L3Harris CEO Resigns After Conduct Violation

L3Harris Technologies announced on Monday that its chairman and chief executive officer, Christopher Kubasik, has resigned immediately following an internal investigation that found he violated the company's code of conduct. The defense contractor's board named Sam Mehta, a 15-year company veteran, as his successor.

In a statement, L3Harris said the investigation, conducted with outside counsel, revealed "certain conduct that was not consistent with the values of the Company as outlined in its Code of Conduct." The company specified that the behavioral violation was unrelated to financial reporting, internal controls, customer relationships, or operational performance. The board determined that entering into a separation agreement with Kubasik was in the company's best interest.

Under the terms of that agreement, Kubasik forfeits his 2026 bonus and is not eligible for any severance payments. He also surrendered unvested equity awards, which could have been worth at least $45 million. Kubasik will retain previously vested stock options and existing shares valued at approximately $80 million. Kubasik, 65, did not admit to any violation and is barred from making public statements...