DroneShield Ltd (ASX: DRO) shares are taking off today.
Shares in the S&P/ASX 200 Index (ASX: XJO) drone defence company closed on Friday trading for $2.74. In morning trade on Monday, shares are changing hands for $2.85 each, up 4.0%.
For some context the ASX 200 is down 0.2% at this same time amid investor concerns over the renewed closure of the Strait of Hormuz over the weekend.
Now, here’s what’s catching investor interest in DroneShield on Monday.
DroneShield shares jump on key board appointment
DroneShield shares look to be getting a lift after the company announced that it has appointed retired Rear Admiral Lee Goddard as an independent non-executive director. Goddard will step into the new leadership role on 1 July.
Goddard currently serves as a non-executive director of Austal Ltd (ASX: ASB), Southern Launch and the Commonwealth Superannuation Corporation.
He is reported to have more than 30 years of leadership experience across defence, national security, government and industry.
His service with the Royal Australian Navy culminated in the rank of Rear Admiral. DroneShield noted that this enabled Goddard to develop expertise in defence capability, strategic planning, government acquisition systems, international defence cooperation and stakeholder engagement across Australia, the United States and allied nations.
What did management say?
Commenting on the appointment which could help support DroneShield shares longer-term, chairman Hamish McLennan said: “Lee brings an exceptional combination of defence, national security, government and board experience to DroneShield.”
McLennan continued:
His appointment further strengthens the board’s capabilities and forms part of our ongoing board renewal process as DroneShield continues its rapid growth as a global leader in counter-drone and defence technology solutions.
Throughout his career he has operated at the highest levels of the Australian Defence Force and government, while more recently building a strong track record as a director in defence and relevant industry organisations.
His understanding of military capability, defence procurement and strategic stakeholder engagement will be highly valuable as DroneShield continues to expand globally and deepen its relationships with defence customers and allied governments.
Goddard added, “DroneShield has built a strong reputation as an innovative Australian defence technology company with growing international relevance.”
He concluded, “I am delighted to join the board and look forward to contributing my experience in defence, government and international security as the company pursues its next phase of growth.”
With today’s intraday gains factored in, the DroneShield share price is up 59.2% in 12 months, racing ahead of the 4.1% one-year gains posted by the ASX 200.
The post DroneShield shares lifting off on Monday amid big leadership news appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.