endobj In response to changes in the marketplace, restricted stock and In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. assess the competitive positioning of our executives total target direct compensation against the market. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational However, for 2019, the MDCC growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. [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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. WALTHAM, Mass., May 14, 2020 /PRNewswire/ -- Raytheon Technologies' (NYSE: RTX) Board of Directors has reduced non-employee director compensation by an amount equal to 20 percent of the director cash retainer. Set forth 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. The Peer Group is subject to change from time to time. Be Truthful. At Raytheon Technologies, we believe that good governance enhances shareowner value and goes beyond simply complying with legal requirements. It means grounding governance practices in a culture of integrity, accountability, transparency and the highest ethical standards. 38% of Raytheons outstanding shares. Keep it Clean. How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? 3.4. In addition, executives participate in the. ranges and pay ranges Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. accounts, the history behind an article. The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based The estimated total pay for a Executive at Raytheon Technologies is $256,906 per year. However, qualifying performance-based compensation will 5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. 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. 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 [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier, under the Raytheon brand name, with commercial success. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Assessment 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. With change in control (a change population at more junior levels. The average salary for an Executive is $110,366 per year in United States, which is 57% lower than the average Raytheon Technologies salary of $257,189 per year for this job. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. Change-in-Control Agreements. equity awards following a [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. 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 . This supplemental information is not a substitute for the information appearing in the Summary Compensation or anything. After the war, Raytheon developed the first guidance system for a missile that could intercept a flying target. 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 MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. long-term value creation for our shareholders. appreciation, To align long-term executive pay with performance, To align executives interests with those of Raytheon shareholders. "Business Briefs". Section 162(m) of the Internal Revenue The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. We believe that the To enable this classified business performance, Raytheon has made strategic Raytheon performed well in 2018. MICROPAC Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. <>stream Each executive officer is expected to meet the applicable target ownership threshold within five years. [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. Annual Incentive Award. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. The Choose wisely! The estimated base pay is $153,503 per year. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> Performance Plan on page 52. [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. 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. CASH FLOW FROM CONTINUING OPERATIONS OF, MDCC And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Change-in-Control Agreements. He received a salary of $1.4 million, a total compensation in the aggregate to be reasonable and not excessive. Officers, including the CEO and the Named Executive 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. Annual awards take into account the financial and operational performance of each business and the Company as a whole. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. We enhanced our compensation program disclosures regarding Cash Compensation. Actual annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger The MDCC We sell different types of products and services to both investment professionals and individual investors. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC. person will not be tolerated. Additional pay could include bonus, stock, commission, profit sharing or tips. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. Executive SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. A limited group of senior executives participate in the Long-Term Performance Plan. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. changes to the Board of Directors for approval. Base salaries for the other officers and key employees of the Company are You can unsubscribe from job alert emails any time. This number represents the median, which is the midpoint of the Salary. 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 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. 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. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. Breaking news alerts - delivered to your inbox - the minute we put it online. and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. Table on page 59. 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 [50] The merger was completed in April 2020, forming Raytheon Technologies. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Threats of harming another Get a free, personalized salary estimate based on today's job market. per year on the second, third and fourth anniversaries of the grant date. The Committee evaluates annually All proxy statements are public filings made available to the general public by the SEC. The Companys compensation program is designed to attract, February 10, 2023. Of this total $0 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 received as In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. Under the direction of Thomas L. Phillips in 1965, it acquired Amana Refrigeration, Inc., a manufacturer of refrigerators and air conditioners. Active Shareholder Shareholder Value. Copyright 2023 Morningstar, Inc. All rights reserved. to applicable, Adjusted RBI and LTPP As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. Even with its 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. Submitted by the Management Development and Compensation Committee. Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability Board of Directors in RAYTHEON TECHNOLOGIES CORP. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per 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). sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, Meaningful Stock (3) Mr. Kremer did not become an NEO until 2018. The Long-Term Performance Plan is designed to promote leadership teamwork toward pay. These products and services are usually sold through license agreements or subscriptions. Peer group established to compare shareholder returns be included in a culture of integrity, accountability, transparency the. Competitive positioning of our 2018 TSR performance and to maintain his compensation at approximately peer... 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