Acacia Research CEO Matthew Vella Resigns; Names Marvin Key Interim CEO

(RTTNews) - Acacia Research Corp. (ACTG) announced that Matthew Vella, current Chief Executive Officer and Director, has resigned, effective December 21, 2015.

The Company said it has commenced a search for his successor and will engage an independent executive search firm to assist in the process.

Marvin Key, Senior Vice President of Acacia Research Corporation and Chief Executive Officer of Acacia Research Group LLC, will lead the Company as interim Chief Executive Officer.

Mr. Key joined Acacia Research Corporation in 2005 as Senior Vice President. He was appointed Chief Executive Officer of Acacia Research Group LLC in January 2013. Mr. Key, with over 20 years of Wall Street experience, has a finance background and extensive experience in capital markets. Mr. Key was previously affiliated with Thomas Weisel Partners, LLC, a San Francisco investment bank. Prior to that, over a ten year period, Mr. Key held various positions with New York Investment banks, Salomon Brothers and Lehman Brothers.

To assist Mr. Key during the transition process, the Board of Directors has created a new Office of the Chairman which will be comprised of Edward Frykman, Robert Harris, and Louis Graziadio. The Office of the Chairman will also actively participate in the search for a permanent Chief Executive Officer.