Ocean Power Technologies Announces CEO Transition
Dr. Philipp Stratmann has stepped down as CEO of Ocean Power Technologies (NYSE-A:OPTT), effective September 14, by mutual agreement with the board. Tracy Pagliara, currently senior vice president and general counsel, will serve as acting CEO, president, and a board member. Jason Weed was appointed Chief Operating Officer to oversee commercial sales, operations, technology, and innovation. The leadership changes aim to enhance accountability and focus on converting business opportunities into revenue while fulfilling existing customer commitments. Rear Admiral (retired) Joseph A. DiGuardo Jr., chairman of the board, emphasized that disciplined execution is now a top priority for the company's growth strategy.
