Alphatec Holdings has announced that its board of directors has appointed James M Corbett president and chief executive officer, effective May 1, 2014. Corbett, who has also been appointed to the board of directors, succeeds Leslie H Cross, who has decided to retire and is resigning his position as chief executive officer effective May 1, 2014. Cross will continue to serve as chairman of the board of directors. The company also announced the elimination of the position of senior vice president, US Commercial Operations, which had been held by Thomas McLeer, and that Luke Faulstick will step down as a director.
“I am deeply honoured to have had the opportunity to lead Alphatec on our transformational journey over the past couple of years,” says Cross. “I am proud of all that we have accomplished in establishing a strong foundation for future sustainable growth and for successfully executing the plans we set forth. With this foundation and the momentum we have established, I believe that now is the right time for me to step back from day-to-day management and transfer the helm. Jim Corbett’s medical device experience, strong history as a leader, and his demonstrated ability to drive growth make him ideally suited to lead Alphatec in this next stage of its history and help the organisation reach new levels of success. I look forward to a smooth transition and to working to support Jim and the future success of Alphatec.”
“I am delighted to join Alphatec at this exciting inflection point and look forward to furthering its purpose of delivering physician-inspired solutions to help patients with spinal disorders around the world,” says Corbett. “Les’ continuing role as Chairman along with the strong leadership team he established and the great group of employees and partners across the globe provide a powerful platform for Alphatec’s future. I am proud to join this talented team and am committed to further advancing Alphatec’s vision and strategy, as well as delivering attractive returns to our shareholders.”
Corbett, 56, is a seasoned leader with a proven ability to drive growth across a diverse range of products and geographies in the medical device sector. He has served as a senior executive in global organisations including Baxter and Boston Scientific Corporation, as well as in chief executive officer roles at eV3, MicroTherapeutics, Inc. and Home Diagnostics, Inc. Most recently he served as president and chief executive officer of Vertos Medical, Inc., a privately held medical device company.
Luke Faulstick has resigned from his position as a member of the Alphatec board of directors, effective May 1, 2014 due to his growing commitments associated with Power Partners, Inc., where he is currently chief executive officer and co-owner. However, moving forward, he will continue to serve as an important advisor to Alphatec.
The company’s board of directors has appointed Corbett to the vacancy created by Faulstick’s resignation.
The company has decided to eliminate the position of senior vice president, US Commercial Operations, which had been held by Thomas McLeer, effective May 1, 2014. In an effort to focus on growing US revenue, the company will optimise its organisational structure by having the sales and marketing functions report directly to the president and chief executive officer.
Cross comments, “Luke has been an important member of the Alphatec Board for the last couple years and played a key role in establishing our operational excellence and lean enterprise initiatives. We look forward to Luke’s continuing contributions as an advisor. During the same time period, Tom has made important contributions in implementing new initiatives and streamlining our US sales and marketing teams. We wish him all the best.”