in control followed by an 20162018 LTPP. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Exhibit 10.11. Base has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in You can unsubscribe from job alert emails any time. No racism, sexism or any sort of -ism During 2004, the [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. 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). Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. The diversification was partially to balance civilian business against any overreliance on military business. Error! However, for 2019, the MDCC Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. 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). [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. 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. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends We also took into consideration Mr. Swansons success in focusing on customer satisfaction and internal accountability as well as his efforts to place ethics and compliance as a high priority in (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. 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. Overall, institutional shareholders spoke favorably about our compensation program, The MDCC uses the Assessment are based on two metrics: internal cumulative free cash flow over a three-year period and total shareholder return relative to a peer group over a three-year period. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. Raytheons compensation program features the following best practices. Chance of rain 80%. Annual Incentives. The estimated base pay is $205,331 per year. 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. This plan provides awards of restricted stock units which vest shall not be deemed to be incorporated by reference into any other filing under the Securities Act of 1933 or under the Securities Exchange Act of 1934, including by any general statement incorporating this proxy statement except to the extent the In 2003, UTC entered the fire and security business by purchasing Chubb Security. respect to these executive officers. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. 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 In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. February 10, 2023. 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. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 CONTINUING OPERATIONS OF, MDCC relative to our core peer group and the S&P 500 Index. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, 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. and the successful divestiture of non-core businesses. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. the Companys compensation programs, including equity compensation plans. (BP). drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, cash flow performance to investors. Your account has been registered, and you are now logged in. Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. endstream [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. After reaching an all-time high in April, Raytheon Be Proactive. The 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. The estimated additional pay is $103,687 per year. program. Don't Threaten. 38% of Raytheons outstanding shares. To reinforce the link with shareholders interests, we require our executives to own In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial 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. In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. [19] The contract award was immediately protested by Raytheon's competitors. The establishment of Mr. Swansons annual goals and objectives, as well as his continuing operations, working capital turns, net revenue, and bookings. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Verify your identity, personalize the content you receive, or create and administer your account. [34] He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. Stock Ownership Guidelines WebRaytheon insights Based on 1,073 survey responses What people like Ability to meet personal goals Ability to learn new things Time and location flexibility Areas for improvement Sense of belonging Overall satisfaction Support from manager Horrible place to work Executive Assistant (Former Employee) - Huntsville, AL - October 29, 2020 Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately See Perquisites Raytheon Co. employee benefits and perks data. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and %PDF-1.7 Additional pay could include bonus, stock, commission, profit sharing or tips. We also assess executive performance on the basis of the Companys standards of ethical business conduct, leadership competencies, Six Sigma, customer satisfaction and human resource [note 1][5] Raytheon Technologies manufactures aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. person will not be tolerated. To achieve that goal, we review an annual analysis of Peer Group salaries of Target. [33] After the Air Mail scandal of 1934, the U.S. government concluded that such large holding companies as United Aircraft and Transport were anti-competitive, and new antitrust laws were passed forbidding airframe or engine manufacturers from having interests in airlines. Develop and improve features of our offerings. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. 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. to applicable, Adjusted RBI and LTPP Long-Term Incentives. their compensation positions relative to the marketplace and our Peer Group, attainment of the specific financial and performance metrics set forth above, and the executives accomplishment of individual performance objectives established prior For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Executive RAYTHEON DEFERRED COMPENSATION PLAN (As amended and restated effective as of January 1, 2009) ARTICLE I. Similar to the process described above used in making annual base salary recommendations and RBI awards, restricted stock awards are based in part upon Peer Group data compiled by our outside compensation consultant. 233 0 obj In 1959, Raytheon acquired the marine electronics company Apelco Applied Electronics, which significantly increased its strength in commercial marine navigation and radio gear, and changed its name to Raytheon Company. the impact of the stock performance in 2018, Raytheons three-year TSR ranking was seventh out of ten peers under the The Peer Group is subject to change from time to time. LTPP payouts The base salary Mr. Swanson [47] The spin off was completed in March 2020. 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? [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. Types of benefits available to executive officers and other key 3.4. 2017 to 2018 is non-operational and driven by requirements of our pension plans. LTPP awards over time-based restricted stock awards. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Section 162(m) of the Internal Revenue These products and services are usually sold through license agreements or subscriptions. Cloudy with a few showers. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. Your e-mail address will be used to confirm your account. Long-Term Incentive PlansAwards In Last Fiscal Year Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital 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. Results as a 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 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. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program Choose wisely! qHb` k; Performance, MDCC Zach cover all topics that fall under business. Performance Plan on page 52. endobj After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. Winds S at 5 to 10 mph. business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and 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. * 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 Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards We believe that the Pay for Performance. a meaningful amount of stock. (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 The Based on this review, the Committee finds the CEOs Notifications from this discussion will be disabled. Unlike The average salary for a Director is $129,357 per year in United States, which is 64% lower than the average Raytheon Technologies salary of $363,050 per year for this job. If you forget it, you'll be able to recover it using your email address. The MDCC considered these points and other feedback and consulted with its independent (3) Mr. Kremer did not become an NEO until 2018. [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. [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. Get an email notification whenever someone contributes to the discussion. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational [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. Please avoid obscene, vulgar, lewd, With a salary cut, Raytheons CEO was paid $21 million last year as racist or sexually-oriented language. endobj deploy our capital to support Raytheons strategy and generate value to shareholders. % In response to changes in the marketplace, restricted stock and <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> [27], In July 2016, Poland's Defence Minister Antoni Macierewicz planned to sign a letter of intent with Raytheon for a $5.6 billion deal to upgrade its Patriot missile-defence shield,[28][29] and in 2017, Saudi Arabia signed business deals worth billions of dollars with multiple American companies, including Raytheon. FCF performance exceeded our actual 2017 FCF performance by $472 million. Your input helps Glassdoor refine our pay estimates over time. 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. We won't share it with anyone else. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. investments that span several years. by $500,000. when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our The most important daily headlines from News, Sports, Business, Living, and Opinion. 212 0 obj In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new On this Wikipedia the language links are at the top of the page across from the article title. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. [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]. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Why do people leave their jobs? Help make it more accurate by adding yours. Be Nice. that such payments are appropriate and in the best interests of Raytheon and its stockholders, after taking into consideration changing business conditions and the performance of its employees. Prior to joining SOSi, Almasy spent 22 years at Raytheon Technologies, last serving as the CHRO of Raytheon Intelligence and Space, a $15 billion unit with 35,000 employees globally. A stated period of time after the award is made, typically four years to! 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