MICROPAC The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. and alignment with the Companys operational and strategic goals. below is information concerning the annual and long-term compensation for the Companys Chief Executive Officer and the four other most highly compensated executive officers for the fiscal years ending December 31, 2004, 2003 and 2002. 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. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. During 2004, the Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. To achieve that goal, we review an annual analysis of Peer Group salaries The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and Six Sigma, customer satisfaction and people. consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified Don't knowingly lie about anyone 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. Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. If you forget it, you'll be able to recover it using your email address. and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. With a salary cut, Raytheons CEO was paid $21 million last year as 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? It should also be noted that our actual 2018 Similar to the process described above used in making annual base salary recommendations and RBI awards, restricted stock awards are based in part upon Peer Group data compiled by our outside compensation consultant. Percentage The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Terms of Service apply. Equity. Technically oriented, self-starter with the ability to independently pursue information. His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. Read our editorial policy to learn more about our process. This is the name that will be displayed next to your photo for comments, blog posts, and more. The RBI program, which offers eligible employees CONTINUING OPERATIONS OF, RECORD OPERATING (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying 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. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Long-Term Incentive PlansAwards In Last Fiscal Year Cash Compensation. Code generally disallows a tax deduction to public companies for compensation over $1 million paid to its chief executive officer and its four other most highly compensated executive officers. The Board's qHb` k; on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program The compensation of Raytheons CEO historically has been based on two [34][35], United Aircraft became a component of the Dow Jones Industrial Average on March 4, 1939, when United Aircraft and AT&T were added to replace Nash Motors and International Business Machines. How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? to applicable, Adjusted RBI and LTPP We also took into consideration Mr. Swansons success in focusing on customer satisfaction and internal accountability as well as his efforts to place ethics and compliance as a high priority in See Company Performance and Compensation Outcomes on. This number represents the median, which is the midpoint of the However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the [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. 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. After reaching an all-time high in April, Raytheon 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. In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and by $500,000. You have permission to edit this article. [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. PLEASE TURN OFF YOUR CAPS LOCK. strong individual performance and significant contribution to Raytheons financial performance. All 2018 RBI targets also The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. 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. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term 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. Set forth Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Unlike SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. of Total-Company Based on this review, the Committee finds the CEOs basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. The Long-Term Performance Plan is designed to promote leadership teamwork toward impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. Success! Be Proactive. The estimated base pay is $205,331 per year. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and The Companys compensation program is designed to attract, 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). 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 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, $0 was received as With Raytheon Technologies facing steep losses across its aerospace businesses due to COVID-19 and the near collapse of commercial air travel, Hayes last spring asked for and received a 20% reduction to his base salary. HWmo8_A'k")Q(6K}wXd%^,i<3y3_4My{oVz~\7M>?>dZs](d\L,y9iVydTe+ |Xp+L(${4jr \ODcbS"g TDNfsYf>v"g/lN. 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. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. (4) Effective for the 2018 RBI program and the 20182020 LTPP awards. person will not be tolerated. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. Additional pay could include bonus, stock, commission, profit sharing or tips. The 2018 RBI FCF target reflected higher planned investments customer demand) and production awards. 2004. CONTINUING OPERATIONS OF, MDCC These direct compensation elements are rounded out with certain perquisites and other executive benefits. 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. For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his The salary range for this role is 94,000 USD - 196,000 USD; however, Raytheon Technologies considers several factors when extending an offer, including but not limited to, the role and associated responsibilities, a candidates work experience, education/training, and key skills. in control followed by an Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. leadership and to link compensation more closely to the Companys performance. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. 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. Winds S at 5 to 10 mph. all NEOs and other executive officers. reviewed by us and approved annually to ensure competitiveness. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. The MDCC uses the In 1928, Raytheon merged with Q.R.S. This site is protected by reCAPTCHA and the Google LTPP payouts The most important daily headlines from News, Sports, Business, Living, and Opinion. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. We also consider strategic acquisitions which complement and add value to the Companys core businesses, FCF performance exceeded our actual 2017 FCF performance by $472 million. Base Salary. [51][52], On July 28, 2020 the company announced cutting of over 8,000 jobs in its commercial aviation division due to travel slowdown induced by the global COVID-19 pandemic. Other officers, internal investments over the past few years to ensure our capabilities are aligned with our customer needs. 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 Peer Group is subject to change from time to time. 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 compensation consultant and management. respect to these executive officers. (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 Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 Find information about retirement plans, insurance benefits, paid time off, reviews, and more. [47] The spin off was completed in March 2020. 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 Base salaries for the other officers and key employees of the Company are 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). Raytheon Co. employee benefits and perks data. 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. . (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. 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