processes. 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. of Total-Company Related Searches:All Director Salaries|All Raytheon Technologies Salaries. CEOs base salary, bonus and short and long-term incentives. All proxy statements are public filings made available to the general public by the SEC. [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]. to applicable, Adjusted RBI and LTPP Based on this review, the Committee finds the CEOs (at target) and time-based restricted stock awards, the same as in 2018. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. "Business Briefs". The most important daily headlines from News, Sports, Business, Living, and Opinion. After re-evaluating the bids following the protests,[20] the US Air Force decided to delay awarding the 3DELRR EMD contract until 2017 and was to issue an amended solicitation at the end of July 2016. Your purchase was successful, and you are now logged in. The Companys executive compensation Error! Actual This is the name that will be displayed next to your photo for comments, blog posts, and more. Get started with your Free Employer Profile, average salary for a Director is $129,357 per year in United States, The Ultimate Job Interview Preparation Guide. The compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. person will not be tolerated. 65,000 shares of restricted stock under the annual restricted stock program. program performance long-term value creation for our shareholders. This decrease in cash from pension from In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. 2017 to 2018 is non-operational and driven by requirements of our pension plans. Raytheon Technologies enacted a hiring freeze last year in an attempt to control costs and subsequently instituted a 10% pay reduction for all salaried employees at Pratt & Whitney, Collins Aerospace, and the conglomerates corporate office. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. restricted stock. 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. 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. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within not be subject to the deduction limit if certain requirements are met. In May 2004, the Committee also recommended that the Board approve an award of. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. exceeded Raytheons actual performance for 2017, except for FCF. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives [21] In 2017 the Air Force again awarded the contract to Raytheon. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. 20162018. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Percentage and market practice. racist or sexually-oriented language. In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. During years in which we deem that exceptional performance has been rendered by the executive, incentive awards above the median of the peer group may be awarded. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. of executive performance-based LTPP awards for (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Additional pay could include bonus, stock, commission, profit sharing or tips. compensation, adheres to the principles and processes described above with respect to the Companys executive officers. Get a free, personalized salary estimate based on today's job market. (3) Mr. Kremer did not become an NEO until 2018. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. Performance Graphs on pages 26 - 27 of this proxy statement. The 2018 RBI FCF target reflected higher planned investments Get an email notification whenever someone contributes to the discussion. program. Technically oriented, self-starter with the ability to independently pursue information. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. Based in part upon the analysis of our outside compensation consultant, individual incentive target awards were established for the CEO and each executive officer and key employee in 2003 with respect to The diversification was partially to balance civilian business against any overreliance on military business. Don't knowingly lie about anyone The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our These shares will vest one overall performance. The base salary Mr. Swanson equity awards following a During 2004, the Active Shareholder After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. It should also be noted that our actual 2018 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. We believe that the pay. WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. Assessment As evidenced by the chart below, Raytheons cumulative TSR since invest in employees in 2018. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program What your skills are worth in the job market is constantly changing. endstream WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. In %PDF-1.7 Coronavirus Tips Working and Protection, For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. Additional pay could include bonus, stock, commission, profit sharing or tips. population at more junior levels. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. The MDCC Thorough reviews have been conducted to assure this data accurately reflects disclosures. Use our tool to get a personalized report on your market worth. 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 [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. Base Salary. With a salary cut, Raytheons CEO was paid $21 million last year as 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. Michael C. Ruettgers. 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 all NEOs and other executive officers. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. This site is protected by reCAPTCHA and the Google every area of the Companys operations. 214 0 obj Base salary is designed to compensate executives competitively within the industry and marketplace. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in customer demand) and production awards. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. Annual Incentives. Change-in-Control Agreements. 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 OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. and severance pay, subject [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and endobj Individual compensation is established based upon the contribution the for the year. $14.981 million to $14.088 million, a decrease of $893,000. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. 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. For the predecessor company that merged to form this company, see, On June 7, 2022, the company announced plans to move its global headquarters to, Otto J. Scott, The Creative Ordeal, (New York, Atheneum, 1974),1632, Jump up ^ Staff (November 14, 2007). 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 growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term 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. 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). Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. No Excise Tax Gross-Ups or Perquisites under We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. Choose wisely! In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. changes to the Board of Directors for approval. The Committee evaluates annually The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our Annual Incentive Award. [53], In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[54][55]. Shareholder Value. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and (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 3.4. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. government. that is degrading to another person. 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. Raytheon performed well in 2018. 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. To achieve that goal, we review an annual analysis of Peer Group salaries However, with the MDCCs decision to shift to a See Perquisites There was an error processing your request. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. We noted that the stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. Short-term cash flow performance In addition, executives participate in the. <> Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards Share with Us. Zach cover all topics that fall under business. [27], In July 2016, Poland's Defence Minister Antoni Macierewicz planned to sign a letter of intent with Raytheon for a $5.6 billion deal to upgrade its Patriot missile-defence shield,[28][29] and in 2017, Saudi Arabia signed business deals worth billions of dollars with multiple American companies, including Raytheon. In response to changes in the marketplace, restricted stock and <>stream to improve pay-for-performance [51][52], On July 28, 2020 the company announced cutting of over 8,000 jobs in its commercial aviation division due to travel slowdown induced by the global COVID-19 pandemic. Please avoid obscene, vulgar, lewd, Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. Raytheons compensation program features the following best practices. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> Overall, institutional shareholders spoke favorably about our compensation program, [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. February 10, 2023. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. William H. Swanson has been CEO since July 2003. Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. However, qualifying performance-based compensation will performance. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. Unlike There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. in control followed by an 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. How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? Be Proactive. Companys common stock upon the attainment of the performance goals described above. Award recommendations also are made on the basis of an executives level of responsibility, value to the their compensation positions relative to the marketplace and our Peer Group, attainment of the specific financial and performance metrics set forth above, and the executives accomplishment of individual performance objectives established prior for accelerated vesting of relative to our core peer group and the S&P 500 Index. <> believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and shareholder value over the long term. [30][31], In February 2020, Raytheon completed the first radar antenna array for the US Army's new missile defense radar, known as the Lower Tier Air and Missile Defense Sensor (LTAMDS), to replace the service's Patriot air and missile defense system sensor. No racism, sexism or any sort of -ism We'd love to hear eyewitness Use the 'Report' link on His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. 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. In setting overall executive compensation, we review Company performance in five areas: financial, operational, prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. [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. and Other Executive Benefits on page 54. Officers, including the CEO and the Named Executive factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. We noticed that your web browser is outdated! effective December 31, 2018. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital (3) Mr. Yuse retired from Raytheon effective December 31, 2018. performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. and value delivered to shareholders through stock price We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. The salary range for this role is 94,000 USD - 196,000 USD; however, Raytheon Technologies considers several factors when extending an offer, including but not limited to, the role and associated responsibilities, a candidates work experience, education/training, and key skills. Be Truthful. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Cash Compensation. Provide specific products and services to you, such as portfolio management or data aggregation. without cause or voluntary In addition to funding strategic internal The estimated additional pay is $103,687 per year. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. 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. 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 Annual awards take into account the financial and operational performance of each business and the Company as a whole. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. This change to mix affects We support an integrated, performance-oriented compensation program that balances short- and No Single-Trigger Payments under
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