Shelly Group SE, a provider of IoT and smart building solutions, is restructuring its finance organization to support its next phase of international growth. The company announced that Iliyana Krushkova will assume the role of Chief Financial Officer effective January 12, 2026, succeeding Svetozar Illiev, who is stepping down after 16 years with the company. This leadership change is part of a broader strategy to enhance financial steering capabilities and improve cash flow and working capital management as Shelly Group expands globally.
Krushkova brings over 15 years of experience in financial management, strategic corporate steering, and M&A and transformation projects. She has held senior positions at international IT and technology companies and worked in advisory roles at firms including ScaleFocus and KPMG. Her expertise includes scaling finance organizations, implementing ERP and reporting structures, ensuring IFRS-compliant financial management, and managing liquidity and working capital. At Shelly Group, her focus will be on professionalizing global finance and steering structures, with an emphasis on cash flow stability, efficient working capital management, and scalable financial processes. The company also intends to propose Krushkova for election to the Board of Directors at the 2026 Annual General Meeting to further strengthen the board's long-term capabilities.
Wolfgang Kirsch, Co-CEO of Shelly Group, expressed gratitude for Illiev's contributions, noting that he helped create a solid financial foundation for the company's growth. Kirsch highlighted Krushkova's international experience and ability to develop scalable structures and financial steering mechanisms, which align with Shelly Group's ambition to become a globally successful provider. Krushkova commented that she has been following Shelly Group's development and is impressed by its technical expertise, customer-centric product development, and entrepreneurial momentum. She looks forward to shaping the next growth phase from a financial perspective. Illiev added that it has been an honor to contribute to the company's growth story and that he will remain connected to Shelly's mission and community.
Shelly Group develops, designs, and distributes IoT and smart building solutions for DIY and professional users, offering advanced technology and seamless interoperability. Its products enable remote control, automation, and energy management of electrical appliances and smart building solutions via smartphones, PCs, or third-party home automation systems. The company generates revenue from device sales and cloud applications, utilizing asset-light production through contract manufacturers. With a strong presence in German-speaking countries and products available in over 100 countries, Shelly Group has subsidiaries in Germany, Bulgaria, Slovenia, Poland, the USA, and China. For more information, visit https://www.crossalliance.de. The original release can be viewed on https://www.newmediawire.com.
