Ocean Power Technologies says CFO Robert Powers' exit follows mutual agreement, no disputes cited
OPTT•Ocean Power Technologies amended its Oct. 7 Form 8-K, saying CFO Robert Powers left Sept. 30 by mutual agreement with the board and citing no disagreements on operations, policies, financial reporting or accounting.
1. CFO departure terms
Powers will receive six months of base salary, the remaining balance of his agreed fiscal 2026 bonus and continued health benefits through Oct. 31. His employment continued through Oct. 14 to support the transition. The company engaged Flexible Consulting for Victoria Hay to serve as interim CFO, principal financial officer and principal accounting officer for $30,000 per month plus expense reimbursement.
