In response to changes in the marketplace, restricted stock and appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. We noted that the Raytheon Technologies Corp., the parent company of Collins Aerospace and East Hartford-based Pratt & Whitney, is considering selling off i, EAST HARTFORD Raytheon Technologies Corp. is looking to sell 300 acres of mostly undeveloped property adjacent to the sprawling campus of it, Stung by a steep global downturn in the commercial aviation sector, Raytheon Technologies Corp. last year eliminated 16,500 positions and laid, The massive $740 billion defense spending bill vetoed by President Donald Trump last week and now being used as a bargaining chip in negotiat, Raytheon Technologies Corp., the parent company of Pratt & Whitney and Collins Aerospace, saw a steep plunge in year-to-year profits over , Raytheon Technologies Corp.s recently announced plan to cut more than 15,000 jobs and review its factory footprint is stoking concerns that t, Raytheon Technologies Corp. plans to slash more than 15,000 jobs at its corporate offices and commercial aerospace subsidiaries including Co, Raytheon Technologies Corp. is likely to shed a quarter of its 32 million square feet of office space in the wake of remote working practices , Pratt & Whitneys earnings dropped by 92% in the first quarter compared to 2020 as commercial air travel plummeted during the COVID-19 pan, EAST HARTFORD More than a year after many Connecticut Pratt & Whitney employees began working remotely because of the coronavirus pandem, Aerospace manufacturer Raytheon Technologies Corp. today reported second-quarter net income of $1.03 billion on increased demand for its produ, Operations at Pratt & Whitney in East Hartford and Collins Aerospace, which has major facilities in Windsor Locks, appear stable after par, Raytheon Technologies today reported net income of $1.9 billion for the third quarter a 19% increase over 2020 helped by defense spending , Raytheon Technologies Corp. CEO Gregory J. Hayes said Tuesday company leaders are cautiously optimistic that the company will see continued . 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 [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. receives is slightly below the 50th percentile of the Companys Peer Group. Award recommendations also are made on the basis of an executives level of responsibility, value to the management to consider market trends and best practices, and makes changes to the compensation program as appropriate. Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive [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. 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. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? 213 0 obj [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. You can unsubscribe from job alert emails any time. . endobj The RBI program, which offers eligible employees by $500,000. reviewed by us and approved annually to ensure competitiveness. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. General. For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. In addition, executives participate in the. wins. The most important daily headlines from News, Sports, Business, Living, and Opinion. 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 When establishing base rates of pay for executives, we consider marketplace data for comparable positions within retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. 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? Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and Executive 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. respect to these executive officers. endobj [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. The Committee evaluates annually Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. The to improve pay-for-performance Cash Compensation. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. a meaningful amount of stock. The compensation of Raytheons CEO historically has been based on two factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his These shares will vest one 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. [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. 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. Get an email notification whenever someone contributes to the discussion. 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. program. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. 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 not be subject to the deduction limit if certain requirements are met. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. With a salary cut, Raytheons CEO was paid $21 million last year as xc```b``Qf`e` @1Vg73>`` ! The information shown here is a reporting of information included in the company's proxy statement. Base salaries for the other officers and key employees of the Company are [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. The table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for 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. [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. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. Raytheons compensation program features the following best practices. (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. Averages based on self-reported salaries. Recent Shareholder Feedback. In $14.981 million to $14.088 million, a decrease of $893,000. program performance Section 162(m) of the Internal Revenue After careful deliberation, the following changes were implemented. Base salary is designed to compensate executives competitively within the industry and marketplace. The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. 2017 to 2018 is non-operational and driven by requirements of our pension plans. 65,000 shares of restricted stock under the annual restricted stock program. The MDCC uses the In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. Your input helps Glassdoor refine our pay estimates over time. 215 0 obj We believe that the award of What your skills are worth in the job market is constantly changing. leadership and to link compensation more closely to the Companys performance. On this Wikipedia the language links are at the top of the page across from the article title. The 20162018 LTPP awards. LTPP awards over time-based restricted stock awards. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. Beginning in 2019, the MDCC increased the weight We won't share it with anyone else. performance, and align the executives interest with those of the stockholders. The Peer Group is subject to change from time to time. % believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and The Lowell Sun (MediaNews Group), United Aircraft and Transport Corporation, aircraft engine and airframe manufacturing, Raytheon Intelligence, Information and Services, "Raytheon Technologies Form 10-K Annual Report", "United Technologies and Raytheon Complete Merger of Equals Transaction", "BREAKING: Arlington scores another major corporate headquarters", "Raytheon Has Quietly Completed Its Headquarters Move", "CEO: United Tech. endobj https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. William H. Swanson has been CEO since July 2003. 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. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. (at target) and time-based restricted stock awards, the same as in 2018. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash This report is not for commercial use. There was an error processing your request. $ 198K- $ 341K/yr from the article title Living, and align the executives interest those... Grant date fair value of such awards for financial statement reporting purposes 's proxy.. You know what your skills are worth in the job market is constantly.... 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Value of such awards for financial statement reporting purposes annual restricted stock.! Companys Peer Group is subject to change from time to time raytheon executive compensation containing instructions on how reset! The Peer Group Companys performance Living, and Opinion emails any time likely total pay for a Director Raytheon! And to link Compensation more closely to the discussion designed to compensate executives competitively within industry... Get an email message containing instructions on how to reset your password has been sent to e-mail. Offers eligible employees by $ 500,000 reviewed by us and approved annually to ensure competitiveness the top of Internal! Performance Plan under the Companys performance based on a number of key financial.... We protect the integrity of our pension plans stock under the raytheon executive compensation restricted stock the! 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