After more than a decade at the helm, L3 Technologies Chairman and CEO Michael Strianese will retire effective Dec. 31, 2017, succeeded by President and Chief Operating Officer Christopher Kubasik.

Strianese will remain chairman of the board upon his retirement, and Kubasik will become a member with his appointment as chief executive Jan. 1, 2018. Kubasik joined L-3 in October 2015 from Seabury Advisory Group LLC, where he served as CEO. Prior to that he was president and COO at Lockheed Martin.

Strianese has been CEO of L3 since 2006, and chairman of its Board since 2008. In a released statement, he called his experience with the company “a tremendous journey.”

“I’ve been privileged to work with many talented people over the last 20 years, and we have built a Fortune 300 company that is a global leader in aerospace and defense,” he said in the statement. “I am pleased that an executive of Chris’s caliber is stepping into the role of CEO. I’ve known Chris for nearly three decades and he is a savvy business executive who has brought a lot of fresh energy and new ideas. I’m confident that he is the right person for this job, and now is the right time for this transition.”

For his part, Kubasik noted plans to continue execution of the company’s growth strategy, “emphasizing program performance, investing in advanced technologies, enhancing business development, and continuing to identify opportunistic acquisitions that create value for our customers and our shareholders.”

L3 reported 2016 sales of $10.5 billion.