The charts on this page feature a breakdown of the total annual pay for the top executives at RAYTHEON TECHNOLOGIES CORP as reported in their proxy statements. . These shares will vest one Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Accordingly, our executive compensation program provides executives with a population at more junior levels. [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. [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. Recent Shareholder Feedback. The estimated additional pay is $157,719 per year. Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. information regarding current industry and marketplace compensation practices and analysis of individual compensation compared to the external market. In response to changes in the marketplace, restricted stock and (at target) and time-based restricted stock awards, the same as in 2018. Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group consistently strong growth rate (particularly in classified programs), and our stronger-than-expected cash flow. restricted stock. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. Equity. Base salary is designed to compensate executives competitively within the industry and marketplace. countries: Romania, Poland and Sweden. Submitting this form below will send a message to your email with a link to change your password. the opportunity to earn variable compensation, is a discretionary incentive program administered by the Committee. Cloudy with a few showers. Pay for Performance. In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. ranges and pay ranges These units will vest and settle in shares of the Excess Savings Plan. The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and With Transform pay with our enterprise-grade comp platform, Automate compensation with our full-suite solution, Payscale's employer-reported salary data network, The world`s largest employee-submitted pay database, Annual survey salary data from HR industry publishers, The crowdsourced compensation data API for developers, 100% company submitted data from 2,000+ businesses, Schedule a personalized demo to feel the power of Payscale, Find salary information for similar job titles and locations, Comp Planning Business Case Pitch Deck By clicking Download Pitch Deck, you. Table on page 59. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. alignment We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. 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. Percentage and Other Executive Benefits on page 54. To achieve that goal, we review an annual analysis of Peer Group salaries Report: Raytheon looking at selling training/maintenance unit, Defense bill has big benefits for Pratt & Whitney, Raytheon sees deep drop in profits, plans more cost-cutting, Analyst: Pratt HQ may stay, but Raytheon could move manufacturing, Pratt, Collins Aerospace, other units to see cuts over the next few weeks as Raytheon cuts jobs, Hayes predicts Raytheon will reduce office space by 25%, Pratt, Collins earnings drop on pandemic slowdown in travel, Raytheon profits turn around as commercial air travel comes back, Aerospace rebound faster than expected: Hayes, Return of commercial air travel boosts Raytheon earnings, Raytheon officials optimistic about continued growth, Activists want former Juvenile Training School bulldozed, Taxes lost with purchase of downtown parcels, NYC to pay millions over police 'kettling' at Floyd protest, West Hartford man killed in West Bank violence, South Windsor PZC extends housing moratorium. Active Shareholder When establishing base rates of pay for executives, we consider marketplace data for comparable positions within Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and 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. There was an error processing your request. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. 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. Long-Term Incentive PlansAwards In Last Fiscal Year We have conducted formal engagements annually since 2010, and the MDCC has incorporated Mr. Swanson effectively drove enterprise-wide focus on customer satisfaction and internal accountability In addition, Raytheon continued to New research shows that each woman experiences the disparity of gender pay gap in different ways, depending on her position, age, race and education. MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. The top executive for Raytheon Technologies Corp. gained a 3.7% increase in total compensation to $22.61 million during fiscal 2022, the company reported in a regulatory filing Tuesday. 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 Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell His coverage can include openings and closings of local businesses, trends in unemployment, details of developments from major companies and utilities, and investigating the impact of state politics and regulations on the private sector. You have permission to edit this article. 214 0 obj 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. Choose wisely! Based on this review, the Committee finds the CEOs COMPANY PERFORMANCE AND COMPENSATION OUTCOMES. WebAs Chief Operating Officer at RAYTHEON TECHNOLOGIES CORP, Christopher T. Calio made $5,646,418 in total compensation. Annual incentive awards provide a direct link between executive compensation and the Companys and non-solicitation) The MDCC considered these points and other feedback and consulted with its independent As discussed beginning on page 43, the MDCC uses information furnished by its independent compensation consultant to In particular, the MDCC believes the RBI program metrics of bookings, net SHAREHOLDER OUTREACH AND COMPENSATION PROGRAM CHANGES. 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. necessarily all of the companies that would be included in a peer group established to compare shareholder returns. Privacy Policy and In addition, executives participate in the. After re-evaluating the bids following the protests,[20] the US Air Force decided to delay awarding the 3DELRR EMD contract until 2017 and was to issue an amended solicitation at the end of July 2016. Long-Term Incentives. (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. A shift towards, Handling involuntary termination is a likely occurrence for human resources managers and, Return better results with Payscale job search, Compare real living costs across different states, Consider potential directions your career can take, Calculate the 20-year net ROI for US-based colleges, Are you the kind of person who struggles to get a handle, Learn where the best career earners attended college, Raytheon Co. provides several options for retirement and welfare benefits. BODY & MIND CEO Michael Mills' 2022 pay slips 4% to $403K. person will not be tolerated. Coronavirus Tips Working and Protection, For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following executives on its annual proxy statement to the SEC. (1), Aggregated Option/SAR Exercises In Last Fiscal Year, Securities Underlying At Raytheon Technologies, we believe that good governance enhances shareowner value and goes beyond simply complying with legal requirements. It means grounding governance practices in a culture of integrity, accountability, transparency and the highest ethical standards. What your skills are worth in the job market is constantly changing. Performance Graphs on pages 26 - 27 of this proxy statement. The estimated base pay is $205,331 per year. The 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. CFCF and TSR, have driven strong Raytheon operational results, including Company performance in 2018 and increased 216 0 obj During years in which we deem that exceptional performance has been rendered by the executive, incentive awards above the median of the peer group may be awarded. 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. Short-term cash flow performance total compensation in the aggregate to be reasonable and not excessive. Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. median of 80.2% and the S&P 500 Index of 48.1%. of Target. [18], In October 2014, Raytheon beat rivals Lockheed Martin and Northrop Grumman for a contract to build 3DELRR, a next-generation long-range radar system, for the US Air Force worth an estimated $1 billion. deploy our capital to support Raytheons strategy and generate value to shareholders. 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. performance. customer demand) and production awards. Breaking news alerts - delivered to your inbox - the minute we put it online. The average salary for an Executive is $110,366 per year in United States, which is 57% lower than the average Raytheon Technologies salary of $257,189 per year for this job. 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. 2019 CEO TOTAL TARGET DIRECT COMPENSATION AND MIX. RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Zach cover all topics that fall under business. Don't knowingly lie about anyone of Total-Company All 2018 RBI targets also [34] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747. The Committee periodically reviews the adequacy of its Charter and, if the Committee deems it necessary, recommends These investments included adjusting our compensation plans based upon market data and to The [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. by $500,000. Raytheon Technologies Corp. 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