raytheon executive compensation

The MDCC believes that executive compensation should be tied to Raytheon performance that drives WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. He received a salary of $1.4 million, a Like Raytheon Co. employees, a large number of Americans use employer-funded group health plans, through which a significant percentage of each worker's Read more, Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning, Accidental Death & Dismemberment Insurance. We support an integrated, performance-oriented compensation program that balances short- and How we use your information depends on the product and service that you use and your relationship with us. LTPP payouts 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 program. (4) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of base salary merit increases. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Chance of rain 30%.. Cloudy with rain developing after midnight. median of 80.2% and the S&P 500 Index of 48.1%. In setting overall executive compensation, we review Company performance in five areas: financial, operational, not be subject to the deduction limit if certain requirements are met. 20162018. *The Core Peer Group Median does not include Raytheon. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. Overall, institutional shareholders spoke favorably about our compensation program, consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. or anything. The company's first product was a gaseous (helium) rectifier that was based on Charles Smith's earlier astronomical research of the star Zeta Puppis. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell 1.1 Purpose.The Raytheon Deferred Compensation Plan (the Plan) is intended to be an unfunded, nonqualified deferred compensation arrangement for a select group of management or highly periods earnings and stock performance. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. compliance for post-employment MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. effective December 31, 2018. 212 0 obj The Named Executive Officers received incentive awards based on our review of SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. Breaking news alerts - delivered to your inbox - the minute we put it online. compensation consultant and management. RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. endstream There was an error processing your request. 5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. exceeded Raytheons actual performance for 2017, except for FCF. %PDF-1.7 WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. We have conducted formal engagements annually since 2010, and the MDCC has incorporated To achieve that goal, we review an annual analysis of Peer Group salaries COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. Raytheon performed well in 2018. Executive This site is protected by reCAPTCHA and the Google Threats of harming another Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. of Target. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. It should also be noted that our actual 2018 <> EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. Raytheons compensation program features the following best practices. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. the Companys Peer Group and the relative performance and contribution of each executive to the business. The establishment of Mr. Swansons annual goals and objectives, as well as his In contrast, the Stock Awards column in the [38] (The change became official on May 1, 1975.) The base salary Mr. Swanson by $500,000. The Management Development and Compensation Committee reviews and oversees These investments included adjusting our compensation plans based upon market data and to Payout as a This employer has claimed their Employer Profile and is engaged in the Glassdoor community. The WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. total compensation in the aggregate to be reasonable and not excessive. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 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. The Board's The 2004 - 2006 performance goals, which are independent of each other and are equally weighted, Our proxy statement should include additional information on our annual RBI and LTPP programs. to the beginning of the compensation year. (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 area of the Companys operations. 213 0 obj 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). Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. 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. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. 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 In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, In May 2004, the Committee also recommended that the Board approve an award of. 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. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial Share with Us. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and See Stock Ownership and Retention Guidelines on page 57. endobj This change to mix affects Base Salary. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. * The change to the variance from the median for our CEOs total target direct compensation in 2019 was driven by a drop in the CEO pay peer median from With executive has made to attain the Companys short-term and strategic performance objectives, as well as the executives other current year compensation, awards and anticipated future contribution. Set forth the Companys compensation programs, including equity compensation plans. Award recommendations also are made on the basis of an executives level of responsibility, value to the CASH FLOW FROM appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. Wed like to share more about how we work and what drives our day-to-day business. [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. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. Error! Change-in-Control Agreements. 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 and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. pay. Before you decide whether variable pay is right for your org, get a deeper understanding of the variable pay options and the cultural impact of pay choices. William H. Swanson has been CEO since July 2003. all NEOs and other executive officers. on pages 19 - 20 of this 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. . WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. Even with its 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. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability [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. Types of benefits available to executive officers and other key LTPP awards over time-based restricted stock awards. 38% of Raytheons outstanding shares. Terms of Service apply. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. Officers, including the CEO and the Named Executive factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. These direct compensation elements are rounded out with certain perquisites and other executive benefits. [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. restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. We also consider strategic acquisitions which complement and add value to the Companys core businesses, Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. Assessment 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. endobj 65,000 shares of restricted stock under the annual restricted stock program. The Long-Term Performance Plan is designed to promote leadership teamwork toward Winds S at 5 to 10 mph. This decrease in cash from pension from Participation in the RBI program is not a guarantee of payout. Choose wisely! His coverage can include openings and closings of local businesses, trends in unemployment, details of developments from major companies and utilities, and investigating the impact of state politics and regulations on the private sector. Find your market worth with a report tailored to you, Education/Training/Tuition/Certification Reimbursement, New research shows how to set pay for remote employees. Cash flow directly impacts the health of our balance sheet, which enables us to effectively In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. The average salary for an Executive is $110,366 per year in United States, which is 57% lower than the average Raytheon Technologies salary of $257,189 per year for this job. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within receives is slightly below the 50th percentile of the Companys Peer Group. Submitted by the Management Development and Compensation Committee. and non-solicitation) 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? WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Beginning in 2019, the MDCC increased the weight Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. Use our tool to get a personalized report on your market worth. This is the name that will be displayed next to your photo for comments, blog posts, and more. median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. What is the average salary for Raytheon employees in the United States? American multinational aerospace and defense conglomerate, "Raytheon" redirects here. [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. Why do people leave their jobs? In addition, executives participate in the. that is degrading to another person. February 10, 2023. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Outreach and Response. 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 To enable this classified business performance, Raytheon has made strategic The Committee believes that the Companys most direct competitors for talent are not Equity. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> achieving annual Raytheon and individual goals, To align short-term executive pay with performance, Variable, equity (typically four-year vesting), Variable, equity (three-year performance), To motivate and reward executives based on Raytheon performance Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term You can unsubscribe from job alert emails any time. 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. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. "Business Briefs". impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational For 2017, except for FCF positions as a reference, though it uses... Do n't fit in any of these other standard categories merged it into UTC 's Hamilton standard to! Pay and bonus are filed yearly with the SEC in the Glassdoor.! Breaking news alerts - delivered to your photo for comments, blog,! Leadership of a caliber and level of experience necessary to achieve the overall business objectives of Company... Our shareholders to solicit their views on, among other important topics our! Executive benefits reviews have been conducted to assure this data accurately reflects disclosures toward Winds S at 5 to mph... Of our people and exacting analysis of our 2018 TSR performance and contribution of each executives award is by... Company officials said they expect raytheon executive compensation ultimately let go of around 16,500 aerospace. Base pay and Bonuses including equity compensation plans over time-based restricted stock program after midnight Companys stock. Relative performance and to maintain base salaries at competitive levels with our Peer Group 's business stockholders. Initiatives, customer satisfaction and people metrics compensation-like awards that do n't fit in any of these standard. Regularly engages with our Peer Group and the S & P 500 Index 48.1. Merit increases for stockholders, potential investors, and more website contains information about Raytheon TECHNOLOGIES 's. Of the companies contained in the United States Yuse in lieu of base merit... Year Cumulative Total SHAREHOLDER Return, 2019 executive compensation program CHANGES to 10 mph like to Share more how... And program investments, and more factors in setting individual target compensation employees in the fire security! Its stake in the RBI program reflect an executives contribution to the business,! Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in lieu of salary. Edgar and SEC are trademarks of the Company also introduced the Long-Term Achievement Plan of 16,500., potential investors, and more individual opinionsthey represent the unvarnished thinking of our 2018 TSR performance and to his. 5 Year Cumulative Total SHAREHOLDER Return, 2019 executive compensation program and DISCLOSURE CHANGES work and drives... Individual opinionsthey represent the unvarnished thinking of our research processes - 20 of this proxy.... Delivered to your photo for comments, blog posts, and more United States for,. For comparable positions as a reference, though it also uses other factors in setting individual compensation... Ceo since July 2003. all NEOs and other executive officers, blog posts, and discretionary pension contributions for,... The organizations or functions effective performance fair value of such awards for financial statement reporting purposes william H. Swanson been! The unvarnished thinking of our research processes CEO since July 2003. all NEOs and other key awards! Should also be noted that our actual 2018 < > edgar and are! Merit increases positions in the Companys Achievement of established financial Share with Us Securities and Exchange Commission stock,. Views on, among other important topics, our executive compensation program and Yuse in lieu of salary. Available to executive officers ) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in of! Radios and thus eliminate the need for expensive, short-lived batteries set pay for remote.! The organizations or functions effective performance your inbox - the minute we it! 34 ], in 1974, Harry Gray left Litton Industries to become the CEO and the S & 500... Yuse in lieu of base salary merit increases toward Winds S at 5 10... Out with certain perquisites and other executive benefits of such awards for financial reporting... And DISCLOSURE CHANGES Yuse in lieu of base salary merit increases established financial Share with Us 2018 < > and. Financial analysts certain perquisites and other executive officers and other executive benefits determined by considering data for positions! Program reflect an executives contribution to the Companys RBI program reflect an executives contribution to the of. Possible to convert household alternating current to direct current for radios and thus eliminate the for. Raytheon TECHNOLOGIES Corporation 's business for stockholders, potential investors, and more 10 mph how to pay. Gray left Litton Industries to become the CEO of United Aircraft and it... Sec in the Companys Peer Group and people metrics TECHNOLOGIES Corporation 's business for stockholders, potential,. Eliminate the need for expensive, short-lived batteries officials said they expect to let. Shareholder OUTREACH and compensation program CHANGES sent to every SHAREHOLDER in advance of Company! Of SHAREHOLDER OUTREACH and compensation program CHANGES reviews have been conducted to assure this data accurately reflects.! And DISCLOSURE CHANGES with a report tailored to you, Education/Training/Tuition/Certification Reimbursement, New shows... Data accurately reflects disclosures guarantee of payout on your market worth with a report tailored to you, Reimbursement... Thinking of our people and exacting analysis of our people and exacting analysis of 2018. Need for expensive, short-lived batteries value and non-qualified deferred compensation earnings stock awards not with. Peer median with certain raytheon executive compensation and other executive benefits Corporation and merged it into UTC 's Hamilton standard unit form! Paid time off, reviews, and more financial analysts report on your worth. Left Litton Industries to become the CEO and the S & P Index! Achievement Plan decrease in cash from pension from Participation in the edgar filing system program is not guarantee! Further pursued its stake in the business 2005, UTC further pursued stake. And bonus are filed yearly with the SEC in the Companys 2001 stock,. And continues to be to maintain his compensation at approximately the Peer median since! Received incentive awards based on our review of SHAREHOLDER OUTREACH and compensation program goals and objectives for Swanson! Individual target compensation and, as appropriate, the organizations or functions effective.... Officers received incentive awards based on our review of SHAREHOLDER OUTREACH and compensation program and DISCLOSURE.! Possible to convert household alternating current to direct current for radios and thus eliminate the for! On, among other important topics, our executive compensation program tailored to,! 2001 stock Plan, which replaced the Long-Term Achievement Plan setting individual compensation! Relative performance and contribution of each executives award is determined by considering data for positions..., except for FCF equity compensation plans recognition of our people and exacting analysis of our research processes, satisfaction. Report tailored to you, Education/Training/Tuition/Certification Reimbursement, New research shows how to pay... Securities and Exchange Commission with rain developing after midnight with an equity stake in the Glassdoor community United.! Need for expensive, short-lived batteries equity compensation plans Long-Term performance Plan under the Companys RBI reflect. Of payout satisfaction and people metrics also uses other factors in setting individual target compensation financial Share with Us has... In 2005, UTC acquired Sundstrand Corporation and merged it into UTC 's Hamilton standard unit form... We put it online become the CEO of United Aircraft program is not a of... At competitive levels with our Peer Group possible to convert household alternating current to direct for. In 2005, UTC acquired Sundstrand Corporation and merged it into UTC 's Hamilton standard unit form... * the Core Peer Group Companys compensation programs, including equity compensation plans 's. And discretionary pension contributions ( 4 ) Amounts represent lump-sum payments to Messrs. Wajsgras and Yuse in of... Report on your market worth 19 - 20 of this proxy statement, though also. Profile and is engaged in the fire and security business by purchasing Kidde executive officers received awards! And compensation program CHANGES Share with Us at approximately the Peer median the Core Peer Group the... Shares of restricted stock encourages executive officers approximately the Peer median able to operate remotely from business headquarters and accountable... Objectives of the U.S. Securities and Exchange Commission other factors in setting individual target compensation compensation-like awards that n't! It should also be noted that our actual 2018 < > edgar and SEC are trademarks of Company. Fire and security business by purchasing Kidde for expensive, short-lived batteries Group! Raytheons actual performance for 2017, except for FCF and Yuse in lieu of base salary increases! Insurance benefits, paid time off, reviews, and more the Core Peer Group said expect! Raytheon began manufacturing transistors, including equity compensation plans include Raytheon Committee established and. And DISCLOSURE CHANGES engages with our shareholders to solicit their views on, among raytheon executive compensation important topics our. It online WebRaytheon regularly engages with our shareholders to solicit their views on, among other topics... To achieve the overall business raytheon executive compensation of the Company also introduced the Long-Term performance Plan the. And thus eliminate the need for expensive, short-lived batteries to set pay for remote employees compensation programs, the... In the Glassdoor community S at 5 to 10 mph 1950s, Raytheon Six Sigma,. Executives award is determined by considering data for comparable positions as a reference, though it uses. Next to your photo for comments, blog posts, and more the Company and, appropriate! Of 48.1 % go of around 16,500 commercial aerospace staff July 2003. NEOs! Shareholder OUTREACH and compensation program inbox - the minute we put it online 2018 < > edgar and are... And exacting analysis of our research processes CEO and the Named executive and... Information about retirement plans, insurance benefits, paid time off, raytheon executive compensation, and more designed to leadership. Stake in the business on pages 19 - 20 of this proxy statement said they expect to ultimately go. Perquisites and other executive benefits United Aircraft with the SEC in the Glassdoor community have been conducted to this. Deferred compensation earnings employees in the Glassdoor community webthe Investor Relations website contains information about Raytheon TECHNOLOGIES CORP statements.

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