Business
Acacia Announces CFO Succession Plan
Richard Rosenstein Stepping Down to Pursue New Private Company Opportunity and Will Transition to Consulting Role as of January 28 Kirsten Hoover, Acacia’s
About this update from Acacia Research Corporation
[{"type":"text","content":"\nRichard Rosenstein Stepping Down to Pursue New Private Company Opportunity and Will Transition to Consulting Role as of January 28\n\nKirsten Hoover, Acacia’s Current Corporate Controller, to Become Interim CFO While the Board Conducts CFO Search\n\n NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today announced that Richard Rosenstein, the Company’s Chief Financial Officer, will step down from his position, effective at the close of business on January 27, 2023, to pursue another professional opportunity. Acacia thanks Mr. Rosenstein for his significant contributions and strong leadership during his tenure.\n\nGavin Molinelli, Chairman of the Board of Directors (the “Board”), commented:\n\n“Rich has been a valued member of Acacia’s leadership team since joining in June of 2020. In addition to helping us navigate the pandemic and monetize the acquisition of our life sciences portfolio, he has worked to streamline our capital structure and strengthen our financial base. Rich’s efforts helped transform Acacia into a well-capitalized corporate acquisition platform and have positioned us to pursue attractive opportunities that can drive long-term shareholder value. We wish him the best as he pursues his next opportunity.”\n\nMr. Rosenstein added:\n\n“I’ve been presented with a unique opportunity that is aligned with my growth-investing roots. Fortunately, Acacia has developed a deep and experienced finance team to guide the Company forward. I appreciate the opportunity I’ve had to work with the Board, colleagues, such as Kirsten Hoover, and the Company’s strategic partner Starboard Value, LP. Under MJ’s leadership, I believe the organization is in great hands and possesses the right foundation for future success.”\n\nAcacia and Mr. Rosenstein intend to enter into a consulting agreement upon his departure as a full-time employee. The Company intends for Mr. Rosenstein to serve as a consultant through April 30, 2023. Effective as of January 28, 2023, Kirsten Hoover, who currently serves as Acacia’s Corporate Controller and previously held other senior finance roles at the Company, will assume the role of interim Chief Financial Officer.\n\nThe Board has commenced a search for a new Chief Financial Officer. The process will be supported by a leading, independent executive search fi...