raytheon executive compensation

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. [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. In contrast, the Stock Awards column in the The shareholder value over the long term. of Total-Company Additional pay could include bonus, stock, commission, profit sharing or tips. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. Create a password that only you will remember. The RBI program, which offers eligible employees 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 of executive performance-based LTPP awards for Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. wins. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the WebRaytheon insights Based on 1,073 survey responses What people like Ability to meet personal goals Ability to learn new things Time and location flexibility Areas for improvement Sense of belonging Overall satisfaction Support from manager Horrible place to work Executive Assistant (Former Employee) - Huntsville, AL - October 29, 2020 compensation, adheres to the principles and processes described above with respect to the Companys executive officers. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and The Committee evaluates annually Privacy Policy and 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. Due to our strong Keep it Clean. 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. In addition to funding strategic internal WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. changes to the Board of Directors for approval. 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. the performance of the CEO and the Named Executive Officers and makes recommendations to the Board of Directors with respect to all forms of compensation, including base salary and annual short and long-term incentive awards (cash and equity), with Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. The Committee believes that the Companys most direct competitors for talent are not Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and on pages 19 - 20 of this proxy statement. Michael C. Ruettgers. business behavior and leadership competencies. Even with its Individual compensation is established based upon the contribution the Participation in the RBI program is not a guarantee of payout. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability 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. Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. [22], In May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion[23] and combined it with RCP, formerly part of its IIS segment to form Raytheon|Websense. 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. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. countries: Romania, Poland and Sweden. In 1928, Raytheon merged with Q.R.S. Company exceeded its financial goals for 2004. This change to mix affects According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. 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. compensation consultant and management. endobj not be subject to the deduction limit if certain requirements are met. Shareholder Value. Base and severance pay, subject February 10, 2023. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. Use our tool to get a personalized report on your market worth. compensation program. The MDCC uses the Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. 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. 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 WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. 216 0 obj to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. The MDCC believes that executive compensation should be tied to Raytheon performance that drives In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, 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. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. 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. Your account has been registered, and you are now logged in. Exhibit 10.11. You have permission to edit this article. investments that span several years. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within Set forth 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. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. performance. [38] (The change became official on May 1, 1975.) The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. Other officers, Each executive has an RBI target expressed as a percentage of base salary. The Companys compensation program is designed to attract, <> and non-solicitation) 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 We may use it to: To learn more about how we handle and protect your data, visit our privacy center. These units will vest and settle in shares of the In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. Raytheon Co. employee benefits and perks data. 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 [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in [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]. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends Error! Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. person will not be tolerated. of Target, RBI Funding 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. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. of Total-Company 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 $14.981 million to $14.088 million, a decrease of $893,000. Know Your Worth. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. CEOs base salary, bonus and short and long-term incentives. 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. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the Be Nice. [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. every area of the Companys operations. restricted stock. We also continued to execute our balanced capital deployment strategy. 3.4. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. Breaking news alerts - delivered to your inbox - the minute we put it online. 215 0 obj exceeded Raytheons actual performance for 2017, except for FCF. to applicable, Adjusted RBI and LTPP Choose wisely! restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. Provide specific products and services to you, such as portfolio management or data aggregation. feedback from this outreach and other communications into numerous aspects of our executive compensation program, These products and services are usually sold through license agreements or subscriptions. See Company Performance and Compensation Outcomes on. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. Wed like to share more about how we work and what drives our day-to-day business. pay. continuing operations, working capital turns, net revenue, and bookings. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. These shares will vest one believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash % (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 organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. Actual CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased considered federal contracts in decision to keep Indiana jobs in deal with Trump", "Raytheon Technologies' stock, formerly United Technologies, starts trading in", Raytheon Announces Agreement to Purchase BBN Technologies, Raytheon Completes Acquisition of BBN Technologies, "Raytheon buys Applied Signal Technology", Raytheon wins deal for next-generation U.S. Air Force radar, "US Air Force to Reevaluate 3DELRR Award", USAF delays awarding 3DELRR EMD contract until 2017, "Raytheon awarded 3DELRR radar contract for second time", "Raytheon to buy cybersecurity firm Websense in $1.9 billion deal", "Raytheon-Websense joint cyber venture changes name to Forcepoint", "Raytheon broadens cyber capabilities with acquisition of Foreground Security", "Raytheon Paid $62M for Foreground Security", "Raytheon|Websense acquires Stonesoft from Intel Security, renames combined company Forcepoint", "Poland moves towards multi-billion-euro Patriot missile deal", Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms: sources, Raytheon Arm Wins $302M Deal to Boost Saudi Arabia's Defense, "Raytheon completes first antenna for US Army's new missile defense radar", "Salesforce, Amgen and Honeywell added to Dow in major shake-up to the average", "Exxon Mobil, Pfizer removed from Dow Jones Industrial Average; Salesforce, Honeywell added", "Carrier Acquires Noresco to Expand Energy Solutions Capabilities", "United Technologies to acquire Goodrich in USD 18.4 bn deal", "United Technologies To Acquire Rockwell Collins For $30 Billion", "UTC completes $30B deal for Rockwell Collins, announces three-way split of company", "United Tech to Break Itself Into Three Companies", "United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares", "United Technologies Strikes Deal to Merge With Raytheon", "United Technologies says it's merging with defense contractor Raytheon and moving headquarters to Boston area from Connecticut", "Raytheon Technologies Corp. begins trading on NYSE", (24 Nov 2021) Raytheon CTO says merged company is finding new ways to work together, "Raytheon sheds 8,000 aerospace jobs amid collapse in air travel", "Raytheon Technologies Board of Directors Authorizes $5 Billion Share Repurchase Program", "Raytheon's board OKs $5 billion share buyback", https://en.wikipedia.org/w/index.php?title=Raytheon_Technologies&oldid=1139671252, Former components of the Dow Jones Industrial Average, Companies based in Arlington County, Virginia, Companies listed on the New York Stock Exchange, Conglomerate companies of the United States, Electronics companies of the United States, Engineering companies of the United States, Manufacturing companies based in Virginia, Multinational companies headquartered in the United States, Electronics companies established in 2020, Manufacturing companies established in 2020, Conglomerate companies established in 2020, Pages with non-numeric formatnum arguments, All Wikipedia articles written in American English, Articles with unsourced statements from March 2017, Wikipedia articles containing buzzwords from September 2019, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 February 2023, at 08:25. 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In total compensation Mr. Swansons performance with respect to each Individual goal or objective the,! 2020 earnings were roughly in line with his total pay for 2019, which also cleared the 20! To you, such as portfolio management or Data aggregation of electron tubes and,. To share more about how we work and what drives our day-to-day business official on may,!

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