L3Harris: CEO Kubasik exit - Implications?

研报英文原文证据摘录

17 August 2026

Douglas S. Harned, Ph.D.

Global Aerospace & Defense

L3Harris Technologies Inc

Adrien Rabier

Rating

Outperform

Nestor Wester

Price Target

LHX

365.00 USD

Specialist Sales

Steve Song

L3Harris: CEO Kubasik exit - Implications?

Yesterday, August 13th, L3Harris announced that Chairman and CEO Chris Kubasik was

stepping down as Chairman and CEO, effective immediately. Sam Mehta, President of Space

& Mission Systems (SMS) and Communications & Spectrum Dominance (CSD) segments,

was appointed as CEO and President. Lead independent director, Lewis Hay III (former CEO

of NextEra Energy) was named Chairman. There are no changes to guidance, expectations

regarding financial performance, or plans related to the possible IPO of the Missile Solutions

business. Ken Bedingfield will continue to lead Missile Solutions.

The board’s request for Kubasik to step down was described as due to conduct “not

consistent with the values of the company”. It appears that the decision for Kubasik to leave

only became apparent within the last few days. The conduct was said to have no ties to the

company’s operational or financial performance. LHX reaffirmed its guidance for 2026

revenue, operating margin, GAAP EPS, and free cash flow. We do not expect a departure

from the company’s stated goals under Mehta’s leadership. SMS and CSD combine for

over 80% of LHX’s revenues. Sam Mehta joined L3Harris in 2023 after roles within United

Technologies/RTX, which included management roles in Sikorsky and Collins Aerospace.

Close Date

17 Aug 2026

LHX Close Price (USD)

278.38

Price Target (USD)

365.00

Upside/(Downside)

31%

52-Week Range

379.23/262.68

SPX

7,745.06

FYE

Dec

Div Yield

1.8%

Market Cap (USD) (M)

51,838

EV (USD) (M)

62,284

Performance

YTD

1M

6M

Absolute (%)

(5.2)

(1.3)

(19.7)

12M

2.9

SPX (%)

13.1

3.9

13.2

20.1

Relative (%)

(18.3)

(5.1)

(32.9)

(17.2)

Source: Bloomberg, Bernstein estimates and analysis.

Price Performance, 1YR

Chris Kubasik took on the role of CEO and later Chairman of L3Harris as part of the

$400

arrangement in the merger of Harris and L3. The agreement at the time of the merger in

$380

…