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Lockheed Martin's Incoming CEO Resigns Over Relationship With Subordinate

Former Lockheed Martin President and Chief Operating Officer Christopher E. Kubasik. (PR NEWSWIRE via AP)

Lockheed Martin announced that its board of directors asked for the resignation of Christopher E. Kubasik, 51, the current chief operating officer and incoming chief executive office.

"Kubasik, previously slated to become CEO in January, resigned after an ethics investigation confirmed that he had a close personal relationship with a subordinate employee," Lockeheed said in a statement. "His actions violated the company's Code of Ethics and Business Conduct, but did not affect the company's operational or financial performance."

Marillyn A. Hewson, 58, president and COO, will become CEO on Jan. 1.

"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," Robert J. Stevens, the current chairman and CEO, said in a statement.

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