Aug. 17 at 11:36 PM
L3Harris Technologies ousted CEO and Chairman Chris Kubasik after an investigation found “certain conduct” inconsistent with company values. The company said the departure was unrelated to financial reporting, controls, customer relationships or operations, but shares fell more than 4%.
The board appointed Sam Mehta, former president of L3Harris’ Space & Mission Systems and Communications & Spectrum Dominance businesses, as CEO and president, while Lewis Hay III became independent chairman.
Semafor reported that an independent probe found Kubasik had an inappropriate relationship with an employee, although L3Harris has not confirmed the report. Kubasik previously resigned from Lockheed Martin in 2012 following a similar ethics investigation involving a subordinate.
The leadership change comes as L3Harris advances a
$1 billion Defense Department investment in its missile business, which is expected to become a separate company, with its IPO delayed to mid-2027.
$LHX