January 19, 2010 (FinancialWire) — Ocean Power Technologies, Inc. (NASDAQ: OPTT) board has elected Charles Frederick Dunleavy as the company’s chief executive officer, effective January 15, 2010.

Dunleavy joined OPT in 1994 and has served as the company’s SVP and chief financial officer since 2001, and as the company’s treasurer and secretary and a member of the board since 1990. From 1993 to 2001, he served as VP of finance. As CEO, Dunleavy succeeds Mark R. Draper, who has resigned from the company for personal reasons.

New Jersey-based Ocean Power Technologies is engaged in using wave-energy technology used generate reliable electricity. The company’s proprietary PowerBuoy system is based on modular, ocean-going buoys that capture and convert predictable wave energy into electricity. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK.

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