Ocean Power Technologies, Inc. Appoints George H. Kirby as President and CEO
January 05 2015 - 4:12PM
Ocean Power Technologies, Inc. (Nasdaq:OPTT) (OPT), today announced
that its Board of Directors has appointed George H. Kirby as
President, Chief Executive Officer (CEO), and Director effective
January 20, 2015.
Terence J. Cryan, Chairman of the Board of OPT, stated, "George
has a broad wealth of experience in the energy sector and a proven
track record in the growth of operating businesses. We believe his
leadership skills will be well applied in OPT's efforts to
capitalize on the growing market for off-shore data collection and
transmission that require off grid power production at smaller
scales. The Board was very deliberate in its search process to
find a candidate with the right experience and know-how to advance
OPT's wave-energy technology to generate reliable, clean and
environmentally-beneficial electricity. OPT has an aggressive
development plan for 2015 that includes multiple buoy deployments
so it is fortunate we have reached agreement with George to fill
this role at the start of the year."
Mr. Kirby has more than 22 years of experience in the global
energy and infrastructure sector including the power and industrial
facility sector. He was most recently Senior Vice President
for the energy business unit at AECOM Technology Corporation, where
he and his team provided full power generation and power delivery
project life-cycle services in the U.S. energy market. Prior
to that, he was Vice President of Utility Services at SAIC Energy,
Environment & Infrastructure working with electric utilities in
the North American market. Mr. Kirby also held a variety of
management positions at GE Capital and GE Power & Water, as
well as American Superconductor and Andrew Corporation. He is
a registered Professional Engineer (Texas – inactive) and holds
eight U.S. and European patents in power generation
technology. Mr. Kirby received a Bachelor of Science degree in
Aerospace Engineering from Syracuse University and an MBA from the
Pennsylvania State University.
Mr. Cryan also expressed thanks to fellow Board member David L.
Keller for his service as Interim CEO since June 2014. "Mr.
Keller did an outstanding job overcoming various obstacles and
laying the groundwork for OPT to succeed under Mr. Kirby's
leadership going forward. On behalf of the entire Board, I
want to personally thank David for his dedication and hard work
over the past six months." Mr. Keller will continue to serve
as a Director on the OPT Board after Mr. Kirby assumes his
leadership role on January 20th.
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power
Technologies (Nasdaq:OPTT) is a pioneer in renewable wave-energy
technology development that converts ocean wave energy into
electricity. OPT's proprietary PowerBuoy® technology is based
on a modular design and has undergone periodic ocean testing since
1997.
Forward-Looking Statements
This release may contain "forward-looking statements" that are
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
identified by certain words or phrases such as "may", "will",
"aim", "will likely result", "believe", "expect", "will continue",
"anticipate", "estimate", "intend", "plan", "contemplate", "seek
to", "future", "objective", "goal", "project", "should", "will
pursue" and similar expressions or variations of such expressions.
These forward-looking statements reflect the Company's current
expectations about its future plans and performance. These
forward-looking statements rely on a number of assumptions and
estimates which could be inaccurate and which are subject to risks
and uncertainties. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by
the Company. Please refer to the Company's most recent Forms 10-Q
and 10-K and subsequent filings with the SEC for a further
discussion of these risks and uncertainties. The Company disclaims
any obligation or intent to update the forward-looking statements
in order to reflect events or circumstances after the date of this
release.
CONTACT: Mark A. Featherstone, Chief Financial Officer
Ocean Power Technologies, Inc.
Telephone: +1 (609) 730-0400
Ocean Power Technologies (NASDAQ:OPTT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ocean Power Technologies (NASDAQ:OPTT)
Historical Stock Chart
From Apr 2023 to Apr 2024