L3Harris Technologies said on Monday that CEO Christopher Kubasik stepped down from the role after an investigation by the board of directors found he engaged in misconduct, which led to the company reaching a separation agreement with him and naming his successor.
L3Harris’ announcement didn’t disclose the specific findings of the investigation, but said it “became aware of certain conduct that was not consistent with the values” outlined in the company’s code of conduct.
It noted that the conduct was unrelated to L3Harris’ financial reporting, controls, customer relationships or operational performance. The investigation was conducted with the assistance of outside counsel and prompted the board to determine that it was in the firm’s best interest to enter into a separation agreement with Kubasik.
L3Harris appointed Sam Mehta as its new CEO following the move. Mehta joined the company in 2023 and has 25 years of experience in the aerospace and defense industry, most recently serving as L3Harris’ president of space and mission systems (SMS) and communications and spectrum dominance (CSD).
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The SMS and CSD segments account for more than 80% of L3Harris’ total revenue, the company noted in its announcement.
L3Harris lead independent director Lewis Hay III was named chairman of the board and said that Mehta is a “proven executive who brings deep knowledge of our business, priorities and culture, making him ideally suited to become president and CEO at this important time in our company’s and our nation’s history.”
“Sam’s readiness to lead L3Harris reflects the Board’s robust succession planning and our focus on cultivating talent,” Hay added.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LHX | L3HARRIS TECHNOLOGIES INC. | 278.38 | -13.44 | -4.61% |
Mehta said in a statement that he is honored by the opportunity to lead L3Harris as its president and CEO, adding that he looks forward to working more closely with leaders and colleagues across the company to support the defense contractors’ mission.
“Today, L3Harris has a portfolio purpose-built for the future of warfare, and we are well-positioned to continue executing our focused growth strategy as The Trusted Disruptor,” Mehta said.
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Regarding Kubasik’s departure, Hay said that the departing executive had “overseen significant transformation during his tenure” and that the company appreciated his service, as they mutually agreed to implement the corporate succession plan.
Reuters reported that under the separation agreement the company reached with Kubasik, the former CEO won’t receive severance payments, benefits or equity incentive awards. He will be permitted to retain and exercise previously vested stock options granted under L3Harris’ equity incentive plans, per the report.
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During his tenure at the company, Kubasik helped drive the 2019 merger of L3 and Harris Corp., serving as president and COO before he became CEO in 2021. The company acquired Aerojet Rocketdyne for $4.7 billion in 2023 as it expanded its presence in the defense sector.
In January, L3Harris announced the spin-off of its missile solutions unit, as the Pentagon said it would take a $1 billion stake in the new company. That spin-off was postponed last month until at least mid-2027.
Reuters contributed to this report.
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