Acacia Research Corporation 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. 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.

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. 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.