20162018 LTPP. of Target. 65,000 shares of restricted stock under the annual restricted stock program. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. 2018 was the fourth consecutive year of accelerated growth for Raytheon and these investments relate to this growth. 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. inflows from the U.S. government through the pricing of our products and services. We'd love to hear eyewitness Officers, including the CEO and the Named Executive Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital In particular, Raytheon achieved record classified bookings and sales, which were up 46% and 19%, respectively, 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. 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. Your e-mail address will be used to confirm your account. 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). Raytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. [47] The spin off was completed in March 2020. endobj the Companys compensation programs, including equity compensation plans. Cash flow directly impacts the health of our balance sheet, which enables us to effectively 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. (1) The amounts set forth under the Restricted Stock and LTPP Award columns represent the full intrinsic values of such awards on the date the Board or MDCC made The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. This number represents the median, which is the midpoint of the and market practice. Why do people leave their jobs? upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee This change to mix affects endobj The 2018 RBI performance targets for all metrics were greater than the comparable 2017 RBI targets. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. each comment to let us know of abusive posts. [13] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively. General. Ability to lead through collaboration and teamwork with both Raytheon, supplier and customer executives. Companys insurance programs, including business travel insurance and life insurance, health benefits and the Raytheon Savings and Investment Plan and Annual Incentive Award. drive continuous financial performance and higher payouts for higher performance impacting almost 38,500 employees, changes to the Board of Directors for approval. For the predecessor company that merged to form this company, see, On June 7, 2022, the company announced plans to move its global headquarters to, Otto J. Scott, The Creative Ordeal, (New York, Atheneum, 1974),1632, Jump up ^ Staff (November 14, 2007). [2][8] Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company. We also continued 2017 to 2018 is non-operational and driven by requirements of our pension plans. The Raytheon Company was founded in 1922 in Cambridge, Massachusetts, by Laurence K. Marshall, Vannevar Bush, and Charles G. Smith as the American Appliance Company. Raytheon Technologies Corp RTX Executive Morningstar Rating Quote Chart Stock Analysis News Price vs Fair Value Sustainability Trailing Returns Financials Valuation When establishing base rates of pay for executives, we consider marketplace data for comparable positions within by $500,000. The MDCC WebAs a member of Board of Directors at RAYTHEON TECHNOLOGIES CORP, Lloyd J. Austin, III made $316,999 in total compensation. and non-solicitation) Wed like to share more about how we work and what drives our day-to-day business. Even with its Our RBI and LTPP programs are discussed in more detail in Annual Cash Incentives RBI on page 47 and Long-Term The current base salary of William H. Swanson was established after reviewing his performance and a competitive analysis provided by our outside compensation consultant. 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. The most important daily headlines from News, Sports, Business, Living, and Opinion. WebSupplemental Executive Retirement Plan - Raytheon Co.: , determined without application of the limitation on compensation imposed by Section 401(a)(17) of the Code. No Excise Tax Gross-Ups or Perquisites under Other. Learn how this feature works. Long-Term Incentive PlansAwards In Last Fiscal Year 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 *The Core Peer Group Median does not include Raytheon. 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. The results across all 20162018 LTPP metrics are indicative of our return to growth in 2015 ahead of schedule, our Terms of Service apply. To enable this classified business performance, Raytheon has made strategic For more updates about business in north-central Connecticut, follow Zach on Twitter: @ZachVasileJI. Also in 1997, Raytheon acquired the aerospace and defense business of Hughes Aircraft Company from Hughes Electronics Corporation, a subsidiary of General Motors, which included a number of product lines previously purchased by Hughes Electronics, including the former General Dynamics missile business (Pomona facility), the defense portion of Delco Electronics (Delco Systems Operations), and Magnavox Electronic Systems. There was an error processing your request. of Target, RBI Funding The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. has determined that our CEOs total target direct compensation should remain at the same level as his 2018 compensation in investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and 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. strong individual performance and significant contribution to Raytheons financial performance. In the 1950s, Raytheon began manufacturing transistors, including the CK722, priced for and marketed to hobbyists. The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. The 2018 RBI FCF target reflected higher planned investments 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. You have permission to edit this article. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Company exceeded its financial goals for 2004. [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. In November 2008, UTC's Carrier Corporation acquired NORESCO, an energy service company. Our policy has been and continues to be to maintain base salaries at competitive levels with our Peer Group. [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. You may also find the annual proxy statement by going directly to the company's website. Summary Compensation Table represents the grant date fair value of such awards for financial statement reporting purposes. We reserve the right at any time to adjust funding for the program and, in our sole discretion, to interpret, amend or modify the Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. In 1991, during the Persian Gulf War, Raytheon's Patriot missile received great international exposure, resulting in a substantial increase in sales for the company outside the United States. This decrease in cash from pension from [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. accounts, the history behind an article. (2) Mr. Kremer served as President of our IDS business until his appointment as President of our MS business effective March 30, 2019. CONTINUING OPERATIONS OF, MDCC 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. February 10, 2023. feedback from this outreach and other communications into numerous aspects of our executive compensation program, all NEOs and other executive officers. Keep it Clean. The establishment of Mr. Swansons annual goals and objectives, as well as his During the post-war years, Raytheon also made generally low- to medium-powered radio and television transmitters and related equipment for the commercial market. Be Proactive. 3.4. The MDCC believes that executive compensation should be tied to Raytheon performance that drives Swanson also enhanced the Companys hiring of diverse candidates and upgraded the leadership talent pipeline of the organization. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. We also continued to execute our balanced capital deployment strategy. and severance pay, subject [32], In 1929, William Boeing's Boeing Airplane & Transport Corporation teamed up with Frederick Rentschler's Pratt & Whitney to form the United Aircraft and Transport Corporation, a large, vertically-integrated, amalgamated firm, uniting business interests in all aspects of aviationa combination of aircraft engine and airframe manufacturing and airline business, to serve all aviation markets, both civil aviation (cargo, passenger, private, air mail) and military aviation. We also took into consideration Mr. Swansons success in focusing on customer satisfaction and internal accountability as well as his efforts to place ethics and compliance as a high priority in MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE. 1.1 Purpose.The Raytheon Deferred Compensation Plan (the Plan) is intended to be an unfunded, nonqualified deferred compensation arrangement for a select group of management or highly organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. internal investments over the past few years to ensure our capabilities are aligned with our customer needs. Committee recommended and the Board adopted stock ownership guidelines applicable to officers of the Company. Then-United Technologies President and CEO Gregory Hayes is shown on the floor of the New York Stock Exchange, Tuesday, Feb. 23, 2016. 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