By
Sydney J. Freedberg Jr. on March 16, 2021 at 7:30 AM
Photo: Courtesy of Raytheon Missiles & Defense
WASHINGTON: Raytheon will soon deliver the Army’s first “production readiness” model of the new LTAMDS radar, in time for key tests this summer. By next September (2022), the first six early-model LTAMDS should have passed initial Army testing. That will allow the Lower-Tier Air & Missile Defense Sensor, to use its formal name, to be approved for “Urgent Materiel Release” to Army missile defense units.
If Raytheon makes that deadline, it’ll have gone from initial contract award – in Oct. 2019 – to operational fielding in less than three years. That’s a remarkable pace for the Pentagon, made possible in large part by using the streamlined Other Transaction Authority process instead of traditional contracting regulations.
Raytheon Technologies Corp. president and chief executive Gregory Hayes had 2020 total compensation of $19.49 million. The CEO pay ratio was $193 dollars for every $1 made by its median employeeâs compensation of $108,914. Riccardo Savi, Getty Images
An agreement by Gregory Hayes, the top executive for Raytheon Technologies Corp., to take a 20% pay cut for seven months of the COVID-19 pandemic contributed to an overall 11.7% reduction in salary for fiscal 2020.
However, a sizable boost in the value of Hayesâ stock and stock option awards kept his total compensation at $19.4 million, just 0.3% below his fiscal 2019 level.
When the brunt of the COVID-19 pandemic began to be experienced in mid-March, Raytheonâs Collins Aerospace division had about 1,500 employees at a major operational hub in Winston-Salem. The company has declined since to provide a local workforce update.
The chief executive officer of Raytheon Technologies Corp., the Massachusetts parent company of Pratt & Whitney, took a 20% pay cut last year as COVID-19 slammed the conglomerate’s aviation business, but stock and option awards pushed his compensation to nearly $21 million.
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