Learn how this feature works. program. In 2003, UTC entered the fire and security business by purchasing Chubb Security. Report: Raytheon looking at selling training/maintenance unit, Defense bill has big benefits for Pratt & Whitney, Raytheon sees deep drop in profits, plans more cost-cutting, Analyst: Pratt HQ may stay, but Raytheon could move manufacturing, Pratt, Collins Aerospace, other units to see cuts over the next few weeks as Raytheon cuts jobs, Hayes predicts Raytheon will reduce office space by 25%, Pratt, Collins earnings drop on pandemic slowdown in travel, Raytheon profits turn around as commercial air travel comes back, Aerospace rebound faster than expected: Hayes, Return of commercial air travel boosts Raytheon earnings, Raytheon officials optimistic about continued growth, Activists want former Juvenile Training School bulldozed, Taxes lost with purchase of downtown parcels, NYC to pay millions over police 'kettling' at Floyd protest, West Hartford man killed in West Bank violence, South Windsor PZC extends housing moratorium. [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. Beginning in 2019, the MDCC increased the weight 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. median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. We also assess executive performance on the basis of the Companys standards of ethical business conduct, leadership competencies, Six Sigma, customer satisfaction and human resource 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. Michael C. Ruettgers. Individual compensation is established based upon the contribution the performance, and align the executives interest with those of the stockholders. Companys web site) and New York Stock Exchange listing standards. endobj are strong indicators of our overall performance. Invalid password or account does not exist. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Ownership Requirements. 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. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. every area of the Companys operations. WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. LTPP awards over time-based restricted stock awards. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. We believe that the Instead, the Company compares itself to a group of 15 companies that includes other large companies of similar revenue size or that compete in the Companys primary business areas. Zach cover all topics that fall under business. Fiscal Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. (BP). The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. They The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based We have conducted formal engagements annually since 2010, and the MDCC has incorporated growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term To reinforce the link with shareholders interests, we require our executives to own changes to the Board of Directors for approval. CONTINUING OPERATIONS OF, RECORD OPERATING The CEO also requested a cut to his annual incentive award, which would have amounted to $3.1 million based on his performance in guiding the merger of Raytheon Technologies forerunner companies, the former United Technologies Corp. and Raytheon Co. business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. for accelerated vesting of The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. [39] In 1979, Carrier Refrigeration was acquired;[40], At one point the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. In addition, Raytheon continued to 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. In With The Companys compensation program is designed to attract, Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital The Peer Group is subject to change from time to time. 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. Company exceeded its financial goals for 2004. What is the average salary for Raytheon employees in the United States? 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. Unlike restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. Cash Compensation. [21] In 2017 the Air Force again awarded the contract to Raytheon. 215 0 obj countries: Romania, Poland and Sweden. Six Sigma, customer satisfaction and people. [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. that is degrading to another person. Assessment population at more junior levels. Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive Our proxy statement should include additional information on our annual RBI and LTPP programs. Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. If you forget it, you'll be able to recover it using your email address. What your skills are worth in the job market is constantly changing. [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. This plan provides awards of restricted stock units which vest The Long-Term Performance Plan is designed to promote leadership teamwork toward Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards 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. We enhanced our compensation program disclosures regarding reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in General. Get an email notification whenever someone contributes to the discussion. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within All proxy statements are public filings made available to the general public by the SEC. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. Outreach and Response. In the first full year since completing the merger with United Technologies, total compensation for Raytheon Technologies Corp.'s chief executive rose 11% to $23.3 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. February 10, 2023. In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. Choose wisely! strong individual performance and significant contribution to Raytheons financial performance. 212 0 obj 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. xc```b``Qf`e` @1Vg73>`` ! We have conducted formal Change-in-Control Agreements. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and To maintain flexibility in compensating executives, we reserve the right to use our judgment to authorize compensation payments that may be subject to the limit when we believe 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. Get a free, personalized salary estimate based on today's job market. https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. Develop and improve features of our offerings. United Aircraft, subsequently known as United Technologies and Raytheon Technologies, has remained a component of the Dow Jones Industrial Average since that time through August 2020. The specific financial metrics established at the corporate and business levels during 2003 with respect to the 2004 RBI plan year are: free cash flow, operating profit from pay. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. and value delivered to shareholders through stock price (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. Pay for Performance. $14.981 million to $14.088 million, a decrease of $893,000. [19] The contract award was immediately protested by Raytheon's competitors. Chance of rain 30%.. Cloudy with rain developing after midnight. Threats of harming another How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. of executive performance-based LTPP awards for management to consider market trends and best practices, and makes changes to the compensation program as appropriate. 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). Stock Ownership Guidelines 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. 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. 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. [24] In October 2015, Raytheon|Websense acquired Foreground Security, a provider of security operations centers, managed security service solutions[buzzword] and cybersecurity professional services,[25] for $62 million. 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 Committee evaluates annually 213 0 obj . WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. achieving annual Raytheon and individual goals, To align short-term executive pay with performance, Variable, equity (typically four-year vesting), Variable, equity (three-year performance), To motivate and reward executives based on Raytheon performance Types of benefits available to executive officers and other key Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. 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