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April 16, 2019


On behalf of Raytheon’s Board of Directors and leadership team, I cordially invite you to attend the Raytheon Company Annual Meeting of Shareholders on Thursday, May 30, 2019.

Raytheon’s growth strategy continued to deliver results in 2018, as we set new company records for full-year net sales of $27.1 billion, bookings of $32.2 billion and operating cash flow of $3.4 billion. In addition, we ended 2018 with a record backlog of $42.4 billion, which positions us well for the future. Our strong balance sheet and cash flow provide us with the financial flexibility to continue our capital deployment strategy. We are focused on deploying capital in ways that create value for our shareholders and customers, including making strategic internal investments to support our growth, paying a sustainable and competitive dividend, reducing our share count and making discretionary pension contributions from time-to-time.

Our success starts at the top, with our engaged and active Board of Directors, who emphasize results and a corporate culture grounded in our company values. These values—trust, respect, collaboration, innovation and accountability—are exemplified by our Board, senior leaders and global team. They guide the way we engage with colleagues, customers, investors and other stakeholders, the manner in which we make decisions, and our unwavering focus on meeting our commitments. Additionally, our values underlie our ongoing strategic approach to corporate responsibility, which supports sustainability, promotes an inclusive workplace and inspires the next generation of engineers and technologists.

We also remain committed to sound, contemporary corporate governance, as illustrated by the significant refreshment undergone by the Board over the last five years. In pursuing director succession, the Board has identified attributes, experiences and skills best suited to supporting Raytheon’s long-term strategy. Integral to this process has been the recognition of the special value of diversity in providing a broad range of perspectives and insights. Board refreshment was notably bolstered in 2018 with the addition of three new directors—Adriane Brown (included in last year’s proxy), Ellen Pawlikowski and Marta Stewart.

I encourage you to review this proxy statement and to vote your proxy as soon as possible so that your shares will be represented at the meeting.

Thank you for your continued confidence in Raytheon and our global team.


Raytheon’s corporate culture is grounded in our company values: trust, respect, collaboration, innovation and accountability. These values drive a culture known for:

  • Ethics and accountability, encouraging reporting and ensuring non-retaliation
  • Investing in our people, to sustain a world-class workforce
  • Customer focus, achieving success through collaboration
  • Supporting military families and veterans, who sacrifice for our freedom
  • Diversity and inclusion, ensuring all employees find purpose, thrive and succeed
  • Engaging and listening to our people, to continually improve their experience
  • Innovation, acting with speed and agility to solve the most difficult challenges
  • Strong process orientation, enabling flawless execution and risk mitigation
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