Ocean Power Technologies, Inc. (OPT) announced a leadership transition effective September 14, 2026, as the company shifts its focus toward commercial execution and backlog conversion. Dr. Philipp Stratmann has stepped down from his roles as President, Chief Executive Officer, and a member of the Board of Directors, effective September 14, 2026, by mutual agreement with the Board.
Tracy Pagliara, who currently serves as the Company’s Senior Vice President, General Counsel, and Secretary, has been appointed Acting President and Chief Executive Officer and a member of the Board. Mr. Pagliara, age 63, joined OPT in February 2024 and previously served as President and CEO of Williams Industrial Services Group Inc. (NYSE American: WLMS) from April 2018 to September 2023. He holds a B.S. in Accounting and a J.D. from the University of Illinois and is a Certified Public Accountant.
Jason Weed has also been appointed Chief Operating Officer, effective September 14, 2026. Mr. Weed, age 54, currently serves as Senior Vice President, Commercial Sales. He brings over 15 years of executive experience, including a 34-year career in the U.S. Navy, where he served as Commodore of the Navy’s first Uncrewed Undersea Vehicle Squadron and Commanding Officer of the USS New Hampshire.
In connection with these changes, OPT disclosed compensation details for the new leadership. Mr. Pagliara entered a new employment agreement with an annual base salary not to exceed $400,000. He is eligible for an annual performance-based bonus targeted at 75% of his base salary and long-term incentive equity awards also targeted at 75% of base salary. He will receive a restricted stock unit grant of 75,000 shares of common stock. Mr. Weed’s agreement includes an annual base salary not to exceed $400,000, with performance-based bonus and long-term incentive equity awards targeted at 75% of base salary. He will receive a restricted stock unit grant of 50,000 shares of common stock.
Dr. Stratmann entered into a Severance Agreement and General Release effective September 14, 2026. Under this agreement, he will receive six months of base salary and the balance of his agreed fiscal 2026 bonus. He will also receive continued company health benefits through September 30, 2026.
