Ocean Power Technologies Inc 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. 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, adding that the priority now is disciplined execution, converting opportunities into contracts, contracts into revenue, and delivering successfully for customers.
Ocean Power Technologies IncCEO Stratmann steps down by mutual agreement and an acting CEO is named; leadership shake-up with no stated financial or operational driver, so direction is unclear.
