DroneShield Limited (ASX:DRO) has announced a leadership transition, with Managing Director and CEO Oleg Vornik stepping down after more than a decade in the role and chairman Peter James set to retire from the board.
The company said Angus Bean, previously its Chief Product Officer, has been appointed managing director and CEO, effective immediately. Vornik will remain with DroneShield as an adviser for three months to support the handover.
James will not seek re-election at the company’s annual general meeting on 29 May 2026, ending a 10-year period as chairman that began before DroneShield’s 2016 initial public offering. The board has named Hamish McLennan as independent chairman-elect; he is due to join the board on 1 May 2026 as an independent non-executive director and is expected to assume the chair role at the conclusion of the AGM.
Bean joined DroneShield in 2016 and has held executive roles since 2018, including Chief Technology Officer, before becoming Chief Product Officer. The company said he has been involved in product development and engineering strategy.
McLennan’s background includes executive and board roles across private and public organisations, including as Executive Chairman and CEO of Ten Network Holdings until July 2015 and as Executive Vice President in the Office of the Chairman at News Corp. DroneShield said he is currently chairman of REA.
Alongside the leadership changes, DroneShield provided a trading update for the quarter ended 31 March 2026 (1Q26), reporting $63 million in revenue, up 87% on 1Q25, and $77 million in customer cash receipts, up 361% on 1Q25. The company said total committed revenue three months into FY2026 was $140 million.
For FY2025, DroneShield reported $216.5 million in revenue, $33.3 million in underlying profit before tax, and $15.9 million in net cash from operations.
The company said further details would be provided in its 1Q26 4C report to be released before the end of April.
