Defense contractor L3Harris removed CEO Chris Kubasik over the weekend following a board investigation that found he violated the company’s code of conduct, according to fortune.com. Kubasik, 65, resigned from the board and all subsidiaries, forfeiting $45 million in outstanding equity awards. Despite this, he retains stock and options valued at around $80 million.
The investigation did not specify the nature of Kubasik’s code of conduct violation but clarified it did not involve financial reporting, controls, customer relationships, or operations. Kubasik had been CEO since 2021 and previously faced a similar ethics probe 14 years ago at another defense firm. Under the separation agreement, he received no severance or bonus and surrendered two option grants and other awards worth $45 million in cash and equity.
Kubasik’s remaining holdings include options worth approximately $23 million and over 200,000 shares valued near $57 million. Over the past three years, L3Harris paid him $66.3 million in compensation, including $25.6 million in fiscal 2025. The company, valued at $50 billion, has maintained a close relationship with the Trump Administration’s Department of War during his tenure.
Kubasik’s departure marks a significant leadership change at L3Harris, which continues to hold a major position in aerospace and defense. The company has not disclosed further details about the violation or named a successor as of the report’s publication.