Ocean Power Technologies Announces Leadership Changes

Ocean energy technology developer Ocean Power Technologies, Inc. (OPT) announced on Monday that Philipp Stratmann has been appointed as its new president and chief executive officer, and a director, while Matthew T. Shafer has been promoted to senior vice president, chief financial officer and treasurer.

Stratmann, who previously served as OPT’s vice president of global business development since 2019, takes over from George H. Kirby, OPT president and CEO since 2015, who is leaving the company to pursue other endeavors.

Stratmann received an engineering doctorate in engineering management as well as a master of engineering from the University of Southampton in the U.K. 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.