Alphatec CFO Michael O'Neill resigns, company announces workforce reduction
Alphatec Holdings, the parent company of Alphatec Spine, a provider of spinal fusion technologies, announced changes to the Company's executive leadership team, a reduction in the Company's workforce and an inducement award granted to Craig Hunsaker, the Company's newly appointed Executive Vice President, People & Culture. Michael O'Neill, Alphatec's Chief Financial Officer and Treasurer, has resigned effective October 5, 2016. Dennis Nelson, the Company's Vice President of Finance and Corporate Controller, a position he has held since 2011, will serve as the interim principal financial and accounting officer for filings under the Securities Act of 1933 and the Securities Exchange Act of 1934, while the Company executes its search for a Chief Financial Officer. In addition, the Company reduced its workforce by approximately 20%. This reduction in force is a significant part of a broader plan, which the Company has previously outlined, to reduce operating expenses by $20M following the sale of its international business to Globus Medical and to more appropriately size the Company's resources to better reflect the needs of a U.S.-focused organization.