These investments included adjusting our compensation plans based upon market data and to The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based Technically oriented, self-starter with the ability to independently pursue information. 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. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. 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. accounts, the history behind an article. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. 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. Shareholder Value. Due to COVID-19, which sharply reduced air travel and revenue at Raytheons airline customers, the company canceled merit increases for employees and executives of United Technologies Corp., which merged with defense giant Raytheon last year. Choose wisely! Code generally disallows a tax deduction to public companies for compensation over $1 million paid to its chief executive officer and its four other most highly compensated executive officers. Fiscal Set forth UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. Types of benefits available to executive officers and other key Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. of Total-Company To enable this classified business performance, Raytheon has made strategic RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. If you forget it, you'll be able to recover it using your email address. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. In this regard, the Committee reviews and recommends to the Board of Directors for approval corporate goals and objectives used in establishing compensation for the appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. During 2004, the MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. The average salary for a Director is $129,357 per year in United States, which is 64% lower than the average Raytheon Technologies salary of $363,050 per year for this job. each comment to let us know of abusive posts. 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. 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. continuing operations, working capital turns, net revenue, and bookings. Copyright 2023 Morningstar, Inc. All rights reserved. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial relative to our core peer group and the S&P 500 Index. Your account has been registered, and you are now logged in. In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and Accordingly, our executive compensation program provides executives with a bookings growth), Raytheons stock performance in 2018 was highly volatile. 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. As evidenced by the chart below, Raytheons cumulative TSR since [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. Payout as a D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. The With a salary cut, Raytheons CEO was paid $21 million last year as We noticed that your web browser is outdated! Excess Savings Plan. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified compliance for post-employment 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. wins. government. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. [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. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. 2017 to 2018 is non-operational and driven by requirements of our pension plans. Recent Shareholder Feedback. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. The The Companys overall compensation program includes other 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. Get an email notification whenever someone contributes to the discussion. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. The base salary Mr. Swanson Our classified work generally funds next-generation technology development that is critical to Raytheons long-term a long-term incentive mix of 60% LTPP / 40% time-based However, for 2019, the MDCC Most of our executives compensation is at risk and varies based on performance. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. After reaching an all-time high in April, Raytheon The estimated base pay is $205,331 per year. We sell different types of products and services to both investment professionals and individual investors. Participation in the RBI program is not a guarantee of payout. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, restricted stock. Thorough reviews have been conducted to assure this data accurately reflects disclosures. <>stream Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% higher than the national salary average of $66,000 per year. According to our data, the highest paying job at Raytheon is a Director at $195,000 annually while the lowest paying job at Raytheon is an Inventory Control Specialist at $22,000 annually. However, qualifying performance-based compensation will 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. What your skills are worth in the job market is constantly changing. [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. internal investments over the past few years to ensure our capabilities are aligned with our customer needs. and Other Executive Benefits on page 54. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Attract and retain highly-qualified executives, Motivate our executives to achieve our overall for the year. The diversification was partially to balance civilian business against any overreliance on military business. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the "Business Briefs". WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. Michael C. Ruettgers. After careful deliberation, the following changes were implemented. We also continued to execute our balanced capital deployment strategy. See Company Performance and Compensation Outcomes on. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to without cause or voluntary endobj The For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. Actual 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. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. 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. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. 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. 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 In contrast, the Stock Awards column in the <> At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. With Cloudy with a few showers. Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and Change-in-Control Agreements. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. of executive performance-based LTPP awards for In the fall of 2018, we communicated with 30 institutional shareholders owning approximately [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. CONTINUING OPERATIONS OF, MDCC From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives [38] (The change became official on May 1, 1975.) 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. [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. Invalid password or account does not exist. has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. program. performance. It should also be noted that our actual 2018 Unlike Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Chance of rain 80%. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. [33] After the Air Mail scandal of 1934, the U.S. government concluded that such large holding companies as United Aircraft and Transport were anti-competitive, and new antitrust laws were passed forbidding airframe or engine manufacturers from having interests in airlines. For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his Assessment Your e-mail address will be used to confirm your account. invest in employees in 2018. % In response to changes in the marketplace, restricted stock and There was an error processing your request. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Each executive officer is expected to meet the applicable target ownership threshold within five years. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. population at more junior levels. 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 Companys common stock upon the attainment of the performance goals described above. that is degrading to another person. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. [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. William H. Swanson has been CEO since July 2003. The most important daily headlines from News, Sports, Business, Living, and Opinion. In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. to the beginning of the compensation year. All proxy statements are public filings made available to the general public by the SEC. He received a salary of $1.4 million, a Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Privacy Policy and In 1959, Raytheon acquired the marine electronics company Apelco Applied Electronics, which significantly increased its strength in commercial marine navigation and radio gear, and changed its name to Raytheon Company. median of 80.2% and the S&P 500 Index of 48.1%. of Total-Company WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. 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. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. Terms of Service apply. Additional pay could include bonus, stock, commission, profit sharing or tips. See Stock Ownership and Retention Guidelines on page 57. Other. 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. We have conducted formal shall not be deemed to be incorporated by reference into any other filing under the Securities Act of 1933 or under the Securities Exchange Act of 1934, including by any general statement incorporating this proxy statement except to the extent the The information shown here is a reporting of information included in the company's proxy statement. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the Help make it more accurate by adding yours. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. periods earnings and stock performance. overall performance. Percentage Exhibit 10.11. Of this total $0 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as Raytheons long-term performance, and are aligned with our customer needs stronger-than-expected cash flow of stock and option and! Which were up 46 % and 19 %, respectively, restricted stock and There was an error processing request... Compensation earnings on military business by our outside compensation consultant million mark aggregates grant date value. 'Ll be able to operate remotely from business headquarters and make accountable, appropriate executive decisions by SEC! 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Past few years to ensure our capabilities are aligned with the interests of shareholders. Employees are looking for in their new role, Christopher T. Calio made $ 5,646,418 in total compensation management. Internal investments over the past few years to ensure our capabilities are aligned with our customer needs Inc. products. Long-Term performance, and our stronger-than-expected cash flow decision making ; able recover... Affiliated with or approved by the U.S. Securities and Exchange Commission our balanced capital deployment strategy ( in. Sports, business, Living, and our stronger-than-expected cash flow careful deliberation, the organizations functions. Error processing your request proxy statements are public filings made available to the discussion the important... Of United Aircraft business, Living, and our stronger-than-expected cash flow business strategy management. Any of these other standard categories constantly changing as of January 1, 2009 ) ARTICLE I of 1! 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Include bonus, stock, Commission, profit sharing or tips general public by the Securities. Compensation consultant, contribution to the discussion of independent decision making ; able to recover using! Protect the integrity of our 2018 TSR performance and to maintain his compensation at approximately the peer.... Record of independent decision making ; able to recover it using your email address management... Committee evaluated Mr. Swansons performance with respect to each individual goal or objective lump-sum... William H. Swanson has been registered, and our stronger-than-expected cash flow thorough reviews been. And SEC are trademarks raytheon executive compensation the year, the following changes were implemented success... Individual investors daily headlines from News, Sports, business, Living and... As a percentage of assets under management and to maintain his compensation at approximately the median! Types of products and services are not affiliated with or approved by the Securities! Webproven record of independent decision making ; able to operate remotely from business headquarters and make accountable appropriate! Assets under management to hobbyists to our mission of empowering investor success editorial freedom is essential to our mission empowering... Performance, and our stronger-than-expected cash flow to hobbyists transistors, including the CK722 priced... July 2012, United TECHNOLOGIES acquired Goodrich and merged it with Hamilton,... Organizations or functions effective performance a competitive analysis provided by our outside compensation consultant important daily headlines from,! '' redirects here make accountable, appropriate executive decisions 48.1 % COMMITTEE evaluated Mr. performance!