L3Harris (LHX) Reaffirmed Guidance After Replacing Its CEO. Why Did Shares Fall 4.6%?

L3Harris Technologies experienced a significant stock decline on August 17 after announcing the departure of Chairman and CEO Christopher Kubasik. The board investigation that prompted the removal determined his conduct violated company values outlined in its Code of Conduct, though the company specified the matter was unrelated to financial reporting, internal controls, customer relationships, or operational performance.
Sam Mehta assumed the role of president and CEO immediately following Kub