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Acacia Research Corporation announced on Monday that Geoffrey Ribar, a member of the company’s Board of Directors, has decided not to stand for re-election at the upcoming 2024 Annual Meeting of Stockholders. Based in New York, the technology and intellectual property investment firm confirmed that Ribar will continue to serve out his current term, which is set to expire at the conclusion of the annual meeting, as part of a planned transition in the company’s leadership structure. Ribar, who has served as a director since 2020 and chaired the Audit Committee, informed the board that his departure is a personal choice and not the result of any disagreement with the company’s operations, policies, or financial practices. During his four-year tenure at Acacia Research, Ribar played a critical role in overseeing the firm's financial health and governance during a period of significant strategic shifts. His background in the semiconductor and technology industries provided the board with essential technical and financial insight as the company pivoted its investment strategy toward mature technology businesses. The company expressed its gratitude for his contributions, noting that his leadership on the Audit Committee helped strengthen internal controls and transparency during his time in office. As the company prepares for the transition, the Board of Directors has already begun the process of identifying a suitable successor to fill the vacancy that will be left by Ribar's departure. This move comes as Acacia Research continues to execute its long-term growth strategy, focusing on acquiring undervalued businesses with strong cash flows. Investors are closely watching the board's next appointment, as the firm aims to maintain its momentum in the competitive intellectual property and industrial technology markets. Further details regarding the specific date of the 2024 Annual Meeting and the final ballot of director nominees are expected to be released in the company's forthcoming proxy statement.