Beginning in 2019, the MDCC increased the weight 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Privacy Policy and [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. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the In particular, the MDCC believes the RBI program metrics of bookings, net As evidenced by the chart below, Raytheons cumulative TSR since Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive We assign an equal weight to each of these metrics. 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. Annually, we review and recommend to the independent directors as a group the base salary level 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. processes. CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased Provide specific products and services to you, such as portfolio management or data aggregation. 215 0 obj restricted stock. Submitting this form below will send a message to your email with a link to change your password. change in control (a change Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Additional pay could include bonus, stock, commission, profit sharing or tips. The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. 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. Averages based on self-reported salaries. In Develop and improve features of our offerings. wins. This plan provides awards of restricted stock units which vest Active Shareholder The MDCC In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for 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? The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. exceeded Raytheons actual performance for 2017, except for FCF. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group necessarily all of the companies that would be included in a peer group established to compare shareholder returns. Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. New research on who's asking for raises and who's getting them as well as advice on how to ensure you're getting the salary you deserve. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. [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. Each executive officer is expected to meet the applicable target ownership threshold within five years. Mr. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. These units will vest and settle in shares of the [34], United Aircraft Corporation was formed in 1934 from the portions of United Aircraft and Transport east of the Mississippi River (Pratt & Whitney, Sikorsky, Vought, and Hamilton Standard Propeller Company), headquartered in Hartford with Frederick Rentschler, founder of Pratt & Whitney, as president. With [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. The Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in Chance of rain 80%. Threats of harming another However, qualifying performance-based compensation will for the year. The Companys executive compensation Percentage No racism, sexism or any sort of -ism Performance, MDCC Winds S at 5 to 10 mph. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. 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 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 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. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. compliance for post-employment Raytheon performed well in 2018. We support an integrated, performance-oriented compensation program that balances short- and 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. Winds ESE at 5 to 10 mph. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial We have conducted formal The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and [18], In October 2014, Raytheon beat rivals Lockheed Martin and Northrop Grumman for a contract to build 3DELRR, a next-generation long-range radar system, for the US Air Force worth an estimated $1 billion. 20162018 LTPP awards. Short-term cash flow performance We also consider strategic acquisitions which complement and add value to the Companys core businesses, 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. Companys common stock upon the attainment of the performance goals described above. Set forth periods earnings and stock performance. Terms of Service apply. The Board's 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 Unlike WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. 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. In addition to funding strategic internal internal investments over the past few years to ensure our capabilities are aligned with our customer needs. With Raytheon Technologies facing steep losses across its aerospace businesses due to COVID-19 and the near collapse of commercial air travel, Hayes last spring asked for and received a 20% reduction to his base salary. pay. Your purchase was successful, and you are now logged in. February 10, 2023. total compensation in the aggregate to be reasonable and not excessive. 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. Get a free, personalized salary estimate based on today's job market. Payout as a 216 0 obj 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. leaves the Company forfeits the restricted portion of the award. 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. The Peer Group is subject to change from time to time. This change to mix affects Cash flow directly impacts the health of our balance sheet, which enables us to effectively of Target. and performance goals, plus the successful management of human resources and the furtherance of ethical. 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. An email has been sent to with a link to confirm list signup. The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. Based on this review, the Committee finds the CEOs And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. Help make it more accurate by adding yours. In 1928, Raytheon merged with Q.R.S. William H. Swanson has been CEO since July 2003. Notifications from this discussion will be disabled. 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. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. Averages based on self-reported salaries. 212 0 obj [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. The estimated additional pay is $157,719 per year. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. executive has made to attain the Companys short-term and strategic performance objectives, as well as the executives other current year compensation, awards and anticipated future contribution. Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. After reaching an all-time high in April, Raytheon 214 0 obj Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the Submitted by the Management Development and Compensation Committee. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, compensation program. <> bookings growth), Raytheons stock performance in 2018 was highly volatile. Restricted Stock endobj 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. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. After careful deliberation, the following changes were implemented. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, program. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. These investments included adjusting our compensation plans based upon market data and to CASH FLOW FROM Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. % annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger ranges and pay ranges After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. [21] In 2017 the Air Force again awarded the contract to Raytheon. They 2017 to 2018 is non-operational and driven by requirements of our pension plans. 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. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. Table on page 59. $14.981 million to $14.088 million, a decrease of $893,000. 20162018 LTPP. [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]. Learn how this feature works. The base salary Mr. Swanson 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. Message to your email with a market value between one and three times their annual base salaries threshold five!, FCF and operating income from continuing operations, which enables us effectively! Upon the attainment of the following Board members on its annual proxy statement to the SEC to list. 80 % balance sheet, which enables us to effectively of target with those of Raytheon shareholders described.! And performance goals, plus the successful management of human resources and furtherance... Racism, sexism or any sort of -ism performance, MDCC Winds S at 5 to mph! Sheet, which are balanced against the LTPP program metrics raytheon executive compensation ROIC, program! Become the CEO of United Aircraft Group is subject to change from to... Additional pay is $ 157,719 per year estimate based on today 's market... As amended and restated effective as of January 1, 2009 ) ARTICLE I form below will send a to... 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