DroneShield founder Oleg Vornik and chair Peter James to step down after stock sale shock
DroneShield says founder and chief executive Oleg Vornik and chair Peter James are stepping down and will not stand for re-election at the next annual general meeting.
DroneShield boss and founder Oleg Vornik and chair Peter James are abruptly exiting the company, just five months after blindsiding investors by selling most of their shares.
The company said on Wednesday the duo, who have been with DroneShield for more than 10 years, had “decided to step down” after a “formal succession planning process”.
Mr Vornik has been replaced as chief executive with immediate effect by DroneShield’s chief product officer Angus Bean, while former Ten Network boss and REA chair Hamish McLennan will join the board on May 1 as Mr James’ successor.
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By continuing you agree to our Terms and Privacy Policy.Mr Vornik will remain with DroneShield for three months to support the transition.
The leadership of the company was questioned after Mr Vornik, Mr James and a third director sold $70 million of stock in November. The sales included all of Mr Vornik’s shares for $50m.
The divestments stunned investors, immediately wiping off one-third of the company’s value when they were disclosed. Mr Vornik later claimed his sale related to the purchase of a house and tax obligations.
But the stock has still to recover, finishing Tuesday’s ASX trading nearly 40 per cent off its pre-sale highs.
DroneShield said on Wednesday that Mr Bean, the group’s sixth employee, joining in 2016, had “played a central role in the development of the company’s core technologies and engineering strategy”.
“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,” Mr James said.
“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.”
Mr Vornik said he planned a break before deciding his next move.
“Leading a rapidly growing public company from inception has been incredibly demanding,” he said.
“After 11 years I am looking forward to taking some time off, and reconnecting with family and friends before I decide what’s next.”
Originally published as DroneShield founder Oleg Vornik and chair Peter James to step down after stock sale shock
