Acacia continues to feel the effects of Sidius/BLR’s influence. The fund’s newly installed board members quickly cleaned house. While a delisting notice and additional board member exodus followed, Acacia now seems to be filling some of its vacant positions, both in operations and on the board.
In addition, Marc Booth has now rejoined Acacia in the role of Chief Intellectual Property Officer. Booth formerly served as Executive Vice President but left the company in 2017. In a statement, Booth said, “I intend to conduct a careful, methodical review of [the patent] business to assess what the opportunities are for delivering increased value for our stockholders ….” Booth holds degrees in Physics and Electrical Engineering, along with a reported 10 years of experience in patent analysis and licensing.
Board members Alfred V. Tobia Jr. and Clifford Press issued a statement about the hire, saying: “We are excited that Marc Booth has agreed to return to Acacia as Chief Intellectual Property Officer. This is in line with our plan to bring in competent, capable people to assess this business. Marc will play a vital role in managing and monetizing the patents portfolio. He is deeply familiar with the Acacia’s patent portfolio and will be a safe pair of hands to manage these assets.”
In addition to Booth, Acacia has appointed C. Allen Bradley as a director to serve until the 2019 annual meeting. According to SEC filings, Bradley will serve as a member of the Audit Committee, the Compensation Committee and the Nominating and Governance Committee, The delisting notice from NASDAQ previously complained of vacancies on the Audit Committee.
Finally, Acacia terminated both its CFO and General Counsel earlier this month. Clayton J. Haynes served as CFO and Senior Vice President of Finance, and Edward J. Treska served as General Counsel and Executive Vice President. On August 10 of this year, Acacia entered into separation agreements with both Haynes and Treska to terminate their employment. However, Acacia also entered into consulting agreements with both individuals with an initial term running through January 1, 2019.