Ocean Power Technologies announced a leadership transition in its finance department, with Robert Powers departing from his role as Chief Financial Officer by mutual agreement, effective September 30, 2026. The company has appointed Victoria Hay as interim Chief Financial Officer while it conducts a search for a permanent replacement.
Key Details
- Appointment: Victoria Hay was appointed interim CFO, Principal Financial Officer, and Principal Accounting Officer, effective September 30, 2026. Her services are provided through an engagement agreement with her firm, Flexible Consulting, LLC.
- Compensation: The agreement stipulates a payment of $30,000 per month plus expense reimbursement to Flexible Consulting for Ms. Hay's services.
- Departure Terms: Robert Powers entered into a severance agreement that includes six months of base salary and his fiscal 2026 bonus. He will remain employed through October 14, 2026, to assist with the transition.