Ocean Power Technologies promotes exec to CEO

Ocean Power Technologies, the Monroe Township-based ocean energy solutions business, has named a new CEO and president, it announced Monday.

Philipp Stratmann was named to the two leadership roles, as well as to the board of directors, replacing George H. Kirby, who has been CEO and president since 2015. Kirby is leaving the company to pursue other opportunities.

“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,” Chairman Terence J. Cryan said in a prepared statement. “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.”

In addition to promoting Stratmann, who had been vice president of global business development since 2019, the board promoted Matthew T. Shafer to senior vice president, chief financial officer and treasurer.

Stratmann will relocate from the Houston office to the New Jersey headquarters; Shafer is already based in New Jersey.

“Matt has successfully demonstrated financial leadership during the past five years at OPT,” Cryan said. “Together, Philipp and Matt will drive OPT’s continuing growth.”