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Ousted L3Harris CEO forfeits $45 million-but he’ll still walk away with $80 million
fortune.com • • general
Key Points:
- L3Harris CEO Chris Kubasik resigned abruptly due to a violation of the company’s code of conduct, though the company did not specify the nature of the violation, excluding financial, operational, or customer-related issues.
- Kubasik forfeited all outstanding equity awards worth up to $45 million and received no severance or bonus, but retains stock options and shares valued at approximately $80 million combined.
- The board opted for a separation agreement rather than firing Kubasik for cause, with a non-disparagement clause preventing either party from making conflicting public statements; Sam Mehta was appointed as the new CEO.
- Kubasik’s resignation follows a prior ethics-related departure from Lockheed Martin 14 years ago due to a relationship with a subordinate, highlighting a recurring pattern in his career.
- Despite the leadership change and stock decline, L3Harris reaffirmed its full-year 2026 financial guidance, with the board emphasizing adherence to company values as central to the CEO transition.
