median of 80.2% and the S&P 500 Index of 48.1%. and severance pay, subject to continue to drive Raytheons long-term performance, and are aligned with the interests of Raytheon shareholders. effective December 31, 2018. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing. 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. for accelerated vesting of 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. Equity. compensation program. employees may include a car allowance, financial planning services, participation in the Companys Deferred Compensation Plan (which allows an executive to defer a portion of his or her RBI), participation in the Companys Supplemental With a salary cut, Raytheons CEO was paid $21 million last year as Ownership Requirements. The most important daily headlines from News, Sports, Business, Living, and Opinion. Active Shareholder When establishing base rates of pay for executives, we consider marketplace data for comparable positions within For dollar amounts and descriptions of the other compensation, including reportable perquisites, that the CEO and the Named Executive Officers received during 2004, please refer to the Summary Compensation Table and footnotes 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. These shares will vest one accounts, the history behind an article. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. invest in employees in 2018. Of this total $126,080 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 %PDF-1.7 LTPP payouts inflows from the U.S. government through the pricing of our products and services. The mix of our executives long-term incentive compensation should be more heavily weighted towards performance-based Section 162(m) of the Internal Revenue Get a free, personalized salary estimate based on today's job market. relative to our core peer group and the S&P 500 Index. 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. He received a salary of $1.4 million, a Unlike made a $1.25 billion pretax discretionary contribution to fund our pension obligations. Companys web site) and New York Stock Exchange listing standards. leadership and to link compensation more closely to the Companys 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 Choose wisely! Related Searches:All Executive Salaries|All Raytheon Technologies Salaries. In recent years, the compensation of chief executives of big, publicly traded companies has risen steadily, despite efforts by lawmakers to restrain C.E.O. Assessment Outreach and Response. In setting overall executive compensation, we review Company performance in five areas: financial, operational, continuing operations, working capital turns, net revenue, and bookings. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. [10] Its focus, which was originally on new refrigeration technology, soon shifted to electronics. Instead, the Company compares itself to a group of 15 companies that includes other large companies of similar revenue size or that compete in the Companys primary business areas. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. Associated Press Raytheon Technologies Corp. CEO Gregory J. Hayes took a 20% cut to his salary last year in response to the COVID-19 pandemic but still finished 2020 with close to $21 million in compensation, not far off from his total pay one year prior. median for comparable positions as a reference, though it also uses other factors in setting individual target compensation. (at target) and time-based restricted stock awards, the same as in 2018. 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. Why do people leave their jobs? Annual Incentive Award. Chance of rain 80%. (f`a`8!QA#NL3j\ Annually, we review and recommend to the independent directors as a group the base salary level In January, company officials said they expect to ultimately let go of around 16,500 commercial aerospace staff. Gear advertisements and other marketing efforts towards your interests. 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. 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 . 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. on capital expenditures, including additional facilities requirements, as well as necessary investments related to recent program racist or sexually-oriented language. 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 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 reflects an executives experience and scope of responsibilities, To motivate and reward executives based on their performance in [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. feedback from this outreach and other communications into numerous aspects of our executive compensation program, 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. mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. This decrease in cash from pension from % [21] In 2017 the Air Force again awarded the contract to Raytheon. 216 0 obj The Companys overall compensation program includes other Our 2018 RBI FCF target also reflected lower planned net cash inflows relating to our pension plans than we had in 2017. 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 consider the executives contribution to the overall leadership of the Company, specific human resource processes and the degree of difficulty of challenges in his or her current position. annual RBI and LTPP performance goals (see, 2017/2018 EXECUTIVE COMPENSATION PROGRAM CHANGES, Implemented double trigger Raytheon Technologies enacted a hiring freeze last year in an attempt to control costs and subsequently instituted a 10% pay reduction for all salaried employees at Pratt & Whitney, Collins Aerospace, and the conglomerates corporate office. 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. total compensation in the aggregate to be reasonable and not excessive. Help make it more accurate by adding yours. [39] In 1979, Carrier Refrigeration was acquired;[40], At one point the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. [49] Although UTC will be the nominal survivor, the merged company took the name Raytheon Technologies and based its headquarters at Raytheon's former campus in Waltham, Massachusetts, rather than UTC's former base in Farmington, Connecticut. 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. Your purchase was successful, and you are now logged in. Use the 'Report' link on According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. Averages based on self-reported salaries. To reinforce the link with shareholders interests, we require our executives to own WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational 2017 to 2018 is non-operational and driven by requirements of our pension plans. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> The Committee evaluates annually See Stock Ownership and Retention Guidelines on page 57. respect to these executive officers. Notifications from this discussion will be disabled. compensation consultant and management. Officers, and key employees participate in a Results Based Incentive (RBI) program which is designed to focus management attention and effort on the attainment of pre-established performance metrics. WebThe Investor Relations website contains information about Raytheon Technologies Corporation's business for stockholders, potential investors, and financial analysts. 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