Business Context and Reporting Period
This Form 8-K Current Report was filed by Ocean Power Technologies, Inc. on March 9, 2016, covering events that occurred on March 3, 2016. The filing addresses corporate governance changes specifically regarding the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to Item 5.02 regarding officer and director departures and appointments.
Material Changes
- Director Resignation: Eileen M. Competti resigned from the Board of Directors effective immediately on March 3, 2016, citing personal reasons.
- Committee Appointments: Robert J. Burger was appointed to the Nominating and Corporate Governance Committee, Audit Committee, and Compensation Committee.
- Leadership Change: Robert J. Burger was appointed as Chairman of the Compensation Committee.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for financial guidance, outlook, management commentary on operations, risks, contingencies, or unusual items. The document focuses solely on the personnel changes described above.
Key Facts for Investor Verification
- Confirm the effective date of Eileen M. Competti's resignation (March 3, 2016).
- Verify the new committee assignments for Robert J. Burger.
- Check subsequent filings to determine if a replacement director was nominated to fill the vacancy left by Ms. Competti.