Christopher Kubasik, vice chairman, president and chief operating officer of L3Harris Technologies (NYSE: LHX), said the company plans to return more than $7.5 billion in cash to shareholders between 2021 and 2022, Reuters reported Thursday.
Kubasik, a three-time Wash100 winner, noted L3Harris’ additional divesture proceeds of nearly $2 billion at an investor briefing event held Wednesday.
He told Reuters in an interview the defense contractor expects to maintain research and development spending at 4 percent of revenues as it pursues more space sensor contracts with the Pentagon.
Kubasik is next in line to succeed CEO William Brown as part of the L3 Technologies-Harris Corp. merger agreement. Brown, a previous Wash100 awardee, will transition to a new role as executive chairman of the board when Kubasik formally assumes the CEO post on July 1.
