NEW YORK - Acacia Research Corporation (NASDAQ:ACTG) has named Martin (MJ) D. McNulty, Jr. as its permanent Chief Executive Officer, following his tenure as Interim CEO since November 1, 2022. The company's Board of Directors also announced the expansion of the board from six to seven members, appointing McNulty to serve as a director until the 2024 annual meeting of stockholders.
Gavin Molinelli, Chairman of Acacia, expressed confidence in McNulty's leadership, citing his close work with the Board and his role in driving the company's acquisition strategy and team building efforts. "MJ possesses the unique skillset, leadership and strategic vision to lead Acacia forward," Molinelli stated.
Acacia Research specializes in acquiring and operating businesses across various sectors, including industrial, healthcare, energy, and mature technology, focusing on the underlying cash flows of these businesses. The company operates on principles of people, process, and performance, and has a management team experienced in research, transactions, execution, and operations.
The announcement comes with the standard caution that forward-looking statements are subject to various factors and uncertainties. Acacia's performance may differ from expectations due to multiple factors including its ability to implement strategic plans, relationships with partners such as Starboard Value LP, and the success of acquisitions.
The company's financial results are not guaranteed to follow past performance and are expected to fluctuate from quarter to quarter. This caution is in line with the Private Securities Litigation Reform Act of 1995, which aims to protect companies from litigation regarding forward-looking statements.
This news is based on a press release statement from Acacia Research Corporation.
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