Ousted L3Harris CEO Chris Kubasik forfeits $45 million—but he’ll still walk away with $80 million in stock and options
The ex-CEO was previously forced to resign from Lockheed Martin after a 2012 ethics investigation confirmed he had a personal relationship with a subordinate.
Defense contractor L3Harris removed its chairman and chief executive, Chris Kubasik, over a violation of the company's code of conduct, though the specifics of the infraction were not disclosed. The aerospace-and-tech giant, valued at $50 billion, did not allow Kubasik to retain any of his outstanding equity awards, which could have earned him $45 million in cash and equity.
However, Kubasik still holds onto about $23 million worth of options and over 200,000 shares in L3Harris, valued at nearly $57 million. During his tenure, L3Harris had a close connection with the Trump Administration's Department of War. Kubasik resigned from the L3Harris board and all its subsidiaries and affiliates. The board chose to reach a deal with Kubasik rather than attempting to fire him for cause.
Sam Mehta, who previously led L3Harris' space and mission systems and communications and spectrum dominance segments, was appointed as his immediate replacement.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
