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.
ALSO ON NJBIZ: