Ousted L3Harris CEO Chris Kubasik forfeits $45 million—but he’ll still walk away with $80 million in stock and options

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.

Under the terms of the separation agreement between Kubasik and L3Harris struck on Sunday, Kubasik leaves with no severance or bonus, and as part of the deal he forfeited all his outstanding equity awards, stripping him of two option grants and other awards that could have paid him $45 million in cash and equity.