L3Harris Ousts CEO Kubasik Over Conduct Violation, Names Sam Mehta Successor
LHX is trading near its 52-week low of $262.68 (8.1% above the low).
Summary
L3Harris has removed Chairman and CEO Christopher Kubasik after a board investigation found he violated the company's code of conduct. The company named Sam Mehta, previously president of its space and mission systems and communications segments, as the new CEO, with Lewis Hay III becoming chairman. Kubasik will receive no severance and no accelerated vesting, though he retains some vested options. The company reaffirmed its 2026 guidance and stated the conduct did not affect financial reporting or operations. Shares fell 3% in premarket trading.
At the time of this announcement, LHX was trading at $283.90 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $54.3B. The 52-week trading range was $262.68 to $379.23. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.