L3Harris Technologies announced Monday that Chairman and CEO Christopher Kubasik has departed the company following a board investigation that found his conduct was inconsistent with the company's code of conduct. The defense contractor's shares declined 3% in morning trading following the announcement.

Sam Mehta has been appointed as the new chief executive, effective immediately. L3Harris stated that Kubasik's departure is unrelated to the company's financial reporting, internal controls, customer relationships, or operational performance. Instead, it stemmed from actions inconsistent with the company's values.

Details of the investigation were not disclosed. Kubasik's separation agreement with the company stipulates that he will not receive severance payments, benefits, or equity incentive awards, though he will retain previously vested stock options.

Kubasik played a key role in the 2019 merger of L3 and Harris Corp., initially serving as president and chief operating officer before assuming the CEO role in 2021 and becoming board chairman a year later. During his leadership, L3Harris acquired Aerojet Rocketdyne for $4.7 billion in 2023 and made other strategic portfolio adjustments within the defense sector. The company also announced the spin-off of its missile solutions unit in January, which was later postponed until at least mid-2027.

This is not the first time Kubasik has faced scrutiny regarding his professional conduct. More than a decade ago, he was fired as chief operating officer of Lockheed Martin after acknowledging an improper relationship with a subordinate, shortly before he was slated to become CEO of that company.

Incoming CEO Mehta previously led L3Harris’s Space & Mission Systems and Communications & Spectrum Dominance segments, which collectively represent approximately 80% of the company's total revenue. He joined L3Harris in 2023, having previously spent four years as president of advanced structures at Collins Aerospace, a unit of RTX.

Lewis Hay III has been appointed as the independent chairman of the L3Harris board. The company also reaffirmed its 2026 financial forecast.