Eltek Ltd. (NASDAQ: ELTK) from Petah-Tikva, Israel, is reinforcing its top management to turn the achieve turnaround and become profitable. Eltek manufactures advanced printed circuit boards (PCBs), specially complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market in Israel and the US. The company is struggling with low margins. Revenues for the first six months of 2018 were $17.6 million compared to $16 million in the first six months of 2017. Gross profit was only $1 million and the company announced $1.3 million Operating loss.
This was the background for the current move: Eltek appointed four industry experts to help its newly arrived CEO, Eli Yaffe, to shake the company. Gil Riff joined the Company as its VP Quality Assurance and Continuous Improvement. Previously served as the Director of Process Engineering and Printed Circuits Boards of the aviation division of Elbit Systems and prior thereto he was a factory technologist in Elbit System’s printed circuits boards department.
Shmuel Wider was appointed as VP of Sales. Prior to joining Eltek Mr. Wider served as the COO and CBO of Bio-Nexus Ltd., and prior thereto he served as the Vice President of Sales of AudioCodes Ltd. The Director of Operations is Itzik Tzemach, former Director of Production and Logistics for at Kahane Group and VP Operations for Zikon and Director of Factory Production at Aladdin. The role of Procurement Officer and Chief Information Officer was given to Mr. Assi Bachar, until lately the the Chief Information Officer for Comtal Group.
Eli Yaffe, CEO, said the new management team has already begun working together in harmony. “The team is highly motivated and is working hard to increase customer satisfaction and bring Eltek back to profitability.”