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NEW YORK - Acacia Research Corporation (NASDAQ:ACTG) announced the appointment of Michael Zambito as Chief Financial Officer, effective June 24, 2025, according to a press release statement. The appointment comes at a crucial time for the company, which InvestingPro data shows is currently working to improve its financial performance, with analysts expecting both sales and net income growth in the coming year despite recent challenges.
Zambito joins Acacia after 30 years at Ernst & Young, where he most recently spent over 23 years in the firm’s EY-Parthenon practice, including 17 years as a Partner. He previously worked seven years in Ernst & Young’s NY audit practice. Zambito holds an MBA from Columbia Business School and a Bachelor of Science degree in Business Administration with a major in Accounting from the University of Richmond.
Kirsten Hoover, who has served as Interim Chief Financial Officer for the past two years, will continue with the company as Controller and remain part of Acacia’s finance team.
"Mike is a veteran leader and financial professional with significant industry expertise including in the industries in which we strive to grow Acacia," said Martin (MJ) D. McNulty, Jr., Chief Executive Officer.
Acacia Research Corporation acquires and operates businesses across the industrial, energy and technology sectors. The company focuses on leveraging its capital base, industry relationships, and transaction expertise to improve performance in its acquired businesses.
The company trades on the Nasdaq under the ticker ACTG and evaluates opportunities based on underlying cash flows rather than specific investment horizons, according to the company statement.
In other recent news, Acacia Research Corporation reported impressive financial results for the first quarter of 2025, significantly surpassing market expectations. The company achieved an adjusted earnings per share (EPS) of $0.34, a remarkable improvement compared to the forecast of -$0.03. Revenue for the quarter reached $124.4 million, far exceeding the anticipated $30 million. The robust performance was driven by strategic initiatives and a diversified business model, which helped Acacia navigate macroeconomic challenges. Acacia maintains a strong cash position with $338.2 million, following a significant intellectual property settlement. The company is exploring potential mergers and acquisitions in the energy and technology sectors. Analysts at Craig Hallum and Janney Montgomery Scott have expressed interest in Acacia’s strategic direction, particularly in its intellectual property and energy segments. Acacia’s management remains focused on strategic acquisitions and growth initiatives, leveraging its strong financial position to capitalize on market opportunities.
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