PETACH-TIKVA, ISRAEL -- Eltek today announced the immediate departure of Arieh Reichart as chief executive.

The printed circuit board manufacturer gave no reason for the change.

Chief technology officer Roberto Tulman will become interim CEO, supported by chairman Yitzhak Nissan, who will take a more active role with the company's day-to-day management during this interim period.

Over the past three years Eltek has been consistently profitable and has seen revenues rise, but its first-quarter sales were lower year-over-year and the company reported a net loss. It has two straight quarters of operating losses.