Ocean Power Technologies announced a significant leadership transition effective September 14, 2026, aimed at accelerating commercial execution and converting its sales pipeline into revenue. Philipp Stratmann has stepped down as President, CEO, and a board member, with Tracy Pagliara appointed as Acting President and CEO, and Jason Weed appointed to the new role of Chief Operating Officer.
Key Details
- CEO Departure: Philipp Stratmann stepped down by mutual agreement. His separation agreement includes six months of base salary and his fiscal 2026 bonus.
- New Leadership: Tracy Pagliara, formerly the company's General Counsel, was appointed Acting President & CEO and a director. Jason Weed, a retired U.S. Navy Captain, was appointed to the new role of Chief Operating Officer.
- Executive Compensation: Both Pagliara and Weed will receive an annual base salary not to exceed $400,000 and a performance bonus targeted at 75% of base salary. Pagliara will receive an RSU grant of 75,000 shares, and Weed will receive 50,000 shares.