James M. Corbett Named President, CEO and
Board Member of Alphatec Effective May 1, 2014
Leslie H. Cross to Retire as Alphatec
CEO; Will Continue as Chairman of the Board
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of
Alphatec Spine, Inc., a medical device company that provides
physician-inspired solutions for patients with spinal disorders,
announced that its board of directors has appointed James M.
Corbett President and Chief Executive Officer, effective May 1,
2014. Mr. 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. Mr. 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, U.S. Commercial
Operations, which had been held by Thomas McLeer, and that Luke
Faulstick will step down as a director.
"I am deeply honored to have had the opportunity to lead
Alphatec on our transformational journey over the past couple of
years," said Mr. 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 organization 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," said Mr. 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."
"The transformation of Alphatec over the past few years has been
remarkable and critical for the company's future growth," said Tim
Berkowitz, Chairman of the Executive Committee of Alphatec's board
of directors. "In just a few years, Les built a strong
leadership team and an organizational culture that has resulted in
overall revenue improvements, increased depth and breadth of
Alphatec's global product portfolio and significant operational
savings through the adoption and implementation of lean excellence
and lean enterprise initiatives. We thank Les for his tireless
work. We are grateful that Les will be staying on as Chairman
and look forward to his continued contributions."
Mr. 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 organizations 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 CEO of Vertos Medical, Inc., a
privately held medical device company. Under his leadership
Vertos developed and launched mild®, an innovative procedure for
the treatment of lumbar spinal stenosis. Prior to Vertos, Mr.
Corbett served as CEO of eV3, Inc. where he oversaw a 90 percent
growth in revenue over four years.
Mr. 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 CEO 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 Mr. Corbett to
the vacancy created by Mr. Faulstick's resignation.
The Company has decided to eliminate the position of Senior Vice
President, U.S. Commercial Operations, which had been held by
Thomas McLeer, effective May 1, 2014. In an effort to focus on
growing U.S. revenue, the Company will optimize its organizational
structure by having the sales and marketing functions report
directly to the President and CEO.
Mr. Cross commented, "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 U.S. sales and marketing teams. We wish
him all the best."
Further information regarding the Company's leadership changes
discussed herein is set forth in a Current Report on Form 8-K that
was filed with the U.S. Securities and Exchange Commission (SEC) on
April 30, 2014 and is available on both the SEC's website at
www.sec.gov and the Company's website at www.alphatecspine.com.
About Alphatec Spine
Alphatec Spine, Inc., a wholly owned subsidiary of Alphatec
Holdings, Inc., is a medical device company that designs, develops,
manufactures and markets physician-inspired products and solutions
for the treatment of spinal disorders associated with trauma,
congenital deformities, disease and degeneration. The Company's
mission is to combine innovative surgical solutions with
world-class customer service to improve outcomes and patient
quality of life. The Company and its affiliates market products in
the U.S. and in over 50 countries internationally via a direct
sales force and independent distributors.
Additional information can be found at
www.alphatecspine.com.
Forward Looking Statements
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve risks and uncertainty. Such statements are
based on management's current expectations and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward looking
statements. Alphatec Spine cautions investors that there can be no
assurance that actual results or business conditions will not
differ materially from those projected or suggested in such
forward-looking statements as a result of various factors. Forward
looking statements include references to Alphatec Spine's future
growth and revenue projections, including the Company's ability to
grow U.S. revenue, and the Company's ability to deliver attractive
shareholder returns. Please refer to the risks detailed from time
to time in Alphatec Spine's SEC reports, including its Annual
Report Form 10-K for the year ended December 31, 2013, filed on
March 20, 2014 with the Securities and Exchange Commission, as well
as other filings on Form 10-Q and periodic filings on Form 8-K.
Alphatec Spine disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise, unless required by
law.
CONTACT: Investor/Media Contact:
Christine Zedelmayer
Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
czedelmayer@alphatecspine.com
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