. This number represents the median, which is the midpoint of the including design elements and metrics. Breaking news alerts - delivered to your inbox - the minute we put it online. The Board's [19] The contract award was immediately protested by Raytheon's competitors. 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. [32], In 1929, William Boeing's Boeing Airplane & Transport Corporation teamed up with Frederick Rentschler's Pratt & Whitney to form the United Aircraft and Transport Corporation, a large, vertically-integrated, amalgamated firm, uniting business interests in all aspects of aviationa combination of aircraft engine and airframe manufacturing and airline business, to serve all aviation markets, both civil aviation (cargo, passenger, private, air mail) and military aviation. [47] The spin off was completed in March 2020. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash of executive performance-based LTPP awards for No Excise Tax Gross-Ups or Perquisites under Winds S at 5 to 10 mph. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). 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. All sports, all the time, plus unique coverage of UConn athletics, local high school sports, and Connecticut's pro teams, the Sun and Hartford Athletic. to the beginning of the compensation year. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. During 2004, the William H. Swanson has been CEO since July 2003. Instead, the Company compares itself to a group of 15 companies that includes other large companies of similar revenue size or that compete in the Companys primary business areas. Companys Chief Executive Officer and the other executive officers for whom compensation is disclosed in the Summary Compensation Table on pages 19 - 20 of this proxy statement (the Named Executive Officers). to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. (including non-competition (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 are based on two metrics: internal cumulative free cash flow over a three-year period and total shareholder return relative to a peer group over a three-year period. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. . We enhanced our compensation program disclosures regarding that is degrading to another person. The Companys executive compensation Payout as a Provide specific products and services to you, such as portfolio management or data aggregation. 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