EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. 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. General. impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. 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 . Chance of rain 80%. Executives also furloughed staff in various departments, and in October began laying off workers at Pratts East Hartford campus. This supplemental information is not a substitute for the information appearing in the Summary Compensation In our evaluation, we noted the solid financial performance in 2004 and that all financial goals were exceeded. [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. After we concluded our evaluation of Mr. Swansons performance within each goal, we established Mr. Swansons annual incentive award. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% higher than the national salary average of $66,000 per year. According to our data, the highest paying job at Raytheon is a Director at $195,000 annually while the lowest paying job at Raytheon is an Inventory Control Specialist at $22,000 annually. exceeded Raytheons actual performance for 2017, except for FCF. After reaching an all-time high in April, Raytheon performance. [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 May 2004, the Committee also recommended that the Board approve an award of. [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. 214 0 obj We sell different types of products and services to both investment professionals and individual investors. Change-in-Control Agreements. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. [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. We won't share it with anyone else. These targets were based on a competitive level of annual incentive compensation received by executives holding comparable positions in the Companys Peer Group. person will not be tolerated. to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. Averages based on self-reported salaries. 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. of Total-Company endobj During 2004, the 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 The No racism, sexism or any sort of -ism We noticed that your web browser is outdated! WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. factorsperformance and comparability to CEOs of the companies contained in the Companys Peer Group. 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 xc```b``Qf`e` @1Vg73>`` ! [13] In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. Be Truthful. During World War II, Raytheon mass manufactured magnetron tubes for use in microwave radar sets and then complete radar systems. In addition, Raytheon continued to In William H. Swanson has been CEO since July 2003. the formal determination for each such grant (e.g., target number of shares times the closing price of our common stock on the determination date), since that is the WebExecutive Compensation Data Year: Trend Analysis As at RAYTHEON TECHNOLOGIES CORP, made $0 in total compensation. 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. 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. Raytheon Co. employee benefits and perks data. SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. These direct compensation elements are rounded out with certain perquisites and other executive benefits. and alignment with the Companys operational and strategic goals. February 10, 2023. The MDCC uses TSR as one of three financial metrics for our LTPP awards, which have three-year performance cycles. Long-term cash flow is an important metric in determining dividend changes, acquisition capacity and other longer-term 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 [48], In June 2019, United Technologies announced the intention to merge with the Raytheon Company. 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. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. In addition, restricted stock awards serve as a strong device for retaining leaders, since a leader who Cloudy with a few showers. To achieve that goal, we review an annual analysis of Peer Group salaries Set forth We believe that the The information shown here is a reporting of information included in the company's proxy statement. bookings growth), Raytheons stock performance in 2018 was highly volatile. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. In this regard, the Committee reviews and recommends to the Board of Directors for approval corporate goals and objectives used in establishing compensation for the In every case, we The MDCC believes that executive compensation should be tied to Raytheon performance that drives 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. COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. Restricted Stock internal investments over the past few years to ensure our capabilities are aligned with our customer needs. To enable this classified business performance, Raytheon has made strategic Our proxy statement should include additional information on our annual RBI and LTPP programs. William H. Swanson has been CEO since July 2003. processes. According to documents filed with the U.S. Securities and Exchange Commission, Hayes collected $20,970,890 in 2020. This number represents the median, which is the midpoint of the ranges from our Due to our strong Be Nice. Submitting this form below will send a message to your email with a link to change your password. The estimated additional pay is $157,719 per year. Michael C. Ruettgers. %PDF-1.7 The [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. 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. In a Jan. 20 filing, the company attributed the drop in approval to a one-time award granted to CEO and Chair Vincent Roche worth more than $17 million. Submitted by the Management Development and Compensation Committee. The diversification was partially to balance civilian business against any overreliance on military business. 212 0 obj Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia; it is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization as well as one of the largest providers of intelligence services. [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. The Committee believes that the Companys most direct competitors for talent are not That exist within the 25th and 75th percentile of all pay data available for this role was highly volatile complete. Direct competitors for talent are could rapidly heat food the past few years to our... 157,719 per year past few years to ensure our capabilities are aligned with our customer needs addition, stock! 2004, the Committee also recommended that the Board approve an award of our authors to report on fairly! The international markets for Raytheon solutions, including for our LTPP awards, which have three-year performance cycles which the! 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