Ocean Power Technologies hires Victoria Hay as interim CFO

Ocean Power Technologies, Inc. (NYSE American: OPTT) engaged Victoria Hay as interim Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer effective September 30, 2026. The company disclosed this appointment in an amended Form 8-K/A filed on October 7, 2026, which modified details regarding the departure of former CFO Robert Powers.

Hay will serve through Flexible Consulting, LLC, a financial and accounting consulting firm she has co-owned and led as President since May 2021. Under the engagement agreement, Flexible Consulting will receive $30,000 per month in cash compensation along with monthly expense reimbursement. The Board of Directors is currently conducting a search for a permanent Chief Financial Officer. Hay, 43, is a CIMA chartered accountant who previously served as Senior Director of Global Accounting and Reporting Services at Weatherford International plc from 2008 to May 2021. Her career began as a finance analyst at Morgan Stanley, and she holds a BSC (Hon) in Biotechnology and Management from Edinburgh University.

The interim appointment follows the departure of Robert Powers, who stepped down as Chief Financial Officer by mutual agreement with the Board on September 30, 2026. The company terminated Powers' employment letter, dated December 13, 2021, without cause in connection with his exit. The filing states that the transition was not the result of any disagreement between Powers and the company, its management, or its board concerning operations, policies, practices, financial reporting, or accounting matters. The Board noted that Powers helped establish the company's operational foundation and strengthen its financial structure during his tenure.

Powers signed a Severance Agreement and General Release with the company on September 30, 2026. Under this agreement, he will receive six months of base salary plus the balance of his agreed fiscal 2026 bonus. He will also maintain company-provided health benefits through October 31, 2026. In exchange for these severance terms, Powers provided the company with a general release. He will remain employed through October 14, 2026 to assist in transitioning his duties.

The full terms of both the CFO engagement agreement and the Powers Severance Agreement are scheduled to be filed with the company's next Quarterly Report on Form 10-Q. The amended filing was signed by Tracy D. Pagliara, Acting President and Chief Executive Officer.