Alphatec Holdings, the parent company of Alphatec Spine, has announced a reduction in the company’s workforce and changes to the company’s executive leadership team.
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 US Securities Act of 1933 and Securities Exchange Act of 1934, while the company executes its search for a chief financial officer.
In addition, the company has reduced its workforce by approximately 20%. This reduction in force follows the sale of its international business to Globus Medical. According to a press release, it is intended to more appropriately size the company’s resources.