Don't worry — defense contractors are faring well during the coronavirus. The Washington Post reports the Pentagon diverted $1 billion in taxpayer funds intended for pandemic-related medical equipped to defense contractors to "make things such as jet engine parts, body armor, and dress uniforms."
Among the awards: $183 million to firms including Rolls-Royce and ArcelorMittal to maintain the shipbuilding industry; tens of millions of dollars for satellite, drone, and space surveillance technology; $80 million to a Kansas aircraft parts business suffering from the Boeing 737 Max grounding and the global slowdown in air travel; and $2 million for a domestic manufacturer of Army dress uniform fabric.
The "suffering" Kansas aircraft parts business is Spirit AeroSystems. The CEO Thomas C. Gentile III was profiled last year in Money, Inc.
Mr. Gentile is handsomely rewarded for his hard work and dedication to Spirit Aerosystems. There is nothing that is easy about the rigors of being in charge of leading the company, and full responsibility for its success rests upon his shoulders. Spirit rewards his efforts with a salary that is $1,241,233, with a bonus for his excellent performance of an additional $1,546,576. He also receives stock and other types of compensation which for the 2018 fiscal year amounted to $9.9 million.
