L3Harris says CEO transition set for June 29

L3Harris Technologies said today the company is prepared for Bill Brown, its chief executive, to hand over the reins to Chris Kubasik, currently L3Harris' president and chief operating officer, on June 29.

When the companies merged in 2019, they put in place a plan for Brown, who was then leading Harris, to head the company for the first two years. Kubasik, who previously led L3, was set to become CEO in the third year. During that year, Brown will remain executive chairman.

Meanwhile, L3Harris said today sales in its most recent quarter totaled $4.6 billion, down about 1% from the same three-month period a year earlier.

The company attributed the decline to divestitures and "COVID-related impacts within the commercial businesses."

L3Harris said quarterly profit reached $466 million, up 140% from the prior year. The company attributed the profit growth to a reduction in impairment charges as well as integration benefits, among other items.