Business Context and Reporting Period
This Form 8-K Current Report was filed by Alphatec Holdings, Inc. on February 8, 2017. The filing addresses corporate governance changes, specifically the departure of a director and the appointment of a new independent director to the Board of Directors of the Company and its subsidiary, Alphatec Spine, Inc.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Director Resignation: Siri S. Marshall resigned as a director of the Company and Alphatec Spine, Inc. effective February 8, 2017. The resignation was not the result of any disagreements regarding operations, policies, or practices.
- Director Appointment: David H. Mowry was appointed to the Board of Directors to fill the vacancy created by Ms. Marshall's resignation. His term commences February 8, 2017, and expires at the 2017 Annual Meeting of Stockholders.
- Independence Status: The Board determined that Mr. Mowry satisfies the "independent director" standards established by The Nasdaq Stock Market.
Management Commentary and Background
Mr. Mowry, age 54, brings significant executive experience in the medical device sector. He currently serves as President and CEO of Vyaire Medical. His prior roles include Executive Vice President and COO of Wright Medical Group N.V., CEO of Tornier N.V., and leadership positions at Covidien plc, ev3, Inc., and Zimmer Spine, Inc. He holds a B.S. in Engineering from the United States Military Academy at West Point.
Regarding compensation, Mr. Mowry will receive annual cash compensation in accordance with the Company's standard program for independent directors. He is also expected to enter into the Company's standard indemnification agreement for non-employee directors. No other arrangements or family relationships requiring disclosure were identified.
Investor Verification Checklist
- Verify the independence status of David H. Mowry against current Nasdaq listing rules.
- Review the Company's standard compensation program for independent directors to understand the specific financial terms of Mr. Mowry's appointment.
- Confirm the date of the upcoming 2017 Annual Meeting of Stockholders to determine the exact expiration of Mr. Mowry's initial term.
- Check subsequent filings for any committee assignments for Mr. Mowry, as none were assigned at the time of this report.