Carlsbad, Calif.-based Alphatec shifted its executive leadership team and cut its workforce.
Here are five key points:
1. Michael O'Neill, who served as CFO and treasurer, resigned from his post on Oct. 5.
2. Dennis Nelson, the current vice president of finance and corporate controller, will step up as the interim principal financial and accounting officer for filings under the Securities Act of 1933 and the Securities Exchange Act of 1934. Alphatec will start its search for a new CFO.
3. Alphatec also decreased its workforce by about 20 percent.
4. This workforce cut is intended to decrease operating expense by $20 million, in light of selling its international business to Globus Medical and refocusing its efforts on a United States-driven business.
5. Additionally, Alphatec granted restricted stock units and performance stock-based awards to Craig Hunsaker. Mr. Hunsaker serves as the new executive vice president, people & culture.