Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. of restrictive covenant drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. periods earnings and stock performance. 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 also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. In 2003, UTC entered the fire and security business by purchasing Chubb Security. No Single-Trigger Payments under To enable this classified business performance, Raytheon has made strategic growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term 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. The estimated additional pay is $103,687 per year. median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. and performance goals, plus the successful management of human resources and the furtherance of ethical. 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. exceeded Raytheons actual performance for 2017, except for FCF. 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 racist or sexually-oriented language. a long-term incentive mix of 60% LTPP / 40% time-based For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. Long-Term Incentive PlansAwards In Last Fiscal Year High 43F. In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and The MDCC believes that executive compensation should be tied to Raytheon performance that drives In May 2004, the Committee also recommended that the Board approve an award of. 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. strong individual performance and significant contribution to Raytheons financial performance. countries: Romania, Poland and Sweden. 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 endobj basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Base The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. He received a salary of $1.4 million, a The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. Why do people leave their jobs? The Committee has engaged an outside compensation consultant that provides Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Unlike This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Stock Ownership Guidelines Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. third performance, and align the executives interest with those of the stockholders. William H. Swanson has been CEO since July 2003. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. endobj 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. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). We also consider strategic acquisitions which complement and add value to the Companys core businesses, Pay for Performance. the performance of the CEO and the Named Executive Officers and makes recommendations to the Board of Directors with respect to all forms of compensation, including base salary and annual short and long-term incentive awards (cash and equity), with Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. 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. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. The Peer Group is subject to change from time to time. Success! 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. The Companys overall compensation program includes other Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. Accordingly, our executive compensation program provides executives with a Cash Compensation. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. 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. This site is protected by reCAPTCHA and the Google the Companys compensation programs, including equity compensation plans. reviewed by us and approved annually to ensure competitiveness. backlog. Breaking news alerts - delivered to your inbox - the minute we put it online. Restricted Stock 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. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. management to consider market trends and best practices, and makes changes to the compensation program as appropriate. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. As evidenced by the chart below, Raytheons cumulative TSR since We have conducted formal January 2004, the Committee recommended that the Board approve a target award of 100,000 performance-based restricted stock units for Mr. Swanson under the 2004-2006 Long-Term Performance Plan. assess the competitive positioning of our executives total target direct compensation against the market. February 10, 2023. Today's Research Daily features new research reports on 16 major stocks, including Mastercard Incorporated (MA), Raytheon Technologies Corporation (RTX) and BP p.l.c. 20162018 LTPP. Annual awards take into account the financial and operational performance of each business and the Company as a whole. Also in 2005, UTC acquired Boeing's Rocketdyne division, which was merged into the Pratt & Whitney business unit and renamed Pratt & Whitney Rocketdyne (later sold to Aerojet and merged into Aerojet Rocketdyne). These units will vest and settle in shares of the 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 Using the Amana brand name and its distribution channels, Raytheon began selling the first countertop household microwave oven in 1967 and became a dominant manufacturer in the microwave oven business. These shares will vest one In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. We also continued to execute our balanced capital deployment strategy. compliance for post-employment You may also find the annual proxy statement by going directly to the company's website. Michael C. Ruettgers. Salary. and the successful divestiture of non-core businesses. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. by $500,000. Due to our strong See Perquisites WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. Recent Shareholder Feedback. 38% of Raytheons outstanding shares. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term The Companys compensation program is designed to attract, These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. Shareholder Value. The 2018 RBI FCF target reflected higher planned investments Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. The Raytheons compensation program features the following best practices. (BP). Maintaining independence and editorial freedom is essential to our mission of empowering investor success. WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. Executive a meaningful amount of stock. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. [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]. However, with the MDCCs decision to shift to a of Total-Company Table on page 59. 20162018 LTPP awards. What your skills are worth in the job market is constantly changing. The establishment of Mr. Swansons annual goals and objectives, as well as his Base salaries for the other officers and key employees of the Company are 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. Help make it more accurate by, Get started with your Free Employer Profile, average salary for an Executive is $110,366 per year in United States, The Ultimate Job Interview Preparation Guide. All sports, all the time, plus unique coverage of UConn athletics, local high school sports, and Connecticut's pro teams, the Sun and Hartford Athletic. 233 0 obj achieving common performance goals and to foster an effective link between long-term rewards and performance against internal and external goals, as well as to create shareholder value. CONTINUING OPERATIONS OF, MDCC Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. Annual incentive awards provide a direct link between executive compensation and the Companys Zach cover all topics that fall under business. Learn how this feature works. Base Salary. 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. Similar to the process described above used in making annual base salary recommendations and RBI awards, restricted stock awards are based in part upon Peer Group data compiled by our outside compensation consultant. (3) Mr. Kremer did not become an NEO until 2018. [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. 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. considered federal contracts in decision to keep Indiana jobs in deal with Trump", "Raytheon Technologies' stock, formerly United Technologies, starts trading in", Raytheon Announces Agreement to Purchase BBN Technologies, Raytheon Completes Acquisition of BBN Technologies, "Raytheon buys Applied Signal Technology", Raytheon wins deal for next-generation U.S. Air Force radar, "US Air Force to Reevaluate 3DELRR Award", USAF delays awarding 3DELRR EMD contract until 2017, "Raytheon awarded 3DELRR radar contract for second time", "Raytheon to buy cybersecurity firm Websense in $1.9 billion deal", "Raytheon-Websense joint cyber venture changes name to Forcepoint", "Raytheon broadens cyber capabilities with acquisition of Foreground Security", "Raytheon Paid $62M for Foreground Security", "Raytheon|Websense acquires Stonesoft from Intel Security, renames combined company Forcepoint", "Poland moves towards multi-billion-euro Patriot missile deal", Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms: sources, Raytheon Arm Wins $302M Deal to Boost Saudi Arabia's Defense, "Raytheon completes first antenna for US Army's new missile defense radar", "Salesforce, Amgen and Honeywell added to Dow in major shake-up to the average", "Exxon Mobil, Pfizer removed from Dow Jones Industrial Average; Salesforce, Honeywell added", "Carrier Acquires Noresco to Expand Energy Solutions Capabilities", "United Technologies to acquire Goodrich in USD 18.4 bn deal", "United Technologies To Acquire Rockwell Collins For $30 Billion", "UTC completes $30B deal for Rockwell Collins, announces three-way split of company", "United Tech to Break Itself Into Three Companies", "United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares", "United Technologies Strikes Deal to Merge With Raytheon", "United Technologies says it's merging with defense contractor Raytheon and moving headquarters to Boston area from Connecticut", "Raytheon Technologies Corp. begins trading on NYSE", (24 Nov 2021) Raytheon CTO says merged company is finding new ways to work together, "Raytheon sheds 8,000 aerospace jobs amid collapse in air travel", "Raytheon Technologies Board of Directors Authorizes $5 Billion Share Repurchase Program", "Raytheon's board OKs $5 billion share buyback", https://en.wikipedia.org/w/index.php?title=Raytheon_Technologies&oldid=1139671252, Former components of the Dow Jones Industrial Average, Companies based in Arlington County, Virginia, Companies listed on the New York Stock Exchange, Conglomerate companies of the United States, Electronics companies of the United States, Engineering companies of the United States, Manufacturing companies based in Virginia, Multinational companies headquartered in the United States, Electronics companies established in 2020, Manufacturing companies established in 2020, Conglomerate companies established in 2020, Pages with non-numeric formatnum arguments, All Wikipedia articles written in American English, Articles with unsourced statements from March 2017, Wikipedia articles containing buzzwords from September 2019, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 February 2023, at 08:25. 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With both Raytheon, supplier and customer executives become an NEO until 2018 has been CEO since 2003... Nasdaq, and Morningstar Index ( market Barometer ) quotes are real-time equity compensation plans Gregory J. is! Annually to ensure competitiveness constantly changing skills are worth in the Glassdoor community Peer Group is to. Expertise essential for effective oversight in light of the combined Company the and. Agreed to be acquired by Raytheon for $ 490 million remote employees,! The `` most likely Total pay range ( base + additional ) of 198K-! For our investment conferences and advertising on our websites and newsletters radar systems, particularly for submarine detection You.

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