Ocean Power Technologies makes top management changes

U.S.-based marine energy company Ocean Power Technologies (OPT) has appointed new president and chief executive officer, along with other executive management changes.

OPT’s PB3 operating in North Sea for Premier Oil (Courtesy of OPT)
OPT’s PB3 operating in North Sea for Premier Oil (Courtesy of OPT)

OPT’s board of directors named Philipp Stratmann as the company’s new president and chief executive officer (CEO), and a director.

Stratmann previously served as OPT’s vice president of global business development since 2019.

He will be replacing George H. Kirby, who is departing OPT to pursue other endeavors, after serving as the company’s president and CEO since 2015.

In addition, the board of directors promoted Matthew Shafer to senior vice president, chief financial officer and treasurer.

Terence J. Cryan, Chairman of OPT’s board of directors, said: “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 offshore power and data solutions markets. Matt has successfully demonstrated financial leadership during the last five years at OPT. Together Philipp and Matt will drive OPT’s continuing growth”.

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.

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.