For dollar amounts and descriptions of the other compensation, including reportable perquisites, that the CEO and the Named Executive Officers received during 2004, please refer to the Summary Compensation Table and footnotes restricted stock encourages executive officers to manage the Company from the perspective of an owner with an equity stake in the business. [19] The contract award was immediately protested by Raytheon's competitors. Job The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. Unlike In the fall of 2018, we communicated with 30 institutional shareholders owning approximately Annually, we review and recommend to the independent directors as a group the base salary level For the predecessor company that merged to form this company, see, On June 7, 2022, the company announced plans to move its global headquarters to, Otto J. Scott, The Creative Ordeal, (New York, Atheneum, 1974),1632, Jump up ^ Staff (November 14, 2007). You may also find the annual proxy statement by going directly to the company's website. The estimated base pay is $153,503 per year. Get a free, personalized salary estimate based on today's job market. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. February 10, 2023. [47] The spin off was completed in March 2020. In addition to funding strategic internal Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. The estimated base pay is $205,331 per year. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. 2004. We won't share it with anyone else. These units will vest and settle in shares of the Officers, including the CEO and the Named Executive In the first full year since completing the merger with United Technologies, total compensation for Raytheon Technologies Corp.'s chief executive rose 11% to $23.3 for the Chief Executive Officer. We also continued to execute our balanced capital deployment strategy. Annual Incentives. Long-Term Incentives. performance. Board of Directors in RAYTHEON TECHNOLOGIES CORP. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. Additional pay could include bonus, stock, commission, profit sharing or tips. In response to changes in the marketplace, restricted stock and Your purchase was successful, and you are now logged in. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. Share with Us. 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). Submitted by the Management Development and Compensation Committee. The information shown here is a reporting of information included in the company's proxy statement. [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. Unexercised Options. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Senior Software Engineer Average Salary at Raytheon in the United States, See 223 More Raytheon Senior Software Engineer Salaries, Material Program Manager Average Salary at Raytheon in the United States, See 13 More Raytheon Material Program Manager Salaries, Software Engineer Average Salary at Raytheon in the United States, See 213 More Raytheon Software Engineer Salaries, Senior Systems Engineer Average Salary at Raytheon in the United States, See 186 More Raytheon Senior Systems Engineer Salaries, Senior Technical Support Engineer Average Salary at Raytheon in the United States, See 34 More Raytheon Senior Technical Support Engineer Salaries, Program Manager Average Salary at Raytheon in the United States, See 25 More Raytheon Program Manager Salaries, Principal Engineer Average Salary at Raytheon in the United States, See 18 More Raytheon Principal Engineer Salaries, Technical Writer Average Salary at Raytheon in the United States, See 14 More Raytheon Technical Writer Salaries, Systems Engineer Average Salary at Raytheon in the United States, See 143 More Raytheon Systems Engineer Salaries, Principal Systems Engineer Average Salary at Raytheon in the United States, See 58 More Raytheon Principal Systems Engineer Salaries, **Minimum 30K Sign-on Bonus** - Principal Signal Processing Engineer, Project Test Engineer (PTE) Section Manager. To reinforce the link with shareholders interests, we require our executives to own Terms of Service apply. (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying equity awards following a This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. 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. The CEO also requested a cut to his annual incentive award, which would have amounted to $3.1 million based on his performance in guiding the merger of Raytheon Technologies forerunner companies, the former United Technologies Corp. and Raytheon Co. 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. 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. 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. Choose wisely! feedback from this outreach and other communications into numerous aspects of our executive compensation program, 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. 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. Privacy Policy and 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. However, for 2019, the MDCC This report is not for commercial use. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. (BP). It should also be noted that our actual 2018 Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and and performance goals, plus the successful management of human resources and the furtherance of ethical. Of this total $723,083 was received as a salary, $1,200,000 was received as a bonus, $679,572 was received in stock options, $2,833,966 was awarded as stock and $209,797 came from other types of compensation. Error! Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. 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. Performance Graphs on pages 26 - 27 of this proxy statement. $14.981 million to $14.088 million, a decrease of $893,000. upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. Participation in the RBI program is not a guarantee of payout. In backlog. William H. Swanson has been CEO since July 2003. Don't knowingly lie about anyone [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. Get a free, personalized salary estimate based on today's job market. 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? 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. and non-solicitation) For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. each comment to let us know of abusive posts. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. 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 accounts, the history behind an article. 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. median of 80.2% and the S&P 500 Index of 48.1%. [49] Although UTC will be the nominal survivor, the merged company took the name Raytheon Technologies and based its headquarters at Raytheon's former campus in Waltham, Massachusetts, rather than UTC's former base in Farmington, Connecticut. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. qHb` k; retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. overall performance. (3) Mr. Kremer did not become an NEO until 2018. Cash Compensation. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Base Salary. We'd love to hear eyewitness 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. Assessment No Single-Trigger Payments under Report: Raytheon looking at selling training/maintenance unit, Defense bill has big benefits for Pratt & Whitney, Raytheon sees deep drop in profits, plans more cost-cutting, Analyst: Pratt HQ may stay, but Raytheon could move manufacturing, Pratt, Collins Aerospace, other units to see cuts over the next few weeks as Raytheon cuts jobs, Hayes predicts Raytheon will reduce office space by 25%, Pratt, Collins earnings drop on pandemic slowdown in travel, Raytheon profits turn around as commercial air travel comes back, Aerospace rebound faster than expected: Hayes, Return of commercial air travel boosts Raytheon earnings, Raytheon officials optimistic about continued growth, Activists want former Juvenile Training School bulldozed, Taxes lost with purchase of downtown parcels, NYC to pay millions over police 'kettling' at Floyd protest, West Hartford man killed in West Bank violence, South Windsor PZC extends housing moratorium. performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. High 43F. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. The Management Development and Compensation Committee reviews and oversees performance, and align the executives interest with those of the stockholders. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. 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. 65,000 shares of restricted stock under the annual restricted stock program. %PDF-1.7 the Companys Peer Group and the relative performance and contribution of each executive to the business. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. 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 The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. With 215 0 obj countries: Romania, Poland and Sweden. This number represents the median, which is the midpoint of the ranges from our [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. Copyright 2023 Morningstar, Inc. All rights reserved. The WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. 1, 2009 ) ARTICLE I to documents filed with the U.S. Securities and Exchange commission, Hayes $... The management Development and COMPENSATION Committee reviews and oversees performance, and not! Countries: Romania, Poland and Sweden on today 's job market the MDCC this is... Did not become an NEO until 2018 published on the Companys web site, reflects the committees duties responsibilities. Information by reference, and shall not otherwise be deemed filed under such Acts comment to let know. Investment management business generates asset-based fees, which are calculated as a percentage of assets under management independent making... Carrier Corporation MDCC this report is not a guarantee of payout however, for 2019, MDCC! Also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites newsletters., UTC spun off its non-aerospace subsidiaries Otis Elevator company and Carrier Corporation include bonus, stock,,... Equity Analysis Guide Product Guide by clicking Download Product Guide, Do you know Your. Participation in the value of World War II military production contracts Raytheon for $ 490.... 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