L3Harris Forces Out Chairman and CEO Chris Kubasik Amid Board Investigation
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Defense giant L3Harris forced out chairman and chief executive Chris Kubasik, 65, over the weekend after a board investigation revealed that he had violated the company’s code of conduct.
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CNBCDefense contracting giant L3Harris Technologies ousted CEO Chris Kubasik on Sunday after learning he engaged in "certain conduct ... that was not consistent with the values of the Company," the company said in a statement on Monday.
New York Post BusinessL3Harris Technologies said Monday Chairman and CEO Christopher Kubasik had left the company after a board investigation found he had engaged in conduct inconsistent with the defense contractor’s code of conduct, sending its shares down 3% in morning trading.
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CNBC has asked L3Harris whether that report is accurate. In 2012, the board of the major defense contractor Lockheed Martin asked for and received Kubasik's resignation as president and chief operating officer, weeks before he was scheduled to become CEO, after "an ethics investigation confirmed that he had a close personal relationship with a subordinate employee," Lockheed said in a statement at the time.
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New York Post BusinessMore than a decade ago, Kubasik was fired as chief operating officer of Lockheed Martin after acknowledging an improper relationship with a subordinate, months before he was due to become CEO. Bloomberg via Getty Images
FortuneKubasik’s ouster comes 14 years after he had to leave Lockheed Martin following an ethics investigation there confirmed a “close personal relationship” between Kubasik and a subordinate employee. Kubasik was serving as vice chairman, president, chief operating officer, but had been appointed to take over as CEO at the defense contractor in 2013. Weeks before he was supposed to take the reins, Kubasik was forced to resign. He was replaced then by Marillyn Hewson, who served until she moved into the executive chairman role in 2020.
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Under the terms of the separation agreement between Kubasik and L3Harris struck on Sunday, Kubasik leaves with no severance or bonus, and as part of the deal he forfeited all his outstanding equity awards, stripping him of two option grants and other awards that could have paid him $45 million in cash and equity.
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New York Post BusinessUnder a separation agreement mutually agreed with the company, Kubasik will not receive severance payments, benefits or equity incentive awards. He will be allowed to retain and exercise certain previously vested stock options granted under L3Harris’ equity incentive plans.
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01 CNBC Shares of L3Harris fell by more than 4% on the heels of the news of Kubasik's ouster, which "was unrelated to the Company's financial reporting, controls, customer relationships or operational performance," the company's statement said.
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02 Fortune Kubasik will still hold onto some of his options that can net him stock worth about $23 million, as well as more than 200,000 shares of stock in L3Harris that he already owns, valued at nearly $57 million. L3Harris has paid Kubasik compensation valued at $66.3 million during the past three years, including $25.6 million in fiscal 2025. During his tenure, L3Harris had a close relationship with the Trump Administration’s Department of War. In April, L3Harris subsidiary Aerojet Rocketdyne made a deal for a $1 billion government investment into the missile-propulsion business L3Harris plans to take public. L3Harris also delivered a 747 to the White House to serve as an interim Air Force One in June, after modifying the gifted jet from Qatar’s royal family.
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03 New York Post Business The Melbourne, Fla.-based defense contractor named executive Sam Mehta as chief executive, effective immediately.
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