Acacia Announces CFO Succession Plan
10 January 2023 - 12:30AM
Business Wire
Richard Rosenstein Stepping Down to Pursue New
Private Company Opportunity and Will Transition to Consulting Role
as of January 28
Kirsten Hoover, Acacia’s Current Corporate
Controller, to Become Interim CFO While the Board Conducts CFO
Search
Acacia 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.
Gavin Molinelli, Chairman of the Board of Directors (the
“Board”), commented:
“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.”
Mr. Rosenstein added:
“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.”
Acacia 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.
The Board has commenced a search for a new Chief Financial
Officer. The process will be supported by a leading, independent
executive search firm.
Mr. Rosenstein’s departure is not the result of any dispute or
disagreement with the Company, including with respect to matters
related to the Company’s accounting practices, general policies or
financial reporting. Additional information pertaining to today’s
announcement will be included in a Current Report on Form 8-K to be
filed by Acacia with the U.S. Securities and Exchange Commission
(the “SEC”).
Kirsten Hoover Biography
Kirsten Hoover is an experienced corporate finance professional
with strong institutional knowledge of Acacia and its go-forward
strategy. She rejoined Acacia as its Corporate Controller in
October 2021 after serving as the Senior Manager of Financial
Reporting at Veritone Inc. (Nasdaq: VERI) from December 2019
through October 2021. Previously, Ms. Hoover held various
accounting and finance roles at Acacia from 2002 through 2019,
including as Corporate Controller from 2004 through 2019. She began
her career in the Audit and Assurance practice within Deloitte, and
holds a B.A. in Economics from the University of California, Santa
Barbara.
About the Company
Acacia is a permanent capital platform with a strategy to
purchase businesses based on the differentials between public and
private market valuations. Acacia leverages its (i) access to
flexible capital that can be deployed opportunistically as a result
of its strategic partnership with Starboard Value, LP, (ii)
disciplined focus on identifying opportunities where it can be an
advantaged buyer, initiate a transaction opportunity spontaneously,
avoid a traditional sale process and complete the purchase of a
business, division or other asset at an attractive price, (iii)
willingness to invest across industries and in off-the-run, often
misunderstood assets that suffer from a complexity or multi-factor
discount, (iv) relationships and partnership abilities across
functions and sectors, and (v) strong expertise in corporate
governance and operational transformation. Acacia seeks to identify
opportunities where it believes it is an advantaged buyer, where it
can avoid structured sale processes and create the opportunity to
purchase businesses, divisions and/or assets of companies at an
attractive price due to Acacia’s unique capabilities, relationships
or expertise, or Acacia believes the target would be worth more to
it than to other buyers. Additional information about Acacia and
its subsidiaries is available at www.acaciaresearch.com.
Safe Harbor Statement
This news release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including, statements
regarding the anticipated transitions of Mr. Rosenstein and Ms.
Hoover, and the intention of the Company and Mr. Hoover to enter
into a consulting agreement. Forward-looking statements include all
statements that are not solely historical facts and can be
identified by terms such as “intend,” “believe,” “could,”
“estimate,” “expect,” “may,” “should,” or similar expressions.
Investors are cautioned not to place undue reliance on these
forward-looking statements, which are subject to numerous risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements, including the
risks and uncertainties addressed under the heading “Risk Factors”
and elsewhere in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2021, the Company’s subsequent
Quarterly Reports on Form 10-Q, and the other filings the Company
makes with the U.S. Securities and Exchange Commission from time to
time. These forward-looking statements speak only as of the date of
this news release and the Company undertakes no obligation to
update these forward-looking statements to reflect events or
circumstances occurring after the date of this news release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230108005078/en/
Investor Contact:
FNK IR Rob Fink, 646-809-4048 rob@fnkir.com
Media Contact:
Longacre Square Partners Greg Marose / Ashley Areopagita
ACTG@longacresquare.com
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