L3Harris Technologies has replaced Christopher Kubasik as chairman and chief executive following an investigation that determined he violated the defense contractor's code of conduct. The Melbourne, Fla.-based company, which overhauled a Qatari plane now used as Air Force One, stated Monday that Kubasik's alleged conduct didn't involve and has no impact on the company's financial reporting, controls, customer relationships or operational performance.

The move raises questions about why boards continue giving misbehaving CEOs second chances, a pattern seen across corporate governance. Meanwhile, many companies would continue to release earnings statements quarterly—but not the more involved regulatory filings—even if U.S. authorities approve an option to file only semiannually.

In geopolitical developments, Houthis threaten commercial shipping along the Red Sea chokepoint, adding to regional instability that could affect defense contractors like L3Harris.