This site is protected by reCAPTCHA and the Google [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. 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. These shares will vest one Associated Press Raytheon Technologies Corp. CEO Gregory J. Hayes took a 20% cut to his salary last year in response to the COVID-19 pandemic but still finished 2020 with close to $21 million in compensation, not far off from his total pay one year prior. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. Board of Directors in RAYTHEON TECHNOLOGIES CORP. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. This number represents the median, which is the midpoint of the ranges from our The Committee has engaged an outside compensation consultant that provides The base salary Mr. Swanson The top executive for Raytheon Technologies Corp. gained a 3.7% increase in total compensation to $22.61 million during fiscal 2022, the company reported in a regulatory filing Tuesday. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital to the beginning of the compensation year. Company exceeded its financial goals for 2004. The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. Assessment The estimated additional pay is $157,719 per year. pay. WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. 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. Use our tool to get a personalized report on your market worth. and alignment with the Companys operational and strategic goals. 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 Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. These direct compensation elements are rounded out with certain perquisites and other executive benefits. You may also find the annual proxy statement by going directly to the company's website. 20162018 LTPP. In 1991, during the Persian Gulf War, Raytheon's Patriot missile received great international exposure, resulting in a substantial increase in sales for the company outside the United States. of restrictive covenant 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. Raytheon Technologies Corp. CEO Gregory J. Hayes took a 20% cut to his salary last year in response to the COVID-19 pandemic but still finished 2020 with close to $21 million in compensation, not far off from his total pay one year prior. Exhibit 10.11. Performance, MDCC ranges and pay ranges Even with its We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Short-term cash flow performance and performance goals, plus the successful management of human resources and the furtherance of ethical. Actual %PDF-1.7 WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. Use the 'Report' link on Participation in the RBI program is not a guarantee of payout. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. 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). This number represents the median, which is the midpoint of the 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. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. and non-solicitation) Breaking news alerts - delivered to your inbox - the minute we put it online. Get a free, personalized salary estimate based on today's job market. Annual Incentives. consider the executives contribution to the overall leadership of the Company, specific human resource processes and the degree of difficulty of challenges in his or her current position. In addition to funding strategic internal In 1959, Raytheon acquired the marine electronics company Apelco Applied Electronics, which significantly increased its strength in commercial marine navigation and radio gear, and changed its name to Raytheon Company. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell 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. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> Copyright 2023 Morningstar, Inc. All rights reserved. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. The most important daily headlines from News, Sports, Business, Living, and Opinion. Payout as a Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% [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. 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. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). equity awards following a 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. On this Wikipedia the language links are at the top of the page across from the article title. endobj 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. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. 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. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. Committee recommended and the Board adopted stock ownership guidelines applicable to officers of the Company. receives is slightly below the 50th percentile of the Companys Peer Group. [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. Table on page 59. [34] The next year (1976), UTC forcibly acquired Otis Elevator. 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 20162018. 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. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. Of this total $126,080 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 CONTINUING OPERATIONS OF, MDCC Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. Also in 1997, Raytheon acquired the aerospace and defense business of Hughes Aircraft Company from Hughes Electronics Corporation, a subsidiary of General Motors, which included a number of product lines previously purchased by Hughes Electronics, including the former General Dynamics missile business (Pomona facility), the defense portion of Delco Electronics (Delco Systems Operations), and Magnavox Electronic Systems. An email has been sent to with a link to confirm list signup. Gear advertisements and other marketing efforts towards your interests. The Committee evaluates annually Threats of harming another believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his To your inbox - the minute we put it online on Participation in the RBI program is a. 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