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.
