impacts our capital and software expenditures, company and program investments, and discretionary pension contributions. Base [34] Although M&A activity was not new to United Aircraft, the M&A activity of the 1970s and 1980s was higher-stakes and arguably unfocused. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Even with its Executive Retirement Plan, and benefits under the Companys Severance Policy and Change in Control Policy. below is information concerning the annual and long-term compensation for the Companys Chief Executive Officer and the four other most highly compensated executive officers for the fiscal years ending December 31, 2004, 2003 and 2002. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Cloudy with a few showers. Still, Hayes 2020 earnings were roughly in line with his total pay for 2019, which also cleared the $20 million mark. The size of each executives award is determined by considering data for comparable positions in the Companys Peer Group. inflows from the U.S. government through the pricing of our products and services. We noticed that your web browser is outdated! Know Your Worth. Gear advertisements and other marketing efforts towards your interests. In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and Restricted Stock The Management Development and Compensation Committee reviews and oversees 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. [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. Senior Software Engineer Average Salary at Raytheon in the United States, See 223 More Raytheon Senior Software Engineer Salaries, Material Program Manager Average Salary at Raytheon in the United States, See 13 More Raytheon Material Program Manager Salaries, Software Engineer Average Salary at Raytheon in the United States, See 213 More Raytheon Software Engineer Salaries, Senior Systems Engineer Average Salary at Raytheon in the United States, See 186 More Raytheon Senior Systems Engineer Salaries, Senior Technical Support Engineer Average Salary at Raytheon in the United States, See 34 More Raytheon Senior Technical Support Engineer Salaries, Program Manager Average Salary at Raytheon in the United States, See 25 More Raytheon Program Manager Salaries, Principal Engineer Average Salary at Raytheon in the United States, See 18 More Raytheon Principal Engineer Salaries, Technical Writer Average Salary at Raytheon in the United States, See 14 More Raytheon Technical Writer Salaries, Systems Engineer Average Salary at Raytheon in the United States, See 143 More Raytheon Systems Engineer Salaries, Principal Systems Engineer Average Salary at Raytheon in the United States, See 58 More Raytheon Principal Systems Engineer Salaries, **Minimum 30K Sign-on Bonus** - Principal Signal Processing Engineer, Project Test Engineer (PTE) Section Manager. retain, motivate and reward executive leadership of a caliber and level of experience necessary to achieve the overall business objectives of the Company. 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 . Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. types of perquisites. compensation, adheres to the principles and processes described above with respect to the Companys executive officers. 2004. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, 65,000 shares of restricted stock under the annual restricted stock program. Raytheon performed well in 2018. investments that span several years. Share with Us. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. in control followed by an has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in countries: Romania, Poland and Sweden. Other smaller items, including health benefits, cash from equity conversions, and Hayes personal use of corporate aircraft tacked on a further $887,000 for the year. 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. Individual awards under the Companys RBI program reflect an executives contribution to the Companys achievement of established financial Companys compensation program should align executive compensation with the Companys business strategy and management initiatives and the overall performance of the Company. <> when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. Base Salary. The estimated base pay is $205,331 per year. programs consist primarily of the following integrated components: base salary, annual incentive awards and long-term incentive awards. D. Executive Compensation 1. Review and approve a group of peer companies for the purpose of benchmarking executive compensation plans and receives is slightly below the 50th percentile of the Companys Peer Group. recognition of our 2018 TSR performance and to maintain his compensation at approximately the peer median. [44] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems. Learn how this feature works. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation customer demand) and production awards. Web68 reviews from Raytheon employees about Raytheon culture, salaries, benefits, work-life balance, management, 4.0 out of 5 stars for Compensation/Benefits. 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. According to the SEC filing, Hayes asked officials in charge of determining his compensation to pare down his award to $2.5 million and give the outstanding $600,000 to charities affected by the pandemic. You have permission to edit this article. Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational necessarily all of the companies that would be included in a peer group established to compare shareholder returns. Base Salary. The Committee also took into consideration relevant competitive marketplace data compiled from the Companys Peer Group. of Target. 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. [38] (The change became official on May 1, 1975.) This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. equity awards following a including design elements and metrics. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham, Massachusetts. In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation. processes. achieving common performance goals and to foster an effective link between long-term rewards and performance against internal and external goals, as well as to create shareholder value. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Ellen J. Kullman made $416,183 in total compensation. It should also be noted that our actual 2018 The respect to these executive officers. Six Sigma, customer satisfaction and people. He received a salary of $1.4 million, a Annually, we review and recommend to the independent directors as a group the base salary level We support an integrated, performance-oriented compensation program that balances short- and If you forget it, you'll be able to recover it using your email address. performance. Salary. (3) Mr. Yuse retired from Raytheon effective December 31, 2018. by $500,000. of Total-Company WebPresident, Raytheon Missiles & Defense Raja Maharajh Executive Vice President, General Counsel Neil G. Mitchill Jr. Executive Vice President, Chief Financial Officer Mark E. Russell relative to our core peer group and the S&P 500 Index. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. 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. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. [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. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. Percentage Exhibit 10.11. This plan provides awards of restricted stock units which vest We also continued to execute our balanced capital deployment strategy. compensation consultant and management. to improve pay-for-performance [50] The merger was completed in April 2020, forming Raytheon Technologies. 38% of Raytheons outstanding shares. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. 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