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.
SOURCE Raytheon Technologies