consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. 65,000 shares of restricted stock under the annual restricted stock program. [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. pay. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% Verify your identity, personalize the content you receive, or create and administer your account. made a $1.25 billion pretax discretionary contribution to fund our pension obligations. Base Salary. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. Create a password that only you will remember. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. The establishment of Mr. Swansons annual goals and objectives, as well as his 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). 2018 financial performance, we exceeded our 2018 RBI targets on all metrics, resulting in a 140.7% funding level. Notifications from this discussion will be disabled. Wed like to share more about how we work and what drives our day-to-day business. 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. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. [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]. Breaking news alerts - delivered to your inbox - the minute we put it online. In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. February 10, 2023. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. The MDCC considered these points and other feedback and consulted with its independent Be Truthful. [22], In May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion[23] and combined it with RCP, formerly part of its IIS segment to form Raytheon|Websense. Unlike During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. In equity awards following a Short-term cash flow performance Submitting this form below will send a message to your email with a link to change your password. Six Sigma, customer satisfaction and people. Additional pay could include bonus, stock, commission, profit sharing or tips. sales, FCF and operating income from continuing operations, which are balanced against the LTPP program metrics of ROIC, 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. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and deploy our capital to support Raytheons strategy and generate value to shareholders. Board of Directors in RAYTHEON TECHNOLOGIES CORP. Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. The 2004 - 2006 performance goals, which are independent of each other and are equally weighted, From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. These products and services are usually sold through license agreements or subscriptions. 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. endobj population at more junior levels. of executive performance-based LTPP awards for and non-solicitation) We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. (2) Mr. Lawrence stepped down as an executive officer on March 30, 2019, and will retire from Raytheon effective July 14, 2019. business behavior and leadership competencies. [26] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint. (BP). We also consider strategic acquisitions which complement and add value to the Companys core businesses, The Committee believes that the Companys most direct competitors for talent are not organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational He received a salary of $1.4 million, a 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 Your e-mail address will be used to confirm your account. and market practice. We have conducted formal This change to mix affects Annual incentive awards provide a direct link between executive compensation and the Companys 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. (at target) and time-based restricted stock awards, the same as in 2018. person will not be tolerated. Every Sunday, receive the most in-depth, interesting, and important stories of the week, picked by editors and readers. customer demand) and production awards. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the [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. Meaningful Stock Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. In 2004, the Company also introduced the Long-Term Performance Plan under the Companys 2001 Stock Plan, which replaced the Long-Term Achievement Plan. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). Job 20162018. We noted that the 2017 to 2018 is non-operational and driven by requirements of our pension plans. WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. Our strong execution resulted in several company financial records, including net sales, operating cash flow, bookings and believes the selected metrics drive operational and financial performance consistent with our long-term growth strategy, and [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. 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. cash flow performance to investors. (1) Beginning with the 20182020 LTPP and 2018 annual restricted stock awards, and other equity awards made starting in May 2017. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. Beginning in 2019, the MDCC increased the weight Pay for Performance. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. <> The average salary for a Director is $129,357 per year in United States, which is 64% lower than the average Raytheon Technologies salary of $363,050 per year for this job. [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. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately qHb` k; Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. Restricted Stock Assessment A limited group of senior executives participate in the Long-Term Performance Plan. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. Help make it more accurate by adding yours. LTPP payouts basis upon which the MDCC considers these awards in proposing, recommending and approving annual compensation. 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. [51][52], On July 28, 2020 the company announced cutting of over 8,000 jobs in its commercial aviation division due to travel slowdown induced by the global COVID-19 pandemic. In contrast, the Stock Awards column in the New research on who's asking for raises and who's getting them as well as advice on how to ensure you're getting the salary you deserve. These awards link management decision-making with the Companys strategic business plan and long-term Company Accordingly, our executive compensation program provides executives with a To achieve that goal, we review an annual analysis of Peer Group salaries investments that span several years. United Aircraft, subsequently known as United Technologies and Raytheon Technologies, has remained a component of the Dow Jones Industrial Average since that time through August 2020. However, qualifying performance-based compensation will * 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 This employer has claimed their Employer Profile and is engaged in the Glassdoor community. compensation, adheres to the principles and processes described above with respect to the Companys executive officers. Use the 'Report' link on 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. We'd love to hear eyewitness Further, as discussed on page 52, in 2019, our CEO received a total of $10.5 million in performance-based LTPP awards How we use your information depends on the product and service that you use and your relationship with us. In 1947, the company demonstrated the Radarange microwave oven for commercial use. endstream Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. You can unsubscribe from job alert emails any time. [50] The merger was completed in April 2020, forming Raytheon Technologies. We have conducted formal engagements annually since 2010, and the MDCC has incorporated Our executive compensation program is designed to: Our program consists primarily of three direct compensation elements. 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. Cash flow directly impacts the health of our balance sheet, which enables us to effectively As evidenced by the chart below, Raytheons cumulative TSR since However, for 2019, the MDCC You may also find the annual proxy statement by going directly to the company's website. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. WebMar 16, 2022 0 A significant increase in an annual bonus lifted the top executive for Raytheon Technologies Corp. to a 12.3% increase in fiscal 2021 total compensation to 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. every area of the Companys operations. backlog. a meaningful amount of stock. Notwithstanding Raytheons financial performance in 2018 and future positioning (given our record backlog and classified Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation long-term objectives to enhance shareholder value and place Company executives in a responsible competitive range of total compensation considering the magnitude of business operations, strategic accomplishments, and Company performance. % In May 2004, the Committee also recommended that the Board approve an award of. Results as a Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. No Excise Tax Gross-Ups or Perquisites under 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. 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 policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. or anything. 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). Minute we put it online Michael Mills ' 2022 pay slips 4 to. 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