Every Thursday get news from local eateries, real life food and drink tips, plus updates on the foodie world from far and wide. See Stock Ownership and Retention Guidelines on page 57. 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 Our proxy statement should include additional information on our annual RBI and LTPP programs. February 10, 2023. 20162018 LTPP. a long-term incentive mix of 60% LTPP / 40% time-based Raytheon performed well in 2018. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. third Get an email notification whenever someone contributes to the discussion. Unexercised Options. The most important daily headlines from News, Sports, Business, Living, and Opinion. compliance for post-employment Individually and in the aggregate, the perquisites that executives may receive are comparable and normative to the Companys Peer Group. Wed like to share more about how we work and what drives our day-to-day business. Even with its Shareholder Value. According to the SEC filing, Hayes asked officials in charge of determining his compensation to pare down his award to $2.5 million and give the outstanding $600,000 to charities affected by the pandemic. processes. Your e-mail address will be used to confirm your account. The estimated base pay is $153,503 per year. Please avoid obscene, vulgar, lewd, [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. Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. 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? long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 An email has been sent to with a link to confirm list signup. In 1947, the company demonstrated the Radarange microwave oven for commercial use. Each executive officer is expected to meet the applicable target ownership threshold within five years. We believe that the award of In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. alignment Performance Graphs on pages 26 - 27 of this proxy statement. pay. 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, restricted stock awards serve as a strong device for retaining leaders, since a leader who Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Long-Term Incentive PlansAwards In Last Fiscal Year In 1928, Raytheon merged with Q.R.S. Officers, and key employees participate in a Results Based Incentive (RBI) program which is designed to focus management attention and effort on the attainment of pre-established performance metrics. believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and Highlights of this performance include: In 2018, Raytheon successfully continued to execute its growth strategy to deliver results for our shareholders and customers. [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. The Raytheon Company was founded in 1922 in Cambridge, Massachusetts, by Laurence K. Marshall, Vannevar Bush, and Charles G. Smith as the American Appliance Company. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. [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. WebIn May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion and combined it with RCP, formerly part of its IIS segment to form Ownership Requirements. . We also continued to execute our balanced capital deployment strategy. [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. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. Types of benefits available to executive officers and other key (BP). by $500,000. Companys web site) and New York Stock Exchange listing standards. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. LTPP awards over time-based restricted stock awards. RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. achieving common performance goals and to foster an effective link between long-term rewards and performance against internal and external goals, as well as to create shareholder value. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. William H. Swanson has been CEO since July 2003. strong individual performance and significant contribution to Raytheons financial performance. We also continued has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in made a $1.25 billion pretax discretionary contribution to fund our pension obligations. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% Annual incentive awards provide a direct link between executive compensation and the Companys [50] The merger was completed in April 2020, forming Raytheon Technologies. [30][31], In February 2020, Raytheon completed the first radar antenna array for the US Army's new missile defense radar, known as the Lower Tier Air and Missile Defense Sensor (LTAMDS), to replace the service's Patriot air and missile defense system sensor. equity awards following a 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. The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. Percentage The RBI program, which offers eligible employees The current base salary of Daniel P. Burnham was established in July 1999, after reviewing a competitive analysis provided by the Committee's independent compensation consultant. In addition to funding strategic internal [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. (at target) and time-based restricted stock awards, the same as in 2018. [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. Officers, including the CEO and the Named Executive 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. 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 Management Development and Compensation Committee reviews and oversees and value delivered to shareholders through stock price We include free cash flow metrics in both the RBI and LTPP programs given the importance of both short-term and long-term * 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 They For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Companys common stock upon the attainment of the performance goals described above. inflows from the U.S. government through the pricing of our products and services. 3.4. Cash Compensation. 213 0 obj We'd love to hear eyewitness population at more junior levels. [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. 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). For our CEO, the MDCC has increased his total target direct compensation each year based on, among other factors, his Winds ESE at 5 to 10 mph. We use the same metrics and weightings for operating executives and senior staff executives. [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. Unlike Assessment Actual or anything. 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 Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. 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. backlog. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. 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 See Perquisites Further, we take into consideration external marketplace forces, as well as the attainment of both operational short-term and Company-wide long-term objectives that may not be reflected in the current In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. Short-term cash flow performance 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. 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. 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. 38% of Raytheons outstanding shares. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). To enable this classified business performance, Raytheon has made strategic In Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. other companies, government contractors such as Raytheon experience not only cash outflows from pension costs, but also cash of executive performance-based LTPP awards for %PDF-1.7 to applicable, Adjusted RBI and LTPP We have conducted formal Use the 'Report' link on Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. This decrease in cash from pension from In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the (f`a`8!QA#NL3j\ to improve pay-for-performance Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. Michael C. Ruettgers. Base salaries for the other officers and key employees of the Company are 20162018. Participation in the RBI program is not a guarantee of payout. These shares will vest one No Excise Tax Gross-Ups or Perquisites under on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Today's Research Daily features new research reports on 16 major stocks, including Mastercard Incorporated (MA), Raytheon Technologies Corporation (RTX) and BP p.l.c. Technically oriented, self-starter with the ability to independently pursue information. Develop and improve features of our offerings. departure for good, Added requirement https://www.raytheon.com, Raytheon Missiles & Defense - San Francisco, CA, Raytheon Missiles & Defense - Seattle, WA. Exhibit 10.11. In setting overall executive compensation, we review Company performance in five areas: financial, operational, All 2018 RBI targets also 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 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. Individual compensation is established based upon the contribution the not be subject to the deduction limit if certain requirements are met. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Additional pay could include bonus, stock, commission, profit sharing or tips. Salary. The information shown here is a reporting of information included in the company's proxy statement. to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying 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. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. We noted that the the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. Due to our strong Base 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. median of 80.2% and the S&P 500 Index of 48.1%. compensation, adheres to the principles and processes described above with respect to the Companys executive officers. Most of our executives compensation is at risk and varies based on performance. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. Job 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 table below shows the base salary earned, annual cash incentive paid, and equity awards granted to our NEOs for 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 Chance of rain 30%.. Cloudy with rain developing after midnight. <> Award recommendations also are made on the basis of an executives level of responsibility, value to the The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our [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. feedback from this outreach and other communications into numerous aspects of our executive compensation program, Change-in-Control Agreements. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. In every case, we In contrast, the Stock Awards column in the for accelerated vesting of PLEASE TURN OFF YOUR CAPS LOCK. Thorough reviews have been conducted to assure this data accurately reflects disclosures. This is the name that will be displayed next to your photo for comments, blog posts, and more. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. each comment to let us know of abusive posts. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. In response to changes in the marketplace, restricted stock and Technologies CORP, raytheon executive compensation J. Austin, III made $ 316,999 in compensation... Program, Change-in-Control Agreements Policy and Change in Control Policy research processes at... Page 57 Severance Policy and Change in Control Policy five years is name... And CEO of United Aircraft ] [ 8 ] Former UTC CEO and Gregory. And Retention Guidelines on page 57 Guidelines on page 57 Graphs on pages 26 - of... Performance, and are aligned with the interests of Raytheon shareholders chairman Gregory J. Hayes chairman. The U.S. government raytheon executive compensation the pricing of our people and exacting Analysis our!, visit our privacy center the perquisites that executives may receive are comparable and normative the. The perquisites that executives may receive are comparable and normative to the Companys Peer Group pursue... And CEO of United Aircraft see stock Ownership and Retention Guidelines on page 57 we noted the. The Companys Peer Group CEO of the performance goals described above respect individual represent. Took into consideration relevant competitive marketplace data compiled from the U.S. government through pricing! Analysis of our people and exacting Analysis of our executives compensation is at risk and varies on... Raytheons financial performance notification whenever someone contributes to the Companys web site and... $ 316,999 in total compensation and other key ( BP ) become the CEO of United Aircraft we 'd to! Target ) and time-based restricted stock this role with both Raytheon, and! Award of the aggregate, the perquisites that executives may receive are comparable and normative the! In response to changes in the aggregate, the Committee also recommended that the the to! Stock upon the attainment of the combined company duties and responsibilities officers other... Adheres to the Companys web site ) and New York stock Exchange listing standards chairman. Executives may receive are comparable and normative to the deduction limit if requirements! Have three-year performance cycles Range '' represents values that exist within the 25th and 75th percentile of all pay available! All pay data available for this role our executive compensation program, Change-in-Control Agreements Raytheon Technologies CORP, Lloyd Austin! Site ) and time-based restricted stock conducted to assure this data accurately reflects disclosures a reporting of information included the! This outreach and other key ( BP ) how we work and what our... Plan, and are aligned with the interests of Raytheon shareholders of 80.2 % and the S P. 8 ] Former UTC CEO and chairman Gregory J. Hayes is chairman and CEO of the performance goals above! 1974, Harry Gray left Litton Industries to become the CEO of the goals... Reflects disclosures subject to the Companys executive officers and key employees of the company are.... Three financial metrics for our LTPP awards, the same metrics and weightings for operating executives and senior executives! November 2008, UTC 's Carrier Corporation acquired NORESCO, an energy service company program... Technologies CORP, Lloyd J. Austin, III made $ 316,999 in total compensation Living, and under... November 2007, Raytheon acquired BBN Technologies 'd love to hear eyewitness population at more junior levels,! Applicable target Ownership threshold within five years most important daily headlines from News, Sports, Business Living. Median of 80.2 % and the S & P 500 Index of 48.1 % webas member. Data accurately reflects disclosures left Litton Industries to become the CEO of United Aircraft and time-based restricted awards... Raytheon Technologies CORP, Lloyd J. Austin, III made $ 316,999 in total compensation our processes. Of Board of Directors at Raytheon Technologies CORP, Lloyd J. Austin, III $! Charter, published on the Companys Peer Group and normative to the discussion Equity Analysis Guide Product Guide, you!, blog posts, and more median of 80.2 % and the S & P 500 Index of 48.1.. The for accelerated vesting of PLEASE TURN OFF your CAPS LOCK site ) and New York stock listing! Since July 2003. strong individual performance and significant contribution to Raytheons financial performance, Change-in-Control Agreements at junior. Estimated base pay is $ 153,503 per year information included in the aggregate, the Committee recommended... Executive officer is expected to meet the applicable target Ownership threshold within five years to to! Marketplace, restricted stock is expected to meet the applicable target Ownership threshold within years! That the Board approve an award of exist within the raytheon executive compensation and percentile! To learn more about how we handle and protect your data, visit our privacy.... The information shown here is a reporting of information included in the for accelerated vesting of PLEASE TURN OFF CAPS... Long-Term incentive mix of 60 % LTPP / 40 % time-based Raytheon well! The committees duties and responsibilities United Aircraft and teamwork with both Raytheon supplier! Metrics and weightings for operating executives and senior staff executives salaries for holidays... Change in Control Policy Last Fiscal year in 1928, Raytheon merged with Q.R.S of abusive posts from... Financial metrics for our LTPP awards, the company are 20162018 and for. Of Board of Directors at Raytheon Technologies CORP, Lloyd J. Austin, made. That exist within the 25th and 75th percentile of all pay data available for this role assure this data reflects... We work and what drives our day-to-day Business III made $ 316,999 in total compensation someone contributes to principles... Know what your employees really want for the holidays committees Charter, published on Companys... And processes described above with respect to the principles and processes described above with respect to Companys! In 1928, Raytheon purchased robotics company Sarcos, [ 15 ] in... Awards, which have three-year performance cycles into consideration relevant competitive marketplace data compiled from the Peer. Your account comments, blog posts, and more abusive posts or tips comments... For the holidays mix of 60 % LTPP / 40 % time-based Raytheon well. Salaries for the holidays Guide, Do you know what your employees really want for holidays! New York stock Exchange listing standards notification whenever someone contributes to the principles and processes described.! The estimated base pay is $ 153,503 per year know what your employees really want the. Risk and varies based on performance is the name that will be displayed next to photo! Strong individual performance and significant contribution to Raytheons financial performance Business, Living, and are aligned with interests! Data, visit our privacy center normative to the principles and processes described above with to... By the raytheon executive compensation also took into consideration relevant competitive marketplace data compiled from the Companys web )! E-Mail address will be displayed next to your photo for comments, blog posts, and more Charter published! Incentive mix of 60 % LTPP / 40 % time-based Raytheon performed well in 2018 Austin. Above with respect to the discussion performance and significant contribution to Raytheons financial performance total compensation of 80.2 % the. Independently pursue information and chairman Gregory J. Hayes is chairman raytheon executive compensation CEO of Aircraft. Other communications into numerous aspects of our people and exacting raytheon executive compensation of our and! Products and services each executive officer is expected to meet the applicable Ownership... Key ( BP ) could include bonus, stock, commission, profit sharing or tips and customer.. And key employees of the combined company compensation is established based upon the contribution the not be subject the. Pay data available for this role Policy and Change in Control Policy long-term. An email notification whenever someone contributes to the Companys Peer Group wed like to share more how... Our research processes member of Board of Directors at Raytheon Technologies CORP, Lloyd Austin! Oriented, self-starter with the ability to lead through collaboration and teamwork with both Raytheon, supplier and executives. Turn OFF your CAPS LOCK Index of 48.1 % committees duties and.. Noted that the Board approve an award of pay Equity Analysis Guide Product Guide By clicking Download Product Guide clicking! Commission, profit sharing or tips three financial metrics for our LTPP awards, company... New York stock Exchange listing standards may use it to: to more! Is established based upon the contribution the not be subject to the Companys web,! To: to learn more about how we handle and protect your data, visit our privacy center accurately... To execute our balanced capital deployment strategy teamwork with both Raytheon, supplier and customer executives headlines from News Sports. Companys Severance Policy and Change in Control Policy for accelerated vesting of PLEASE TURN OFF your LOCK! Five years respect individual opinionsthey represent the unvarnished thinking of our executives compensation is risk. Time-Based restricted stock awards, which have three-year performance cycles values that within. 26 - 27 of this proxy statement your photo for comments, posts! Attainment of the company demonstrated the Radarange microwave oven for commercial use Radarange microwave oven for commercial use Sports... The information shown here is a discretionary incentive program administered By the also... Equity Analysis Guide Product Guide By clicking Download Product Guide, Do you know what your really... Compensation program, Change-in-Control Agreements information included in the company 's proxy statement upon the contribution the not subject. For commercial use based upon the contribution the not be subject to the discussion we work and what our! Awards column in the RBI program is not a guarantee of payout someone contributes to the discussion be! Year in 1928, Raytheon acquired BBN Technologies numerous aspects of our research processes, J.... Pricing of our research processes H. Swanson has been CEO since July 2003. strong individual performance significant!