Christopher E. Kubasik, vice-chairman, president and COO of Lockheed Martin, resigned after it was confirmed he had a "close personal relationship with a subordinate employee." Kubasik was scheduled to become the CEO of the aerospace giant in January.
A statement from the company stated that he was asked to resign and said the board has "elected Marillyn A. Hewson, 58, president and COO, and a director effective immediately, and chief executive officer (CEO) and president effective January 1, 2013."
Kubasik had to step down after an ethics investigation confirmed that he had a close personal relationship with a subordinate employee. "His actions violated the company's Code of Ethics and Business Conduct, but did not affect the company's operational or financial performance," the statement said.
"While I am deeply disappointed and saddened by Chris' actions, which have been 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," said Robert J. Stevens, chairman and CEO.
Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 120,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
The ousted Lockheed Martin executive joins a roster of high-ranking executives who have stepped down from their high-ranking positions in recent times over extramarital affairs. America's top spy, CIA chief David Petraeus resigned from his position just days back for an ill-advised relationship with his biographer, Paula Broadwell. Former Best Buy CEO Brian Dunn resigned in April after an investigation found that he had an inappropriate relationship with a female employee, which was against the company ethics.
