Ousted L3Harris CEO forfeits $45 million-but he’ll still walk away with $80 million
L3Harris CEO Chris Kubasik was ousted following a board investigation into code of conduct violations, though he retains significant personal wealth. Despite forfeiting $45 million in equity, he walks away with approximately $80 million in stock and previous compensation.
Why it matters
The incident highlights corporate governance challenges and the significant financial packages often associated with executive departures in the defense industry.
Defense giant L3Harris forced out chairman and chief executive Chris Kubasik, 65, over the weekend after a board investigation revealed that he had violated the company’s code of conduct .
The $50 billion aerospace-and-tech company did not provide any detail about what Kubasik did to violate the code, but specified it did not involve financial reporting, controls, customer relationships, or operations. Kubasik, who has served as CEO since 2021, resigned from the L3Harris board and all of its subsidiaries and affiliates.The abrupt departure comes 14 years after Kubasik was fired from another leading defense contractor, following an ethics investigation that determined he had a relationship with a subordinate employee.
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