Ocean Power Technologies Announces Leadership Changes

Ocean Power Technologies, Inc. (OPT) has announced significant leadership changes, effective September 14, 2026. Tracy Pagliara has been appointed Acting President and Chief Executive Officer, and a member of the Board of Directors, succeeding Dr. Philipp Stratmann who stepped down from his roles. Mr. Pagliara, previously Senior Vice President, General Counsel and Secretary, brings extensive public company leadership experience. Jason Weed has been appointed Chief Operating Officer, responsible for commercial sales, operations, and technology. These changes are intended to accelerate commercial execution, backlog conversion, and operational accountability, aligning the company with its next phase of growth. Dr. Stratmann will remain available during a transition period. The company also announced new employment agreements for Mr. Pagliara and Mr. Weed, including base salaries, performance-based bonuses, and equity awards. Mr. Stratmann entered into a separation agreement.