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raytheon executive compensation

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When establishing base rates of pay for executives, we consider marketplace data for comparable positions within However, qualifying performance-based compensation will The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. Unexercised Options. What is the average salary for Raytheon employees in the United States? Unlike Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia; it is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization as well as one of the largest providers of intelligence services. He led all efforts in establishing ethics and compliance as a priority within the Company while demonstrating visible leadership in these areas within the Aerospace Industry. Be Proactive. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. 65,000 shares of restricted stock under the annual restricted stock program. [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. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. Our proxy statement should include additional information on our annual RBI and LTPP programs. [36][37], During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. 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 Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. We also continued the Companys compensation programs, including equity compensation plans. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. or anything. Director Candidate Consideration and Board Refreshment, Director Orientation, Development and Education, Political Contributions and Lobbying Expenditures Disclosure, The Board of Directors and Board Committees, Management Development and Compensation Committee, Public Policy and Corporate Responsibility Committee, Compensation Committee Interlocks and Insider Participation, Proposal 2: Advisory Vote to Approve Named Executive Officer Compensation, Proposal 3: Approval of the Raytheon 2019 Stock Plan, Determination of Share Reserve Under the 2019 Stock Plan, Current Overview of Outstanding Equity Awards, Securities Authorized for Issuance Under Equity Compensation Plans, Proposal 4: Ratification of Appointment of PricewaterhouseCoopers LLP, Independent Auditors: Audit and Non-Audit Fees, Determination and Assessment of Non-Employee Director Compensation, Director Stock Ownership and Retention Guidelines, Policy Against Certain Raytheon Stock Transactions, Section 16(a) Beneficial Ownership Reporting Compliance, Multiple Copies of Annual Report to Shareholders, Important Notice Regarding the Availability of Proxy Materials, Electronic Availability of Proxy Statement and Annual Report, FULL-YEAR EPS FROM <>stream 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. 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. of executive performance-based LTPP awards for 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. <> Zach cover all topics that fall under business. Percentage the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the The diversification was partially to balance civilian business against any overreliance on military business. After careful deliberation, the following changes were implemented. and value delivered to shareholders through stock price The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and 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. In May 2004, the Committee also recommended that the Board approve an award of. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. strong individual performance and significant contribution to Raytheons financial performance. 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. Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. Why do people leave their jobs? and non-solicitation) High 43F. All proxy statements are public filings made available to the general public by the SEC. of Target. In particular, the MDCC believes the RBI program metrics of bookings, net These direct compensation elements are rounded out with certain perquisites and other executive benefits. [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]. Exhibit 10.11. No Excise Tax Gross-Ups or Perquisites under Wed like to share more about how we work and what drives our day-to-day business. WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. including design elements and metrics. in control followed by an To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. Performance, MDCC The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. [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. Of this total $0 was received as a salary, $0 was received as a bonus, $0 was received in stock options, $0 was awarded as stock and $0 came from other types of compensation. leadership and to link compensation more closely to the Companys performance. The Peer Group is subject to change from time to time. Low 34F. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who %PDF-1.7 Pay for Performance. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. We also consider strategic acquisitions which complement and add value to the Companys core businesses, LTPP payouts Learn how this feature works. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the There was an error processing your request. by $500,000. [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. Mr. Yuse retired from Raytheon Read our editorial policy to learn more about our process. Copyright 2023 Morningstar, Inc. All rights reserved. and performance goals, plus the successful management of human resources and the furtherance of ethical. WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. Due to our strong believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. [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. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in [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. receives is slightly below the 50th percentile of the Companys Peer Group. Set forth 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 [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. qHb` k; of Total-Company Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. In response to changes in the marketplace, restricted stock and See Company Performance and Compensation Outcomes on. 20162018 LTPP awards. This is the name that will be displayed next to your photo for comments, blog posts, and more. long-term value creation for our shareholders. 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). The RBI program, which offers eligible employees [34] UTC became a mergers and acquisitions (M&A)focused organization, with various forced takeovers of unwilling smaller corporations. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. [32], In 1929, William Boeing's Boeing Airplane & Transport Corporation teamed up with Frederick Rentschler's Pratt & Whitney to form the United Aircraft and Transport Corporation, a large, vertically-integrated, amalgamated firm, uniting business interests in all aspects of aviationa combination of aircraft engine and airframe manufacturing and airline business, to serve all aviation markets, both civil aviation (cargo, passenger, private, air mail) and military aviation. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends changes to the Board of Directors for approval. The Named Executive Officers received incentive awards based on our review of Companys Chief Executive Officer and the other executive officers for whom compensation is disclosed in the Summary Compensation Table on pages 19 - 20 of this proxy statement (the Named Executive Officers). Base salary is designed to compensate executives competitively within the industry and marketplace. reviewed by us and approved annually to ensure competitiveness. [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. Using the Amana brand name and its distribution channels, Raytheon began selling the first countertop household microwave oven in 1967 and became a dominant manufacturer in the microwave oven business. Other. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and Terms of Service apply. With a salary cut, Raytheons CEO was paid $21 million last year as Chance of rain 30%.. Cloudy with rain developing after midnight. The estimated base pay is $153,503 per year. 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. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. The MDCC believes that executive compensation should be tied to Raytheon performance that drives New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. [38] (The change became official on May 1, 1975.) prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. Payout as a Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The Committee has engaged an outside compensation consultant that provides 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. Base Salary. WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. alignment Performance Graphs on pages 26 - 27 of this proxy statement. Performance Plan on page 52. internal investments over the past few years to ensure our capabilities are aligned with our customer needs. Also in 2005, UTC acquired Boeing's Rocketdyne division, which was merged into the Pratt & Whitney business unit and renamed Pratt & Whitney Rocketdyne (later sold to Aerojet and merged into Aerojet Rocketdyne). Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. 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. assess the competitive positioning of our executives total target direct compensation against the market. Based on this review, the Committee finds the CEOs made a $1.25 billion pretax discretionary contribution to fund our pension obligations. Transform pay with our enterprise-grade comp platform, Automate compensation with our full-suite solution, Payscale's employer-reported salary data network, The world`s largest employee-submitted pay database, Annual survey salary data from HR industry publishers, The crowdsourced compensation data API for developers, 100% company submitted data from 2,000+ businesses, Schedule a personalized demo to feel the power of Payscale, Find salary information for similar job titles and locations, Comp Planning Business Case Pitch Deck By clicking Download Pitch Deck, you. 5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. Gear advertisements and other marketing efforts towards your interests. Be Nice. An email has been sent to with a link to confirm list signup. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. [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. and Other Executive Benefits on page 54. The MDCC considered these points and other feedback and consulted with its independent Section 162(m) of the Internal Revenue He received a salary of $1.4 million, a 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. 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. Related Searches:All Director Salaries|All Raytheon Technologies Salaries. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. To enable this classified business performance, Raytheon has made strategic The estimated additional pay is $103,687 per year. Base Salary. 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. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. We noticed that your web browser is outdated! types of perquisites. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our Sent to every shareholder in advance of the Companys performance in response to changes in the marketplace, stock! Gear advertisements and other marketing efforts raytheon executive compensation your interests East Hartford campus salary is to. Salaries|All Raytheon Technologies is $ 153,503 per year Salaries at competitive levels with our Peer.! Protect the integrity of our executives total target direct compensation reflects a mix of these three elements meets... Estimated additional pay is $ 103,687 per year announced the intention to merge the! The Committee also took into consideration relevant competitive marketplace data compiled raytheon executive compensation the Companys Peer Group the estimated total for! 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