DroneShield (ASX: DRO) has shaken up its top leadership, announcing the departure of both its CEO and Chairman on the same day it revealed record quarterly cash receipts of $77 million.
The announcement signals a big shift for Australia’s best-known counter-drone company. Oleg Vornik, who was employee number one back in 2015, has stepped down as Managing Director and CEO. Chairman Peter James, who’s been on the board since before the 2016 IPO, is also retiring.
Stepping up are two people who already know the business inside out. Angus Bean, the former Chief Product Officer, takes over immediately as Managing Director and CEO. Hamish McLennan, who has run big names like REA Group and Ten Network, will join as Independent Chairman from 1 May 2026.
New CEO Angus Bean Steps Up From Within
Bean has been with DroneShield almost from the start. He joined in 2016 as the sixth employee and later became Chief Technology Officer. He’s the one who built the engineering team from a handful of people to more than 350 and helped shape the products the company is known for today.
Angus Bean, newly appointed Managing Director and CEO of DroneShield[LinkedIn]
“I joined as the sixth employee and have had the privilege of growing the technical team from a small, ambitious group into a global leader,” Bean said in the announcement.
He said he was honoured to take on the CEO role and noted the team is still focused on building technology that protects military personnel, governments, and critical infrastructure worldwide.
Because Bean knows the tech and the customers so well, the company’s direction is unlikely to change suddenly. His base salary is $850,000 a year, with short-term incentives of up to 100% tied to revenue and EBITDA targets. Longer-term incentives of up to 200% come as performance options linked to revenue hurdles of $300 million, $400 million, and $500 million in any rolling 12-month period.
Oleg Vornik Reflects on a Decade-Long Journey
Vornik’s exit ends a remarkable run that took DroneShield from a $27 million market cap at its 2016 IPO to joining the ASX 200 in September 2025 with a valuation close to $4 billion.
“It has been an experience of a lifetime to serve as DroneShield’s CEO,” Vornik said. “After 11 years, I’m looking forward to some time off with family and friends before working out what’s next.”
He’ll stay on as an adviser for the next three months to help with the handover.
The timing follows the sale of tens of millions of dollars in shares by Vornik and other executives in November 2025, which caused a sharp drop in the share price and drew an ASX query. The company later introduced a minimum shareholding policy after an independent governance review.
Hamish McLennan Takes the Chair
McLennan brings heavyweight media and tech experience. He was Executive Chairman and CEO of Ten Network and held a senior role at News Corp. At REA Group, he helped grow the business from around $2 billion to $20 billion.
“Strengthening governance, discipline and operational maturity will be key to supporting DroneShield’s continued growth as an Australian technology success story,” McLennan said.
His focus on governance makes sense. The company has grown extremely fast, and both analysts and investors have been calling for stronger oversight at the board level.
McLennan will receive a chairman’s fee of $400,000 a year plus a one-off share grant worth $200,000, subject to shareholder approval at the 2026 AGM on 29 May.
Trading Update: Record Quarter Softens the News
Alongside the leadership changes, DroneShield released a strong trading update for the March 2026 quarter (1Q26):
- Revenue of $63 million, up 87% on the same quarter last year
- Customer cash receipts of $77 million, up 361% year on year – an all-time record
- Total committed revenue of $140 million just three months into FY2026
For perspective, the full FY2025 result was $216.5 million in revenue (up 276% on FY2024), with $33.3 million underlying profit before tax and $15.9 million net cash from operations.
Releasing the strong numbers at the same time as the leadership news looks like a deliberate move to highlight the company’s solid financial footing while two senior figures step away.
DroneShield Share Price Reaction
DroneShield shares fell sharply after the announcement, dropping as much as 14% in early Wednesday trading on the ASX. Before the news, the stock had been trading between about $3.91 and $4.12.
DRO one-year price chart [ASX]
The sell-off shows investors are nervous about losing both the CEO and Chairman at once, even though the underlying business remains strong. The stock has been volatile since the share sale controversy last November.
More detailed figures for the quarter will come in the 4C cash flow report, due before the end of April.
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Frequently Asked Questions
Q: Who is the new CEO of DroneShield?
A: Angus Bean has been appointed Managing Director and CEO of DroneShield (ASX: DRO) effective 8 April 2026. He previously served as the company’s Chief Product Officer and Chief Technology Officer.
Q: Why did Oleg Vornik step down as DroneShield CEO?
A: Vornik cited 11 years in the role as his reason for stepping down, stating he wants time to reconnect with family and friends. He will remain as an adviser for three months to support the transition.
Q: What were DroneShield’s cash receipts for the March 2026 quarter?
A: DroneShield recorded $77 million in customer cash receipts in 1Q26, an all-time record high and up 361% compared to the same quarter in 2025.
Q: Who is the new DroneShield Chairman?
A: Hamish McLennan has been appointed as Independent Chairman-Elect. He joins the board from 1 May 2026 and will assume the Chairman role at the conclusion of the AGM on 29 May 2026.
Q: What is Angus Bean’s salary as DroneShield CEO?
A: Bean’s fixed remuneration is $850,000 per annum, exclusive of superannuation, reviewed annually.
Disclaimer: This article is general in nature and does not constitute financial advice. DroneShield (ASX: DRO) shares are subject to market risk. Past performance is not indicative of future results. Readers should consult a licensed financial adviser before making any investment decisions.
