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Posted 14 December, 2023

RTX Corp appointed Mr. Calio as new CEO

NYSE:RTX appointed new Chief Executive Officer Mr. Calio in a 8-K filed on 14 December, 2023.


  Mr. Calio will succeed Gregory J. Hayes as Chief Executive Officer.  

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Overview of RTX Corp
Industrial Goods • Aerospace Products/Parts
RTX Corp. is an aerospace and defense company, which engages in the provision of aerospace and defense systems and services for commercial, military, and government customers. It operates through the following segments: Collins Aerospace Systems (Collins), Pratt and Whitney, Raytheon Intelligence and Space (RIS), and Raytheon Missiles and Defense (RMD). The Collins segment manufactures and sells aero structures, avionics, interiors, mechanical systems, mission systems, and power controls. The Pratt and Whitney segment includes the design and manufacture of aircraft engines and auxiliary power systems for commercial, military, and business aircraft. The RIS segment is involved in the development of sensors, training, and cyber and software solutions. The RMD segment offers end-to-end solutions to detect, track, and engage threats. The company was founded in 1922 and is headquartered in Arlington, VA.
Market Cap
$120B
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Relevant filing section
Item 5.02. 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On December 14, 2023, the Board of Directors (the "Board") of RTX Corporation (the "Company") elected Christopher T. Calio President & Chief Executive Officer, to be effective May 2, 2024, and a member of the Board, effective December 14, 2023. Mr. Calio will no longer serve as the Company's Chief Operating Officer as of May 2, 2024.


Mr. Calio will succeed Gregory J. Hayes as Chief Executive Officer. Mr. Hayes will continue to serve as Chairman of the Board and will become Executive Chairman of the Board effective May 2, 2024. Mr. Fredric G. Reynolds will continue to serve as the independent Lead Director.


Prior to his appointment as the Company's President & Chief Operating Officer, which was effective March 1, 2023, Mr. Calio, 50, served as the Company's Chief Operating Officer, beginning March 1, 2022. From January 2020 to February 2022, Mr. Calio served as President, Pratt & Whitney. From February 2017 to December 2019, he served as President, Commercial Engines, Pratt & Whitney, and as Chief of Staff to the Chairman & CEO from February 2015 to January 2017. Mr. Calio joined the Company in 2005 as Counsel and served in positions of increasing responsibility across the Company, including as Vice President & General Counsel of UTC Aerospace Systems and Vice President & Counsel, Commercial Engines, Pratt & Whitney. Mr. Calio received his B.A. in Political Science from Trinity College, as well as a J.D. and an MBA from the University of Connecticut.


Mr. Hayes has served as the Company's Chairman of the Board since June 2021 and previously served as Chairman of the Board from September 2016 to April 2020. Mr. Hayes has served as the Company's Chief Executive Officer since November 2014. From September 2008 to November 2014, Mr. Hayes served as the Company's Senior Vice President and Chief Financial Officer. Mr. Hayes joined the Company through the 1999 acquisition of Sundstrand Corporation, where he served as Vice President, Finance for Sundstrand Aerospace.


On December 14, 2023, the Board approved the following compensation actions for Mr. Calio in connection with his appointment as President & Chief Executive Officer: (i) annual base salary increase from $1,010,000 to $1,450,000, effective May 2, 2024, (ii) annual incentive target increase from 150% to 175% of base salary, effective May 2, 2024, and (iii) a 2024 long-term incentive ("LTI") award with an estimated target value on the grant date of $13,500,000, comprised of 60% performance share units and 40% stock appreciation rights, to be granted on the same day as the Company's annual executive LTI awards are granted to other Company officers.


On December 14, 2023, the Board approved the following compensation for Mr. Hayes in connection with his role change: (i) annual base salary of $1,100,000, effective May 2, 2024, (ii) annual incentive target of 125% of base salary, effective May 2, 2024, and (iii) a 2024 LTI award with an estimated target value on the grant date of $10,000,000, comprised of 60% performance share units and 40% stock appreciation rights, to be granted on the same day as the Company's annual executive LTI awards are granted to other Company officers. 


A copy of the Company's press release announcing Mr. Calio's elections and Mr. Hayes' change in role is attached hereto as Exhibit 99.1 and is incorporated herein by reference.