Raytheon Technologies, the new parent of East Hartford-based Pratt & Whitney and Collins Aerospace Systems, is continuing to cut costs in the face of a major slowdown in the aerospace market caused by COVID-19.
Raytheon on Thursday announced it would reduce its non-employee board members’ cash retainers by 20% in the one-year term that begins May 30. That could equate to at least $262,000, as Raytheon paid $1.3 million in cash retainers to its 13 non-employee directors last year, plus additional retainer amounts for committee chairs and lead directors, according to its annual report filed with the U.S. Securities & Exchange Commission.Â
Last week, Raytheon announced a $2 billion cost-cutting effort that includes furloughs and a 10% pay cut, in effect for the second half of 2020, for all salaried employees at Pratt and Collins, as well as Raytheon’s corporate offices.
CEO Gregory Hayes and Executive Chairman Tom Kennedy are taking a 20% cut over those same six months.
