Aug 17 (Reuters) – L3Harris Technologies said on Monday that CEO Christopher Kubasik had left the company after a board investigation found he had engaged in conduct inconsistent with the company’s code of conduct, sending its shares down 3% in premarket trading.
The company named insider Sam Mehta as his replacement, effective immediately.
The Melbourne, Florida-based defense contractor said its board determined that Kubasik’s conduct was inconsistent with L3Harris’ values as outlined in its code of conduct.
The company said Kubasik’s exit was unrelated to its financial reporting, internal controls, customer relationships or operational performance, and stemmed from conduct that was inconsistent with L3Harris’ values and code of conduct.
Under a separation agreement mutually agreed with the company, Kubasik will not receive severance payments, benefits or equity incentive awards. He is entitled to retain and exercise certain previously vested stock options granted under L3Harris’ equity incentive plans.
Kubasik had served as L3Harris’ CEO since 2021. Before the 2019 merger with Harris Corporation, he was CEO of L3 Technologies from early 2018 to mid-2019.
Incoming CEO Mehta had led the company’s Space & Mission Systems and Communications & Spectrum Dominance segments, which together account for about 80% of total revenue.
He joined L3Harris in 2023. Before that, he served for four years as president of advanced structures at Collins Aerospace, a unit of.
(Reporting by Shivansh Tiwary and Aatreyee Dasgupta in Bengaluru; Editing by Tasim Zahid)
