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Wave-energy company ousts CEO

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Pennington-based wave-energy technology company Ocean Power Technologies has fired its chairman and CEO, and announced Tuesday that it will conduct an investigation of an agreement between a subsidiary and the Australian Renewable Energy Agency.

Ocean Power has replaced Charles F. Dunleavy with interim CEO David L. Keller, effective Monday. Keller has been a non-executive director with the company since October 2013, and will serve in the role while Ocean Power seeks a permanent CEO.

In addition, the Board of Directors appointed a special committee  including Keller and outside directors  to investigate the deal between Victorian Wave Partners and the Australian agency, as well as related public statements.

Ocean Power said it does anticipate any financial restatements as a result of the investigation.


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