Ocean Power Technologies Terminates CEO Dunleavy ‘For Cause’

Jun 10, 2014 9:10 am ET

June 10 (Bloomberg) -- Ocean Power Technologies Inc. has fired Chief Executive Officer Charles Dunleavy. David Keller, a director, was appointed interim CEO.

Dunleavy was terminated “for cause” yesterday and will receive no severance payments, according to a filing with the Securities and Exchange Commission today. No details were provided.

Ocean Power, based in Pennington, New Jersey, produces systems that generate electricity from the motion of waves.