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. 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 An email has been sent to with a link to confirm list signup. * 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 . The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our Raytheon Technologies Corp., the parent company of Collins Aerospace and East Hartford-based Pratt & Whitney, is considering selling off i, EAST HARTFORD Raytheon Technologies Corp. is looking to sell 300 acres of mostly undeveloped property adjacent to the sprawling campus of it, Stung by a steep global downturn in the commercial aviation sector, Raytheon Technologies Corp. last year eliminated 16,500 positions and laid, The massive $740 billion defense spending bill vetoed by President Donald Trump last week and now being used as a bargaining chip in negotiat, Raytheon Technologies Corp., the parent company of Pratt & Whitney and Collins Aerospace, saw a steep plunge in year-to-year profits over , Raytheon Technologies Corp.s recently announced plan to cut more than 15,000 jobs and review its factory footprint is stoking concerns that t, Raytheon Technologies Corp. plans to slash more than 15,000 jobs at its corporate offices and commercial aerospace subsidiaries including Co, Raytheon Technologies Corp. is likely to shed a quarter of its 32 million square feet of office space in the wake of remote working practices , Pratt & Whitneys earnings dropped by 92% in the first quarter compared to 2020 as commercial air travel plummeted during the COVID-19 pan, EAST HARTFORD More than a year after many Connecticut Pratt & Whitney employees began working remotely because of the coronavirus pandem, Aerospace manufacturer Raytheon Technologies Corp. today reported second-quarter net income of $1.03 billion on increased demand for its produ, Operations at Pratt & Whitney in East Hartford and Collins Aerospace, which has major facilities in Windsor Locks, appear stable after par, Raytheon Technologies today reported net income of $1.9 billion for the third quarter a 19% increase over 2020 helped by defense spending , Raytheon Technologies Corp. CEO Gregory J. Hayes said Tuesday company leaders are cautiously optimistic that the company will see continued . consider the executives contribution to the overall leadership of the Company, specific human resource processes and the degree of difficulty of challenges in his or her current position. After the end of the year, the Committee evaluated Mr. Swansons performance with respect to each individual goal or objective. Don't knowingly lie about anyone We enhanced our compensation program disclosures regarding strong individual performance and significant contribution to Raytheons financial performance. The establishment of Mr. Swansons annual goals and objectives, as well as his In The sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and 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. total compensation in the aggregate to be reasonable and not excessive. Be Proactive. and alignment with the Companys operational and strategic goals. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. In response to changes in the marketplace, restricted stock and customer demand) and production awards. and severance pay, subject relative to our core peer group and the S&P 500 Index. [47] The spin off was completed in March 2020. Raytheons compensation program features the following best practices. 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. Cash flow directly impacts the health of our balance sheet, which enables us to effectively This number represents the median, which is the midpoint of the Be Nice. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. of restrictive covenant The Lowell Sun (MediaNews Group), United Aircraft and Transport Corporation, aircraft engine and airframe manufacturing, Raytheon Intelligence, Information and Services, "Raytheon Technologies Form 10-K Annual Report", "United Technologies and Raytheon Complete Merger of Equals Transaction", "BREAKING: Arlington scores another major corporate headquarters", "Raytheon Has Quietly Completed Its Headquarters Move", "CEO: United Tech. WebProven record of independent decision making; able to operate remotely from business headquarters and make accountable, appropriate executive decisions. 3.4. 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. This plan provides awards of restricted stock units which vest Each executive officer is expected to meet the applicable target ownership threshold within five years. The Management Development and Compensation Committee reviews and oversees Results as a RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Gear advertisements and other marketing efforts towards your interests. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. The MDCC believes that executive compensation should be tied to Raytheon performance that drives Long-Term Incentive PlansAwards In Last Fiscal Year assess the competitive positioning of our executives total target direct compensation against the market. All 2018 RBI targets also Types of benefits available to executive officers and other key Create a password that only you will remember. Please avoid obscene, vulgar, lewd, These investments included adjusting our compensation plans based upon market data and to Michael C. Ruettgers. effective December 31, 2018. MICROPAC The MDCC considered these points and other feedback and consulted with its independent [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. types of perquisites. basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. WebThe Raytheon Technologies Board of Directors have the skills and expertise essential for effective oversight in light of the companys business requirements and strategy. 216 0 obj has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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. wins. All sports, all the time, plus unique coverage of UConn athletics, local high school sports, and Connecticut's pro teams, the Sun and Hartford Athletic. xc```b``Qf`e` @1Vg73>`` ! [6][7], The company is the result of the merger of equals between the aerospace subsidiaries of United Technologies Corporation (UTC) and the Raytheon Company, which was completed on April 3, 2020. The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. He received a salary of $1.4 million, a [38] (The change became official on May 1, 1975.) [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. [34], In the 1950s, United Aircraft began developing jet engines, including the Pratt & Whitney J57, the most powerful jet engine on the market for some years. 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. on pages 19 - 20 of this proxy statement. Outreach and Response. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. 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. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Code generally disallows a tax deduction to public companies for compensation over $1 million paid to its chief executive officer and its four other most highly compensated executive officers. 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. Threats of harming another Performance, MDCC Choose wisely! person will not be tolerated. Active Shareholder The 2018 RBI FCF target reflected higher planned investments 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 CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. See Stock Ownership and Retention Guidelines on page 57. The Companys compensation program is designed to attract, However, for 2019, the MDCC These units will vest and settle in shares of the qHb` k; In every case, we At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. Excess Savings Plan. Warren B. RudmanChair, Barbara M. Barrett, Ferdinand Colloredo-Mansfeld and Targets also Types of benefits available to executive officers and other marketing efforts your! 25Th and 75th percentile of all pay data available for this role, subject relative our! 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