Ocean Power Technologies Inc (NYSE-A:OPTT) said Wednesday that Dr. Philipp Stratmann has stepped down as CEO and board member, effective September 14, by mutual agreement. Tracy Pagliara, the company's senior vice president, general counsel and secretary, was named acting CEO, president and a board member.
Pagliara previously spent six years as CEO of a public company and is a Certified Public Accountant. Jason Weed, currently senior vice president, commercial sales, was appointed Chief Operating Officer, taking on responsibility for commercial sales, operations, and technology and innovation. Weed is a former US Navy Captain who commanded the Navy's Unmanned Undersea Vehicle Squadron.
Stratmann will remain available to assist the new leadership team during a transition period. Chairman Rear Admiral (retired) Joseph A. DiGuardo Jr said the board sees this as the appropriate time to shift the company's focus.
"Our priority now is disciplined execution—converting opportunities into contracts, contracts into revenue, and delivering successfully for our customers," DiGuardo Jr said in a statement. "The leadership structure announced today creates clear accountability around those objectives and positions OPT to execute on the opportunities in front of us." The company said the changes are meant to create clearer accountability as it works to convert its pipeline into backlog and revenue while continuing to execute on existing customer commitments.
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