April 16, 2019
DEAR RAYTHEON
SHAREHOLDER,
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.
