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Raytheon Technologies' Board of Directors has reduced non-employee director compensation by an amount equal to 20%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% 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% 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.