Newport Beach, Calif.-based Acacia Research Corp. (NASDAQ:ACTG) is undergoing a change in management. On Friday, the intellectual property management company announced that Chief Executive Officer Paul Ryan is planning to retire from the company on July 31. He's been CEO since 1997.
One day after he does so, Acacia will promote company President Matthew Vella to replace Ryan as CEO. Vella will retain the title of president. In a filing with the SEC, Acacia said it has not "materially" changed any of the terms of Vella's compensation plan, which in the last fiscal year earned him:
- $433,303 in base salary.
- $891,963 in bonus compensation.
- $3,928,400 in restricted stock awards.
Vella joined Acacia in November 2006 as vice president. He was appointed president in September 2012.