Ocean Power Technologies Announces Executive Management Changes

Rhea-AI Summary

Ocean Power Technologies has appointed Philipp Stratmann as the new President and CEO, transitioning from his role as Vice President of Global Business Development. Alongside him, Matthew Shafer has been promoted to Senior Vice President, CFO, and Treasurer. The company aims to leverage Stratmann's experience in renewable energy and maritime industries to enhance its growth in offshore power and data solutions. The management change follows the departure of George H. Kirby, who led the company since 2015.

Positive

• Philipp Stratmann's appointment is expected to drive growth in offshore power and data solutions.
• Stratmann has a proven track record in developing scalable business strategies.
• Matthew Shafer's promotion reflects financial leadership over the last five years.

Negative

• George H. Kirby's departure may create continuity concerns with leadership change.

Philipp Stratmann Appointed as President and CEO, and
Matthew Shafer Promoted to Senior Vice President, CFO and Treasurer

MONROE TOWNSHIP, N.J., June 21, 2021 (GLOBE NEWSWIRE) -- 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 Technologies
Headquartered 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 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 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.

FAQ

Who is the new CEO of Ocean Power Technologies?

Philipp Stratmann has been appointed as the new CEO of Ocean Power Technologies.

What role does Matthew Shafer hold after the recent promotion?

Matthew Shafer has been promoted to Senior Vice President, Chief Financial Officer, and Treasurer.

What experience does Philipp Stratmann bring to his new role?

Philipp Stratmann has experience in renewable energy and maritime industries, previously serving as Vice President of Global Business Development.

Why did George H. Kirby leave Ocean Power Technologies?

George H. Kirby left to pursue other endeavors after serving as President and CEO since 2015.

How might the leadership changes impact Ocean Power Technologies?

The leadership changes could influence OPT's growth strategy and operational continuity in the offshore power market.