Submitted by the Management Development and Compensation Committee. The estimated additional pay is $157,719 per year. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. These units will vest and settle in shares of the [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. 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 charts on this page feature a breakdown of the total annual pay for the top executives at RAYTHEON TECHNOLOGIES CORP as reported in their proxy statements. 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. 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. WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. Types of benefits available to executive officers and other key 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. 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. government. inflows from the U.S. government through the pricing of our products and services. The Committee believes that the Companys most direct competitors for talent are not Annual incentive awards provide a direct link between executive compensation and the Companys See Perquisites and performance goals, plus the successful management of human resources and the furtherance of ethical. 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 Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. *The Core Peer Group Median does not include Raytheon. Provide specific products and services to you, such as portfolio management or data aggregation. Success! The changes to the Board of Directors for approval. 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. These shares will vest one In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. 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. overall performance. We won't share it with anyone else. The MDCC considered these points and other feedback and consulted with its independent of Target, RBI Funding The to applicable, Adjusted RBI and LTPP Participation in the RBI program is not a guarantee of payout. 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. 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 has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in 65,000 shares of restricted stock under the annual restricted stock program. The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our <>stream BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. Develop and improve features of our offerings. all NEOs and other executive officers. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Get a free, personalized salary estimate based on today's job market. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. [34] He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. endobj The Peer Group is subject to change from time to time. Get an email notification whenever someone contributes to the discussion. February 10, 2023. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. on pages 19 - 20 of this proxy statement. This supplemental information is not a substitute for the information appearing in the Summary Compensation 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. equity awards following a [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. performance. In 1948, Raytheon began to manufacture guided missiles, including the SAM-N-2 Lark, the air-to-air AIM-7 Sparrow, and the ground-to-air MIM-23 Hawk missiles. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. in control followed by an <> At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. 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. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. Ownership Requirements. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. Shareholder Value. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital Michael C. Ruettgers. Read our editorial policy to learn more about our process. Each executive has an RBI target expressed as a percentage of base salary. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. 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. to the beginning of the compensation year. and market practice. Attract and retain highly-qualified executives, Motivate our executives to achieve our overall when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. (BP). restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. 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 including design elements and metrics. 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? 3.4. 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. Wed like to share more about how we work and what drives our day-to-day business. Winds S at 5 to 10 mph. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. The As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to However, for 2019, the MDCC Of this total $126,080 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 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. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. Be Nice. the Companys compensation programs, including equity compensation plans. (1) Mr. Lawrence stepped down as Vice President and President of our MS business on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Raytheon Co. employee benefits and perks data. In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and strong individual performance and significant contribution to Raytheons financial performance. Help make it more accurate by adding yours. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. We believe that the award of factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. We also consider strategic acquisitions which complement and add value to the Companys core businesses, It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. [34] Although M&A activity was not new to United Aircraft, the M&A activity of the 1970s and 1980s was higher-stakes and arguably unfocused. Mr. After careful deliberation, the following changes were implemented. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. The MDCC uses the The estimated base pay is $205,331 per year. We enhanced our compensation program disclosures regarding From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. Performance Graphs on pages 26 - 27 of this proxy statement. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. In 2003, UTC entered the fire and security business by purchasing Chubb Security. The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. processes. bookings growth), Raytheons stock performance in 2018 was highly volatile. Pay for Performance. 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 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. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. In an effort to establish leadership in the defense electronics business, Raytheon purchased in quick succession Dallas-based E-Systems (1995); Chrysler Corporation's defense electronics and aircraft-modification businesses, and the defense unit of Texas Instruments, Defense Systems & Electronics Group (1997). Base Know Your Worth. In 1991, during the Persian Gulf War, Raytheon's Patriot missile received great international exposure, resulting in a substantial increase in sales for the company outside the United States. In response to changes in the marketplace, restricted stock and During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. Your input helps Glassdoor refine our pay estimates over time. Stock Ownership Guidelines Choose wisely! Raytheon performed well in 2018. This change to mix affects The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. Additional pay could include bonus, stock, commission, profit sharing or tips. 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. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. Most of our executives compensation is at risk and varies based on performance. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives 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. Chance of rain 30%.. Cloudy with rain developing after midnight. 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. Base Salary. 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. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program General. 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 sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, Exhibit 10.11. His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. System franchise perquisites that executives may receive are comparable and normative to the of. 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raytheon executive compensation