Leadership & Pay ·
Ocean Power Technologies announced a leadership transition effective September 14, 2026
OPTTOcean Power Technologies, Inc.
Ocean Power Technologies announced a leadership transition effective September 14, 2026. Philipp Stratmann stepped down as President and CEO by mutual agreement and received six months of base salary plus his fiscal 2026 bonus balance under a severance agreement. Tracy Pagliara was appointed Acting President and CEO and joined the Board, receiving a $400,000 annual base salary, a discretionary bonus target of 75% of base, equity awards targeted at 75% of base, and an initial grant of 75,000 restricted stock units. Jason Weed was appointed Chief Operating Officer with a $400,000 base salary, similar bonus and equity targets, and a 50,000 restricted stock unit grant. The company operates in the maritime technology sector, providing autonomous ocean systems, power buoys, and unmanned surface vessels for defense, energy, and research markets.