L3Harris removes CEO Chris Kubasik, appoints Sam Mehta
L3Harris Technologies dismissed CEO Chris Kubasik over conduct deemed inconsistent with company values and named Sam Mehta as the new president and CEO, causing the stock to slip more than 4%.
Defense contractor L3Harris Technologies announced on Monday that it had terminated chief executive Chris Kubasik after an internal investigation found conduct that did not align with the firm’s values. The board also appointed Sam Mehta, previously president of the Space & Mission Systems and Communications & Spectrum Dominance segments, as the new president and chief executive officer.
The company said the separation agreement does not constitute a termination for cause and that Kubasik will retain nearly 384,000 stock options but will not receive a bonus from the 2026 incentive plan. Shares of L3Harris fell more than 4% following the announcement.
"Following its investigation of these matters with the assistance of independent counsel, the Board determined that it would be in the best interests of the Company to enter into a separation agreement with Kubasik," the statement read.
The board also named Lewis Hay III, the lead independent director, as independent chairman of the board. The move comes months after the Defense Department pledged a $1 billion convertible preferred equity investment in L3Harris’ missile solutions business, which is slated to spin off as a separate company with an IPO now expected in mid-2027.
"Sam is a proven executive who brings deep knowledge of our business, priorities and culture, making him ideally suited to become President and CEO of L3Harris at this important time in our company's and our nation's history," Hay said.
Mehta expressed gratitude for the role, stating, "I am honored by the opportunity to serve as President and CEO of L3Harris. I look forward to working even more closely with my fellow senior leaders and my talented colleagues across the Company to support the needs of our country and our allies."
Kubasik, 65, had led L3Harris since 2021 and also served as chairman of the board. Earlier reports cited an independent probe that found he had an inappropriate relationship with an employee, a situation reminiscent of a 2012 ethics investigation at Lockheed Martin that led to his resignation from that firm.