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. This number represents the median, which is the midpoint of the overall performance. equity awards following a American multinational aerospace and defense conglomerate, "Raytheon" redirects here. To maintain flexibility in compensating executives, we reserve the right to use our judgment to authorize compensation payments that may be subject to the limit when we believe 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 Based on this review, the Committee finds the CEOs (3) Mr. Kremer did not become an NEO until 2018. 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. Raytheon Technologies Corp. CEO Gregory Hayes's total compensation in 2020 came to just under $21 million, with over $14 million coming from stock and option BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. change in control (a change median of 80.2% and the S&P 500 Index of 48.1%. Also in 2005, UTC acquired Boeing's Rocketdyne division, which was merged into the Pratt & Whitney business unit and renamed Pratt & Whitney Rocketdyne (later sold to Aerojet and merged into Aerojet Rocketdyne). Winds ESE at 5 to 10 mph. 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. Also in 1997, Raytheon acquired the aerospace and defense business of Hughes Aircraft Company from Hughes Electronics Corporation, a subsidiary of General Motors, which included a number of product lines previously purchased by Hughes Electronics, including the former General Dynamics missile business (Pomona facility), the defense portion of Delco Electronics (Delco Systems Operations), and Magnavox Electronic Systems. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. to applicable, Adjusted RBI and LTPP Cash Compensation. processes. Don't Threaten. [21] In 2017 the Air Force again awarded the contract to Raytheon. Committee consists entirely of independent directors as defined by the Board in the Companys Governance Principles (published on the Actual on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term reviewed by us and approved annually to ensure competitiveness. 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. Unexercised Options. and severance pay, subject In 1991, during the Persian Gulf War, Raytheon's Patriot missile received great international exposure, resulting in a substantial increase in sales for the company outside the United States. 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. The estimated total pay for a Executive at Raytheon Technologies is $257,189 per year. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. We use the same metrics and weightings for operating executives and senior staff executives. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. Awards are subject to certain restrictions for a stated period of time after the award is made, typically four years. Annual Incentives. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. Low 34F. [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. of Target. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and 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 Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. (BP). These units will vest and settle in shares of the With Raytheon Technologies facing steep losses across its aerospace businesses due to COVID-19 and the near collapse of commercial air travel, Hayes last spring asked for and received a 20% reduction to his base salary. accounts, the history behind an article. [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. In this regard, the Committee reviews and recommends to the Board of Directors for approval corporate goals and objectives used in establishing compensation for the factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. In November 2018, UTC acquired Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). To reinforce the link with shareholders interests, we require our executives to own Raytheons compensation program features the following best practices. 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. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Gear advertisements and other marketing efforts towards your interests. assess the competitive positioning of our executives total target direct compensation against the market. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. xc```b``Qf`e` @1Vg73>`` ! With If you forget it, you'll be able to recover it using your email address. Annual Incentive Award. 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 Shareholder Value. [8] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. In establishing the CEOs total annual compensation, the Committee reviewed compensation information, with dollar amounts, with respect to the Develop and improve features of our offerings. On this Wikipedia the language links are at the top of the page across from the article title. investments that span several years. Terms of Service apply. Fiscal exceeded Raytheons actual performance for 2017, except for FCF. 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. 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 particular, the MDCC believes the RBI program metrics of bookings, net Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. . CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. Unlike Why do people leave their jobs? Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. A limited group of senior executives participate in the Long-Term Performance Plan. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to You have permission to edit this article. Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. Ownership Requirements. Outreach and Response. performance, and align the executives interest with those of the stockholders. leaves the Company forfeits the restricted portion of the award. endstream has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in Know Your Worth. 213 0 obj Stock Ownership Guidelines [11] The electron tube was christened with the name Raytheon ("light of/from the gods"[12]) and was used in a battery eliminator, a type of radio-receiver power supply that plugged into the power grid in place of large batteries. The most important daily headlines from News, Sports, Business, Living, and Opinion. The Management Development and Compensation Committee reviews and oversees Get a free, personalized salary estimate based on today's job market. Error! Performance, MDCC [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. 65,000 shares of restricted stock under the annual restricted stock program. Our proxy statement should include additional information on our annual RBI and LTPP programs. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. of executive performance-based LTPP awards for In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. 20162018. The MDCC uses the Cloudy with a few showers. CEOs base salary, bonus and short and long-term incentives. [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company.
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