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Acacia Research shares tumble as CEO quits

The patent licensing firm is on the look-out for a new chief executive

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No explanation was given for Vella's departure

Matthew Vella has resigned as chief executive officer (CEO) of Acacia Research (NASDAQ:ACTG) and stepped down from the board of the patent licensing firm.

Pending the appointment of a permanent replacement, Marvin Key, senior vice president of the company will sit in as interim CEO.

Key has a finance background and extensive experience in capital markets, Acacia said. Key was previously affiliated with Thomas Weisel Partners, a San Francisco investment bank, while before that he held various positions with New York Investment banks, Salomon Brothers and Lehman Brothers over a 10-year period.

Shares in the company shed 10% in morning trading.

Quick facts: Acacia Research

Price: 2.45 USD

NASDAQ:ACTG
Market: NASDAQ
Market Cap: $123.44 m
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