Read Time:1 Minute, 6 Second

Nov. 9, 2012 – 05:24PM |
Chris Kubasik had been slated to take over as CEO of Lockheed Martin.

Chris Kubasik had been slated to take over as CEO of Lockheed Martin. (Thomas Brown / Staff

Lockheed Martin’s board of directors ousted CEO-in-waiting Christopher Kubasik on Nov. 9 following an investigation that uncovered his “close personal relationship” with a subordinate employee.

Kubasik, who was the firm’s president and COO, was slated to take over for departing CEO Robert Stevens on Jan. 1. Instead, Lockheed announced Nov. 9 that Marillyn Hewson will take the top job on Jan. 1.

In a statement released after the markets closed, Stevens said Kubasik’s actions were “inconsistent with our values and standards.”

“Our swift response to his improper conduct demonstrates our unyielding commitment to holding every employee accountable for their actions,” Stevens said in the statement. “Fortunately, we have a strong leadership team and a robust succession plan that allowed the board and me to react quickly and appropriately to this situation. Marillyn is an exceptional leader with impeccable credentials and deep knowledge of our business, customers, shareholders and employees.”

Hewson has been the executive vice president of Lockheed’s Electronic Systems division, and was slated to become president and COO in January.|nextstory

Average Rating

5 Star
4 Star
3 Star
2 Star
1 Star