SURGALIGN HOLDINGS, INC.: restructuring charge — Surgalign cuts 25 jobs, eliminates CCO role; gives CEO/CFO retention bonuses as part of restructuring

SURGALIGN HOLDINGS, INC.

Workforce reduction of 25 employees expected to save $3.5M annually; one-time severance charge of $242K in Q2 2023.
Chief Commercial Officer William S. Durall's position eliminated; transitions to consultant for 4 months at $33K/month.
CEO Terry Rich receives $550K retention bonus; CFO Dave Lyle receives $350K, with clawback if terminated before Dec 31, 2023 or restructuring completion.
Rich and Lyle eligible for additional incentive bonuses up to $550K and $350K respectively, tied to restructuring milestones.

item 2.05 item 5.02 item 9.01

Executive movements

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Departed

William S. Durall

Chief Commercial Officer

SURGALIGN HOLDINGS, INC.

Effective: 2023-06-12
Filed: June 20, 2023, 7:59 PM ET

On June 12, 2023, the Company eliminated the position of Chief Commercial Officer, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

William S. Durall departed as Chief Commercial Officer at SURGALIGN HOLDINGS, INC..

Action: departed
Role: Chief Commercial Officer

Exact text from the filing

On June 12, 2023, the Company eliminated the position of Chief Commercial Officer, effective immediately.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

SURGALIGN HOLDINGS, INC. announced a restructuring with charges of one-time charge of approximately $242,000 in the second quarter of 2023 related to the reduction in workforce affecting workforce reduction (termination of approximately 25 employees).

Type: restructuring
Charge: one-time charge of approximately $242,000 in the second quarter of 2023 related to the reduction in workforce
Affected area: workforce reduction
Headcount: termination of approximately 25 employees

Exact text from the filing

on June 16, 2023, Surgalign Holdings, Inc. (the “Company, authorized a reduction in workforce which will result in the termination of approximately 25 employees, effective June 16, 2023.

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Source: SEC EDGAR

accession 0001193125-23-169162

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