Hunter
04/14/20
Raytheon, the parent company of Collins Aerospace, has announced a pay cut of all salaried employees and furloughs of others.
The company, a major player in the airline industry, has been hit hard by the coronavirus outbreak.
KCRG TV reports that Raytheon CEO Greg Hayes has volunteered to take a 20% pay cut, and is reducing salaried employees’ pay by ten percent. They will get an extra 15 days off this year as well.
Hourly employees will see furlough programs rolled out as well.
In his letter to employees, Hayes said, “Airline travel in the U.S. alone is down 96% and we are seeing similar trends globally. Our commercial business partners have begun dramatically scaling back on their operations in order to preserve capital and protect the long-term needs of their businesses, and now we must do the same.”
Hayes said that the Intelligence and Space, and Missles And Defense companies run by Raytheon are not impacted by these actions.
Collins Aerospace employs over 76.000 employees worldwide.
The actions are slated to go into effect on June 1 and last through the end of the year.