2026-08-18
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Defense contractor L3 Harris has replaced its CEO after an investigation into his conduct.
Plus, why big tech's AI spending is $3 trillion higher than it seems.
Companies are on the hook for these spending commitments, whether
or not it becomes profitable for them to keep up with their AI enterprises.
And the Houthi rebels are tightening their grip on one of the most important energy choke points.
It's Monday, August 17th.
I'm Sabrina Siddiqui for The Wall Street Journal, filling in for Alex Osola.
This is the PM edition of What's News, the top headlines and business stories that move the world today.
The defense contractor L3Harris Technologies, that's the company behind the $400 million overhaul of the Qatari
jet now used as Air Force One, has ousted its chairman and CEO, Christopher Kubasik.
L3Harris says that an investigation found that he violated its code of conduct.
There weren't more details of the allegations, except
that L3Harris says the misconduct didn't affect its financial reporting, customer relationships, or operations.
The company has named Sam Mehta, who ran its space and communication systems units, as the new president and CEO.
Its shares fell more than 4% today.