Board of directors of Raytheon Technologies´ (NYSE: RTX) has announced it is taking a voluntary reduction in compensation equal to 20% of the director cash retainer, the company said.
The board 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 go into effect June 1st and extend through year-end.
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.
Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide.