Why is the Droneshield share price racing higher on Thursday?

The DroneShield Ltd (ASX: DRO) share price is racing higher on Thursday.

In morning trade, the counterdrone technology company's shares are up 5.5% to 76.5 cents.

Why is the DroneShield share price racing higher?

Investors have been buying the company's shares this morning after it announced that it has brought several high profile Australian defence and Government strategists into the business in executive and advisory roles.

According to the release, the first appointment is Terry van Haren, DSM as vice president, strategy.

Terry van Haren joins the Droneshield team after 35 years of service in the Royal Australian Air Force as a Commander, fighter pilot and weapons officer. His last posting was as the Air and Space Attache to the US (18-20), during which time he developed his interests in next generation disruptive commercial air and space technologies.

Another appointment is Kym Osley, AM, CSC, as strategic advisor. The release notes that Osley is a widely respected defence executive with extensive connections across the defence ecosystem in Australia and overseas with Military, Government, and Industry. He has 45+ years of experience working within the Defence Force and in the commercial sector.

Also joining as a strategic advisor is Fergus McLachlan, AO. He is a retired major general in the Australian Army, serving for 37 years. He led the recapitalisation of the Australian Army's air defence and ground combat systems.

Finally, Kacey Lam-Evans takes on the role of government affairs director. The release notes that she has directly advised Australian Government ministers and was senior advisor to the 54th Australian Minister for Defence, where she was instrumental in driving the Australian Defence Export Strategy and enhancing export confidence across the Australian defence industry.

Prior to DroneShield, Lam-Eva held a senior leadership role at a government affairs firm. In this role she provided strategic corporate advice and government relations support to clients across sectors with a substantial focus on defence.

'World class talent'

DroneShield's CEO, Oleg Vornik, was very pleased with the appointments, noting that they join at a important time. He said:

DroneShield welcomes Terry, Koz, Gus, and Kacey to our team, as the business rapidly grows in scale. They are world class talent, coming at this important time as counterdrone threats are rapidly growing around the world. They will be involved in ongoing positioning of DroneShield as a pre-eminent defence technology company in Australia and globally. These appointments reflect the significant growth in our capabilities, across business development, technology, and operations.

The post Why is the Droneshield share price racing higher on Thursday? appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro 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.

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