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Sydney-based counter-drone technology company DroneShield (ASX: DRO) has announced the departure of chief executive Oleg Vornik after more than a decade in the role, with the leadership move coming just months after the controversial sale of almost $67 million worth of shares by Vornik and chairman Peter James that wiped more than 30 per cent from the company's share price late last year.
James will also retire from the board, with the leadership overhaul completing a dramatic six months for the ASX-listed defence technology company that included an ASX query into the share sales, the sudden departure of US CEO Matt McCrann, and a share price collapse from record highs.
DroneShield's shares slumped to a low of $3.20 in early trading on the news, down almost 20 per cent.
Chief product officer Angus Bean has been appointed as the new CEO effective immediately, while REA Group (ASX: REA) chairman Hamish McLennan will join as chairman-elect from 1 May 2026.
“Appointing Angus to lead DroneShield’s next stage of growth is a natural next step in our succession plan, and we are pleased that an executive of Angus’ experience and capability was able to be appointed from within the executive team,” says James.
“Angus led the development of the products that we are best known for in the market, and is the key architect of our current and next generation of technologies.
“He has built DroneShield’s 350-plus engineering team and has been a prominent representative of the business to many of our major customers over the years.”
Vornik will continue at the company as an adviser for the next three months to support a smooth transition.
“It has been an experience of a lifetime to serve as DroneShield’s CEO,” he says.
“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.”
Vornik says that leading the company, which has experience significant growth since 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.
“Angus has been working closely with me as the driving force in the next stage of DroneShield’s growth, and is an excellent choice for this role. I look forward to supporting him over the next three months to ensure a seamless handover and wish him and all the DroneShield team only continued success in the future.”
Bean, who was appointed chief technology officer in 2018 after joining the company two years earlier, says he is focused on continuity and execution.
“I joined DroneShield as its sixth employee and have had the privilege of leading the technical team’s growth from a small, ambitious team into a global leader,” he says.
“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.”
Bean points out that under Oleg’s leadership, DroneShield has transformed from a fledgling start up into a “global leader in counter-unmanned systems”.
“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,” he says.
Incoming chairman-elect McLennan, who currently chairs REA Group and has held senior media and corporate roles, says his priorities will centre on governance and operational discipline.
“I have followed DroneShield’s trajectory closely and am looking forward to contributing to the next phase of the company’s development both within Australia and abroad,” says McLennan.
“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.”
Despite the leadership turmoil, DroneShield's underlying business has continued to deliver strong growth.
The company reported calendar 2025 revenues of $216.5 million, up 276 per cent from a year earlier, and followed that with March-quarter FY26 revenue of $63 million, an 87 per cent increase on the prior corresponding period. Record quarterly cash receipts of $77 million represented a 361 per cent jump.
The news comes after DroneShield secured a $49.6 million contract with a European military customer in December 2025, a deal that helped shares recover some of their losses following the November sell-off.
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