Deals
Raytheon Bosses Get Merger Windfall Amid Furloughs, Pay Cuts
- Company tweaks formula used to replace old equity incentives
- Board says it’s warranted to protect reputation, worker morale
Photographer: Michael Reynolds/EPA/Bloomberg
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Raytheon Technologies Corp. Chief Executive Officer Greg Hayes spent weeks delivering grim news to employees about furloughs, pay cuts and hiring freezes as the coronavirus pandemic ravaged the economy.
“While many of these measures have been difficult, it is the right thing to do for the business,” Hayes said on a May 7 conference call with analysts as he outlined billions of dollars in cost reductions.