The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives Ownership Requirements. growth through the creation of future franchise programs (advanced solution sets for which we expect longer-term The MDCC considered these points and other feedback and consulted with its independent third Mr. Yuse retired from Raytheon 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. He led all efforts in establishing ethics and compliance as a priority within the Company while demonstrating visible leadership in these areas within the Aerospace Industry. 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 Core Peer Group Median does not include Raytheon. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term 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. Gear advertisements and other marketing efforts towards your interests. [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. and Other Executive Benefits on page 54. Fiscal All proxy statements are public filings made available to the general public by the SEC. 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. 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. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. without cause or voluntary government. Winds S at 5 to 10 mph. Invalid password or account does not exist. Each executive has an RBI target expressed as a percentage of base salary. 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. PLEASE TURN OFF YOUR CAPS LOCK. 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 [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. 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. [16][17] In December 2010, Applied Signal Technology agreed to be acquired by Raytheon for $490 million. [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. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. Exhibit 10.11. 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. No racism, sexism or any sort of -ism The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. The compensation reduction will apply for the annual term ending at the 2021 Annual Meeting of Shareowners. Long-Term Incentives. Your purchase was successful, and you are now logged in. restricted stock units replaced stock options as the Companys principal vehicle for long-term incentive compensation in 2004. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. invest in employees in 2018. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. To enable this classified business performance, Raytheon has made strategic The information shown here is a reporting of information included in the company's proxy statement. All 2018 RBI targets also of Total-Company [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. CONTINUING OPERATIONS OF, MDCC recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. Verify your identity, personalize the content you receive, or create and administer your account. No Excise Tax Gross-Ups or Perquisites under for the year. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. LTPP payouts February 10, 2023. We believe that the Know Your Worth. Unexercised Options. [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. MICROPAC These investments included adjusting our compensation plans based upon market data and to Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. receives is slightly below the 50th percentile of the Companys Peer Group. Board of Directors in RAYTHEON TECHNOLOGIES CORP. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. February 10, 2023. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our Due to our strong The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. (1) Mr. Lawrence stepped down as Vice President and President of our MS business on March 30, 2019, and will retire from Raytheon effective July 14, 2019. for the Chief Executive Officer. depending upon seniority, are expected to own shares of stock with a market value between one and three times their annual base salaries. William H. Swanson has been CEO since July 2003. reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. Share with Us. [38] (The change became official on May 1, 1975.) performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. ranges and pay ranges The following report of the Management Development and Compensation Committee and the performance graphs shall not constitute soliciting material and retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. Raytheon performed well in 2018. believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and We have conducted formal Create a password that only you will remember. 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 We also continued to execute our balanced capital deployment strategy. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Salary. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. Meaningful Stock Change-in-Control Agreements. $14.981 million to $14.088 million, a decrease of $893,000. See Stock Ownership and Retention Guidelines on page 57. Cloudy with a few showers. Breaking news alerts - delivered to your inbox - the minute we put it online. exceeded Raytheons actual performance for 2017, except for FCF. CASH FLOW FROM Our proxy statement should include additional information on our annual RBI and LTPP programs. change in control (a change Choose wisely! SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Mr. % In response to changes in the marketplace, restricted stock and Performance Plan on page 52. 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. in control followed by an compliance for post-employment made a $1.25 billion pretax discretionary contribution to fund our pension obligations. Your e-mail address will be used to confirm your account. Therefore, our compensation peer group (our Peer Group) is not made up of the same companies as the peer group index in the overall performance. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. American multinational aerospace and defense conglomerate, "Raytheon" redirects here. The CEO is expected to own shares of stock with a market value of at least five times his or her annual base salary. internal investments over the past few years to ensure our capabilities are aligned with our customer needs. <> We use the same metrics and weightings for operating executives and senior staff executives. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Assessment performance. 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 countries: Romania, Poland and Sweden. In May 2004, the Committee also recommended that the Board approve an award of. If you forget it, you'll be able to recover it using your email address. [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]. including design elements and metrics. Winds ESE at 5 to 10 mph. processes. Annual Incentive Award. [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. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. and alignment with the Companys operational and strategic goals. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. In 1948, Raytheon began to manufacture guided missiles, including the SAM-N-2 Lark, the air-to-air AIM-7 Sparrow, and the ground-to-air MIM-23 Hawk missiles. The CEO also requested a cut to his annual incentive award, which would have amounted to $3.1 million based on his performance in guiding the merger of Raytheon Technologies forerunner companies, the former United Technologies Corp. and Raytheon Co. long-term value creation for our shareholders. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. 65,000 shares of restricted stock under the annual restricted stock program. This plan provides awards of restricted stock units which vest Success! 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. From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. The MDCC believes that executive compensation should be tied to Raytheon performance that drives considered federal contracts in decision to keep Indiana jobs in deal with Trump", "Raytheon Technologies' stock, formerly United Technologies, starts trading in", Raytheon Announces Agreement to Purchase BBN Technologies, Raytheon Completes Acquisition of BBN Technologies, "Raytheon buys Applied Signal Technology", Raytheon wins deal for next-generation U.S. Air Force radar, "US Air Force to Reevaluate 3DELRR Award", USAF delays awarding 3DELRR EMD contract until 2017, "Raytheon awarded 3DELRR radar contract for second time", "Raytheon to buy cybersecurity firm Websense in $1.9 billion deal", "Raytheon-Websense joint cyber venture changes name to Forcepoint", "Raytheon broadens cyber capabilities with acquisition of Foreground Security", "Raytheon Paid $62M for Foreground Security", "Raytheon|Websense acquires Stonesoft from Intel Security, renames combined company Forcepoint", "Poland moves towards multi-billion-euro Patriot missile deal", Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms: sources, Raytheon Arm Wins $302M Deal to Boost Saudi Arabia's Defense, "Raytheon completes first antenna for US Army's new missile defense radar", "Salesforce, Amgen and Honeywell added to Dow in major shake-up to the average", "Exxon Mobil, Pfizer removed from Dow Jones Industrial Average; Salesforce, Honeywell added", "Carrier Acquires Noresco to Expand Energy Solutions Capabilities", "United Technologies to acquire Goodrich in USD 18.4 bn deal", "United Technologies To Acquire Rockwell Collins For $30 Billion", "UTC completes $30B deal for Rockwell Collins, announces three-way split of company", "United Tech to Break Itself Into Three Companies", "United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares", "United Technologies Strikes Deal to Merge With Raytheon", "United Technologies says it's merging with defense contractor Raytheon and moving headquarters to Boston area from Connecticut", "Raytheon Technologies Corp. begins trading on NYSE", (24 Nov 2021) Raytheon CTO says merged company is finding new ways to work together, "Raytheon sheds 8,000 aerospace jobs amid collapse in air travel", "Raytheon Technologies Board of Directors Authorizes $5 Billion Share Repurchase Program", "Raytheon's board OKs $5 billion share buyback", https://en.wikipedia.org/w/index.php?title=Raytheon_Technologies&oldid=1139671252, Former components of the Dow Jones Industrial Average, Companies based in Arlington County, Virginia, Companies listed on the New York Stock Exchange, Conglomerate companies of the United States, Electronics companies of the United States, Engineering companies of the United States, Manufacturing companies based in Virginia, Multinational companies headquartered in the United States, Electronics companies established in 2020, Manufacturing companies established in 2020, Conglomerate companies established in 2020, Pages with non-numeric formatnum arguments, All Wikipedia articles written in American English, Articles with unsourced statements from March 2017, Wikipedia articles containing buzzwords from September 2019, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 February 2023, at 08:25.
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