Contract manufacturer Quasar Medical announced today that its board of directors has named Alex Wallstein as CEO.

Ayal Amitai, CEO since July 2005, is stepping down and transitioning to executive director of the board and senior advisor to the CEO, as well as retaining his shareholdings in Quasar.

Wallstein comes with many years of senior management experience in the medical device industry, including positions at Johnson & Johnson and Medtronic in Minneapolis and Shanghai. He received a bachelor’s degree in medical computer science from Ruprecht-Karls-University in Heidelberg, Germany, a master’s in engineering from Eidgenössische Technische Hochschule (ETH) in Zürich, and an MBA from the University of Chicago.

“I am deeply honored to be chosen as Ayal’s successor and I look forward to leading Quasar’s next chapter as we continue to build capabilities,” Wallstein said in a news release. “Having worked in the medical device industry, it is a special privilege to now return to working with top brands as a strategic supplier. Investing into what makes Quasar great will unlock many opportunities to grow further. I am excited to join the Quasar team in Hong Kong.”

Ayal joined Quasar in 1999 as marketing & sales manager in Israel, the U.K. and later the United States. He was instrumental in driving Quasar’s focus on high-complexity, minimally invasive medical devices and the expansion of Quasar’s footprint. Under his leadership, Quasar built over 53. 000 ft ² of cleanroom manufacturing in plants in China and Thailand, an engineering center in Israel, as well as offices in the U.S., E.U. and China.

“I am very proud of what the team has achieved in the past 16 years,” Amitai said in the release. “It was a privilege to lead Quasar and I couldn’t be happier welcoming Alex to the Quasar team. I look forward to supporting Alex in this transition and maintaining my involvement in my new roles. Together, we are absolutely confident in Quasar’s great future success.”