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. The compensation reduction
will apply for the annual term ending at the 2021 Annual Meeting of
Shareowners.
The Board's action follows a decision by CEO Greg Hayes to institute a temporary 10 percent
base pay reduction for all salaried employees across its Pratt
& Whitney and Collins Aerospace Systems businesses as well as
the company's corporate offices. The temporary pay reductions
announced last month by the company go into effect June 1st and extend through
year-end. Company CEO Greg
Hayes and Executive Chairman Tom
Kennedy had previously volunteered to reduce their salaries
by 20 percent for the same period.
Raytheon Technologies continues to monitor the crisis and is
responding as needed to ensure the wellbeing of its employees,
customers and suppliers, while protecting the long-term financial
strength of the business.
About Raytheon Technologies
Raytheon Technologies Corporation is an aerospace and defense
company that provides advanced systems and services for commercial,
military and government customers worldwide. With 195,000 employees
and four industry-leading businesses ― Collins Aerospace Systems,
Pratt & Whitney, Raytheon Intelligence & Space and Raytheon
Missiles & Defense ― the company delivers solutions
that push the boundaries in avionics, cybersecurity, directed
energy, electric propulsion, hypersonics, and quantum physics. The
company, formed in 2020 through the combination of Raytheon Company
and the United Technologies Corporation aerospace businesses, is
headquartered in Waltham,
Massachusetts.
Media Contact
Michele
Quintaglie
C: 860.493.4364
michele.quintaglie@rtx.com
Investor Contact
Kelsey
DeBriyn
C: 781.522.5141
kelsey.debriyn@rtx.com
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SOURCE Raytheon Technologies