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At a glance: Lockheed exec not the first
Friday - 11/9/2012, 6:07pm EST
(AP) - Lockheed Martin Corp. announced Friday that it ousted its president and future CEO over a relationship with a subordinate.
The defense company said its board of directors asked for and received the resignation of Christopher Kubasik from his role as vice chairman, president and chief operating officer. He was scheduled to become CEO in January.
This was not the first case of a top executive leaving because of personal matters. And the news came on the same day that CIA Director David Petraeus resigned over an extramarital affair. Here's a look at a few other top business executives who have stepped down or were fired after getting into trouble for seamy matters.
-Best Buy CEO Brian Dunn resigned from the retailer in April after an investigation found that he violated company policy by having an inappropriate relationship with a female employee.
-Mark Hurd, former CEO of Hewlett-Packard Co., was accused in 2010 of sexual harassing a former marketing contractor. An investigation ensued but the company found no merits to the claims. However, HP discovered through the course of the investigation that Hurd had falsified some reports to disguise expenses he incurred for meals and travel with the woman. While both said the relationship was not sexual and Hurd insisted the expenses were legitimate, he resigned a few weeks after the probe began and settled with the woman for an undisclosed sum.
-Randy Michaels, former CEO of Tribune Co. faced a probe of his conduct in 2010 following an unflattering portrait of his management style that appeared in the New York Times. The story likened Michaels to a ringleader of a college fraternity house and asserted that Michaels helped cultivate a culture filled with profanity, poker parties and other bawdy behavior. Then, one of Michaels' top executives emailed an internal memo to employees with an Internet link featuring a racy video that included a bare-chested woman pouring booze down her chest. Michaels resigned two weeks after the article ran. Lee Abrams, the executive who sent the racy memo, also resigned.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)