U.S. Navy Secretary Carlos Del Toro warns defense contractors to prioritize taxpayers over shareholders, emphasizing on-time, on-budget deliveries and criticizing stock buybacks.

U.S. Navy Secretary Carlos Del Toro has issued a warning to defense contractors, stating that they should prioritize taxpayers over shareholders. Speaking at the West naval conference in San Diego, Del Toro, a former businessman, called for companies to deliver weapons, warships, aircraft and more on time, on budget and without excuses. He criticized the current focus on stock buybacks and other measures that appear to prioritize increasing stock prices and executive compensation over necessary investments in the nation's industrial base.

February 15, 2024
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