MARIETTA, Ga. -- Incoming Lockheed Martin CEO Christopher E. Kubasik has resigned after an investigation confirmed an affair with a subordinate.
Lockheed Martin received the incoming CEO's resignation on Friday.
According to a release from the company, Kubasik's resignation comes after an:
"ethics investigation confirmed that he had a close personal relationship with a subordinate employee. His actions violated the company's Code of Ethics and Business Conduct, but did not affect the company's operational or financial performance."
The Board of Directors have elected 58-year-old Marillyn A. Hewson to Kubasik's position effective January 1, 2013.
Chairman and CEO Robert J. Stevens said, in the statement, "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."
Kubasik was slated to assume his position as CEO at the first of the year.