Ocean Power Technologies Announces Executive Management Changes
June 21 2021 - 8:30AM
Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE
American: OPTT), a leader in innovative and cost-effective low
carbon ocean energy solutions, today announced that its Board of
Directors appointed Philipp Stratmann as its new President and
Chief Executive Officer (CEO), and a Director. Mr. Stratmann
previously served as OPT’s Vice President of Global Business
Development since 2019. In addition, the Board of Directors has
elevated Matthew T. Shafer, to Senior Vice President, Chief
Financial Officer and Treasurer.
Terence J. Cryan, Chairman of OPT’s Board of Directors, stated,
“Philipp is an experienced executive with a proven track record of
developing and executing scalable business strategies, as evidenced
most recently by OPT’s acquisition of 3dent Technology. Philipp’s
knowledge of the Company, his related industry connections,
experience in renewable energy and maritime industries, and his
leadership skills will drive OPT’s growth in the off-shore power
and data solutions markets. Matt has successfully demonstrated
financial leadership during the last 5 years at OPT. Together
Philipp and Matt will drive OPT’s continuing growth.”
Mr. Stratmann received an Engineering Doctorate in Engineering
Management as well as a Master of Engineering from the University
of Southampton in the United Kingdom. He will be relocating from
OPT’s Houston office to the New Jersey headquarters. Mr. Shafer,
already located in New Jersey, is a Certified Public Accountant,
has an MBA in Finance from Rutgers Business School, and a
bachelor’s degree from The Stillman School of Business at Seton
Hall University.
Mr. Cryan also expressed thanks to George H. Kirby, who is
departing OPT to pursue other endeavors, for his service as
President and CEO since 2015. “Mr. Kirby stepped into the CEO role
during challenging times, providing the necessary structure and
leadership. He built a solid team and laid the groundwork for OPT
to succeed moving forward, enabling Mr. Stratmann and Mr. Shafer to
advance the Company’s key initiatives.”
About Ocean Power TechnologiesHeadquartered in
Monroe Township, New Jersey, OPT aspires to transform the world
through durable, innovative, and cost-effective ocean energy
solutions. Its PowerBuoy® solutions platform provides clean and
reliable electric power and real-time data communications for
remote offshore and subsea applications in markets such as offshore
energy, defense and security, science and research, and
communications. To learn more, visit
www.OceanPowerTechnologies.com.
Forward-Looking StatementsThis 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 reflect the Company's current
expectations about its future plans and performance and rely on a
number of assumptions and estimates that could be inaccurate and
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 U.S. Securities and Exchange Commission for further
discussion of these risks and uncertainties. The Company disclaims
any obligation or intent to update the forward-looking statements
to reflect events or circumstances after the date of this
release.
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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