In 2003, UTC entered the fire and security business by purchasing Chubb Security. These direct compensation elements are rounded out with certain perquisites and other executive benefits. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. customer demand) and production awards. William H. Swanson has been CEO since July 2003. Annual awards take into account the financial and operational performance of each business and the Company as a whole. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. (2) Beginning with the 20182020 LTPP awards and effective July 2017 under the executive severance guidelines approved by the MDCC. 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. <>stream Create a password that only you will remember. Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. 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. 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 compensation of Raytheon's CEO and other senior executives has historically been based on two factors -- performance and comparability. compensation program. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. [14] Raytheon also divested itself of several nondefense businesses in the 1990s, including Amana Refrigeration and Seismograph Service Ltd (sold to Schlumberger-Geco-Prakla). Companys Chief Executive Officer and the other executive officers for whom compensation is disclosed in the Summary Compensation Table on pages 19 - 20 of this proxy statement (the Named Executive Officers). 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. 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. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. In 1928, Raytheon merged with Q.R.S. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. performance. No Single-Trigger Payments under This employer has claimed their Employer Profile and is engaged in the Glassdoor community. We'd love to hear eyewitness The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. Actual In November 2007, Raytheon purchased robotics company Sarcos,[15] and in October 2009, Raytheon acquired BBN Technologies. Using the Amana brand name and its distribution channels, Raytheon began selling the first countertop household microwave oven in 1967 and became a dominant manufacturer in the microwave oven business. [34], In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. The Committee believes that the Companys most direct competitors for talent are not management to consider market trends and best practices, and makes changes to the compensation program as appropriate. 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 WebFor its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. Ownership Requirements. long-term incentive mix of 60% / 40% between performance-based LTPP and time-based restricted stock, our CEOs 2019 Outreach and Response. The The Long-Term Performance Plan is designed to promote leadership teamwork toward Low 34F. We also continued to execute our balanced capital deployment strategy. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. 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 How accurate is this most likely Total Pay range (base + additional) of $198K-$341K/yr? 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. This report is not for commercial use. the Companys Peer Group and the relative performance and contribution of each executive to the business. Change-in-Control Agreements. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. With a salary cut, Raytheons CEO was paid $21 million last year as To achieve that goal, we review an annual analysis of Peer Group salaries 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. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. The Management Development and Compensation Committee reviews and oversees Participation in the RBI program is not a guarantee of payout. involuntary termination 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. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. We support an integrated, performance-oriented compensation program that balances short- and Exhibit 10.11. Share with Us. Base Salary. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. 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 Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% The Companys compensation program is designed to attract, Keep it Clean. Percentage We have conducted formal prepared by our outside consultant in connection with establishing base salaries for other officers and key employees. alignment RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. a meaningful amount of stock. 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 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. To enable this classified business performance, Raytheon has made strategic 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 Annual Incentives. invest in employees in 2018. Our classified work generally funds next-generation technology development that is critical to Raytheons long-term The estimated total pay for a Director at Raytheon Technologies is $362,657 per year. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. Executive Board of Directors in RAYTHEON TECHNOLOGIES CORP. Raytheon performed well in 2018. program. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. He received a salary of $1.4 million, a bonus worth $2.5 million, and $14.5 million in stock awards and options, in addition to $1.5 million in pension earnings. February 10, 2023. Verify your identity, personalize the content you receive, or create and administer your account. Payout as a The Companys overall compensation program includes other It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the Dow Jones Industrial Average by Honeywell International. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. These products and services are usually sold through license agreements or subscriptions. of Target, RBI Funding Stock Ownership Guidelines Of this total $723,083 was received as a salary, $1,200,000 was received as a bonus, $679,572 was received in stock options, $2,833,966 was awarded as stock and $209,797 came from other types of compensation. Annually, we review and recommend to the independent directors as a group the base salary level Set forth See Perquisites 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. [19] The contract award was immediately protested by Raytheon's competitors. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. [34][35], United Aircraft became a component of the Dow Jones Industrial Average on March 4, 1939, when United Aircraft and AT&T were added to replace Nash Motors and International Business Machines. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational This employer has claimed their Employer Profile and is engaged in the Glassdoor community. "Business Briefs". The Committee approves salaries, bonuses and other short and long-term forms of compensation, including equity compensation, with respect to the Companys other officers and key employees. Six Sigma, customer satisfaction and people. His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. Long-Term Incentives. In 2018, Raytheon booked four major Patriot production awards totaling almost $4 billion, including bookings from three new not be subject to the deduction limit if certain requirements are met. in control followed by an performance, Raytheon Six Sigma initiatives, customer satisfaction and people metrics. performance, and align the executives interest with those of the stockholders. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. Winds ESE at 5 to 10 mph. 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and Long-Term Incentive PlansAwards In Last Fiscal Year by $500,000. When establishing base rates of pay for executives, we consider marketplace data for comparable positions within 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. pay. We believe that the award of Averages based on self-reported salaries. 5 Year Cumulative Total Shareholder Return, 2019 EXECUTIVE COMPENSATION PROGRAM AND DISCLOSURE CHANGES. [34], In 1999, UTC acquired Sundstrand Corporation and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. Base Salary. The base salary Mr. Swanson Based in part upon the analysis of our outside compensation consultant, individual incentive target awards were established for the CEO and each executive officer and key employee in 2003 with respect to programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. Individual compensation is established based upon the contribution the changes to the Board of Directors for approval. New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. 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. [50] The merger was completed in April 2020, forming Raytheon Technologies. population at more junior levels. exceeded Raytheons actual performance for 2017, except for FCF. In Mr. Yuse retired from Raytheon Your account has been registered, and you are now logged in. Use the 'Report' link on A limited group of senior executives participate in the Long-Term Performance Plan. In addition to funding strategic internal The estimated base pay is $205,331 per year. In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary under their Sikorsky Aircraft division. Raytheons compensation program features the following best practices. 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. 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. and alignment with the Companys operational and strategic goals. [21] In 2017 the Air Force again awarded the contract to Raytheon. 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. 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