Shelly Group SE, a provider of IoT and smart building solutions, is aligning its finance organization with its next growth phase, focusing on international scaling, enhanced financial steering, and active cash flow management. 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.
Krushkova will be responsible for Finance, Controlling, and Treasury, bringing over 15 years of experience in financial management, strategic corporate steering, and M&A and transformation projects from roles at international IT and technology companies and advisory firms including ScaleFocus and KPMG. Her focus at Shelly Group will be on professionalizing global finance and steering structures, with emphasis on cash flow stability, efficient working capital management, and scalable financial processes. The company intends to propose her election to the Board of Directors at the 2026 Annual General Meeting.
Wolfgang Kirsch, Co-CEO of Shelly Group, stated that Krushkova's appointment underscores the company's ambition to develop into a globally successful provider based on a strong financial foundation. He thanked outgoing CFO Svetozar Illiev for creating a solid financial foundation for the company's growth. Illiev will provide advisory support during the transition.
Shelly Group develops, designs, and distributes IoT and smart building solutions for DIY and professional users, enabling remote control, automation, and energy management via smartphones, PCs, or third-party 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 in over 100 countries, the company maintains subsidiaries in Germany, Bulgaria, Slovenia, Poland, the USA, and China. For investor relations, contact is available through CROSS ALLIANCE communication GmbH.
The leadership change signals Shelly Group's strategic shift toward enhanced financial discipline as it scales internationally in the competitive IoT and smart building market. Krushkova's expertise in implementing ERP systems, IFRS-compliant management, and liquidity control could provide the financial infrastructure needed to support global expansion while managing operational costs. For business and technology leaders, this move highlights the importance of robust financial governance in scaling hardware and software-integrated business models, where cash flow and working capital efficiency are critical for sustaining growth amid supply chain and market uncertainties.
