Ocean Power Technologies has appointed Robert Draper as its new chief executive officer.
Draper, who has served as the company's chief operating officer since June 2007 and as the chief executive and director of OPT's wholly-owned European subsidiary, Ocean Power Technologies Limited, succeeds Dr. George W. Taylor, founder of the company.
Draper has been instrumental to the company's progress in developing its PowerBuoy PB150 product generation, and in expanding operations in Europe and North America.
The company has also announced the appointment of Dr. Phil Hart to the newly created position of chief technology officer. Reporting to Draper, Dr. Hart will be responsible for advanced technology development for OPT. This will include leading the development of the next generation of PowerBuoy systems and directing on-going research programmes. Prior to joining OPT, Dr. Hart worked for eight years for Global Marine Systems.
Dr. Taylor has been appointed executive chairman of the company. His responsibilities will include strategic direction of the company and marketing and business development activities.
Additionally, Mr. Seymour S. Preston III, previously chairman and non-executive director, has been appointed vice chairman of the company and lead independent director.
In connection with his appointment, Mr. Draper received a grant of options to purchase 20,000 shares of the Company's $.001 Common Stock ("Shares") exercisable through January 28, 2019 at US $6.48 per share, and an award of 30,000 restricted Shares. Following these awards, Mr. Draper has options to purchase a total of 203,499 shares, and 30,000 restricted Shares, which such shareholding represents 0.3 percent of OPT's issued share capital. No further information is required to be disclosed pursuant to AIM Rule 17.
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