A McAleese & Associates report about L3Harris Technologies‘ (NYSE: LHX) financial results for both the fourth quarter and full 2020 fiscal year says the Melbourne, Florida-based government contractor will transition the CEO position from William Brown to Christopher Kubasik, who has served as vice chairman, president and chief operating officer since the completion of the L3 Technologies-Harris Corp. merger on June 29, 2019.
Jim McAleese, founder of McAleese & Associates and three-time Wash100 Award recipient, noted the move will take effect at the end of L3Harris’ Q2 2021 as stipulated in the original merger agreement and that Brown, a previous Wash100 awardee, will remain with the company as executive chairman of its board of directors for one additional year.
“I know, a lot of people ask, is the strategy going to change when you change the leader, and that’s not the case. So clearly, we’ve been working this together for over two years. It will be a smooth transition,” Kubasik, a three-time Wash100 winner, told analysts during an earnings call.
L3Harris said its Q4 revenue was down 3.6 percent to $4.7 billion from the prior year period and total revenue for the year grew 42 percent to $18.2 billion.
In his report, McAleese cited the integrated mission systems and space and airborne systems segments as “growth engines” for L3Harris.
2020 revenue in the company’s IMS business rose 3.3 percent to $5.5 billion, an increase attributed to maritime and intelligence, surveillance and reconnaissance projects.
L3Harris’ space and airborne systems unit saw its organic revenue for the last quarter jump 4.8 percent to $1.25 billion, primarily driven by F-35 mission avionics work, while full-year revenue increased 14 percent to $4.9 billion partly due to post-merger operations.