DroneShield Ltd (ASX: DRO) shares tumbled heavily in early trade after the company announced that both its Managing Director and Chair would step down, as well as releasing record quarterly trading results.
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Boss to step down immediately
In a statement to the ASX on Wednesday, the anti-drone technology company said its Managing Director, Oleg Vornik, would step down from his role today after more than 10 years.
He will continue as an adviser to the company for the next three months, to ensure a smooth transition to new Managing Director Angus Bean, who was previously Chief Product Officer.
Mr Vornik said it had been "the experience of a lifetime to serve as DroneShield's CEO".
He added:
I joined DroneShield as its first employee in 2015 and have led its growth from a market capitalisation of $27 million at its Initial Public Offering in 2016 to entering the ASX200 in September 2025 with a market capitalisation of nearly $4 billion." "With over 500 employees across the globe today, I am proud to have led DroneShield during a period of exceptional growth, and to have established the momentum for the next stage." "Leading a rapidly growing public company from inception has been incredibly demanding. After 11 years I am looking forward to taking some time off, and reconnecting with family and friends before I decide what's next.
Mr Bean will take up his new role immediately. He said he had also joined the company early, as its sixth employee, and had led the technical team through periods of rapid growth.
He added:
We are fortunate to have developed a strong depth of talent across DroneShield, including world-class leaders in engineering, physics, defence, intelligence and aerospace. Together the team continues to build technology that supports critical safety and security operations around the world. These systems now protect key government and military personnel, sites and critical infrastructure every day, and I am committed to leading the talented team here in Australia and around the world as we embark on the next stage of growth.
Heavy hitter to join board
Chair Peter James, who has served in that role for 10 years, will step down at the company's annual general meeting on May 29 and will be replaced by high-profile businessman Hamish McLennan.
Mr McLennan has previously served as Executive Chair and CEO of Ten Network Holdings and is chair of real estate listings company REA Group Ltd (ASX: REA).
He said he looked forward to contributing to the next phase of the company's growth.
He added:
Strengthening governance, discipline and operational maturity will be central to supporting DroneShield's continued growth as an Australian technology success story and an important national defence partner during a period of elevated global security challenges. The Company has achieved significant progress under Peter and Oleg's leadership, and I will work closely with Angus to build on this strong foundation.
DroneShield also issued a trading update, saying it had booked $63 million in revenue in the March quarter, up 87% on the first quarter of 2025, and a record $77 million in cash receipts, up 361%.
The company said it had total committed revenue of $140 million just three months into the year, compared to $216.5 million in revenue for 2025.
DroneShield shares fell 17.3% in early trade to $3.30. The company was valued at $3.68 billion at the close of trade on Tuesday.
