During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. No Single-Trigger Payments under There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger overall performance. Unlike 233 0 obj An email has been sent to with a link to confirm list signup. Equity. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program This employer has claimed their Employer Profile and is engaged in the Glassdoor community. This change to mix affects How we use your information depends on the product and service that you use and your relationship with us. WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. With a salary cut, Raytheons CEO was paid $21 million last year as basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. All 2018 RBI targets also Short-term cash flow performance long-term objectives to enhance shareholder value and place Company executives in a responsible competitive range of total compensation considering the magnitude of business operations, strategic accomplishments, and Company performance. endobj Active Shareholder including design elements and metrics. This decrease in cash from pension from person will not be tolerated. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. 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. We believe that the stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. 20162018 LTPP awards. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. In 2003, UTC entered the fire and security business by purchasing Chubb Security. Error! 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. In addition, executives participate in the. Long-Term Incentives. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. a meaningful amount of stock. CONTINUING OPERATIONS OF, RECORD OPERATING countries: Romania, Poland and Sweden. cash flow performance to investors. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. In a Jan. 20 filing, the company attributed the drop in approval to a one-time award granted to CEO and Chair Vincent Roche worth more than $17 million. Recent Shareholder Feedback. Six Sigma, customer satisfaction and people. There was an error processing your request. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his the Companys compensation programs, including equity compensation plans. <> 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 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. The most important daily headlines from News, Sports, Business, Living, and Opinion. 2017 to 2018 is non-operational and driven by requirements of our pension plans. Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and The company is also a large military contractor, getting a significant portion of its revenue from the U.S. 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 According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. that is degrading to another person. third In response to changes in the marketplace, restricted stock and To maintain flexibility in compensating executives, we reserve the right to use our judgment to authorize compensation payments that may be subject to the limit when we believe Be Truthful. To reinforce the link with shareholders interests, we require our executives to own 20162018 LTPP. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. Copyright 2023 Morningstar, Inc. All rights reserved. every area of the Companys operations. CONTINUING OPERATIONS OF, MDCC The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. [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. In addition to funding strategic internal 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. During 2004, the restricted stock. We enhanced our compensation program disclosures regarding 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. These products and services are usually sold through license agreements or subscriptions. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Payout as a 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. Know Your Worth. See Stock Ownership and Retention Guidelines on page 57. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the In recent years, the compensation of chief executives of big, publicly traded companies has risen steadily, despite efforts by lawmakers to restrain C.E.O. Raytheon Technologies Corp. CEO Gregory Hayes's total compensation in 2020 came to just under $21 million, with over $14 million coming from stock and option This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. This report is not for commercial use. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term This supplemental information is not a substitute for the information appearing in the Summary Compensation all NEOs and other executive officers. See Perquisites on pages 19 - 20 of this proxy statement. HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. The 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Change-in-Control Agreements. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. The RBI program, which offers eligible employees endobj 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. If you forget it, you'll be able to recover it using your email address. 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. On this Wikipedia the language links are at the top of the page across from the article title. Board of Directors in RAYTHEON TECHNOLOGIES CORP. LTPP payouts [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. 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. 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 Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. We'd love to hear eyewitness In 1928, Raytheon merged with Q.R.S. The establishment of Mr. Swansons annual goals and objectives, as well as his Change-in-Control Agreements. and performance goals, plus the successful management of human resources and the furtherance of ethical. to the beginning of the compensation year. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. This site is protected by reCAPTCHA and the Google https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. In setting overall executive compensation, we review Company performance in five areas: financial, operational, each comment to let us know of abusive posts. The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. Winds ESE at 5 to 10 mph. Averages based on self-reported salaries. population at more junior levels. Further, we take into consideration external marketplace forces, as well as the attainment of both operational short-term and Company-wide long-term objectives that may not be reflected in the current They consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. customer demand) and production awards. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives Results as a We believe that the award of Verify your identity, personalize the content you receive, or create and administer your account. a long-term incentive mix of 60% LTPP / 40% time-based Officers, including the CEO and the Named Executive sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. [21] In 2017 the Air Force again awarded the contract to Raytheon. 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. 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