Shelly Group SE, a Bulgaria-based 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 become Chief Financial Officer effective January 12, 2026, succeeding Svetozar Illiev, who is stepping down after 16 years with the company.
Krushkova will oversee 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 firms, including ScaleFocus and KPMG. Her appointment is part of Shelly Group's broader strategy to align its financial operations with ambitious scaling goals, focusing on enhanced financial steering, cash flow stability, and efficient working capital management. The company plans to propose Krushkova for election to the Board of Directors at the 2026 Annual General Meeting to further strengthen governance.
Wolfgang Kirsch, Co-CEO of Shelly Group, emphasized the importance of this transition, stating that Krushkova's international experience and focus on scalable structures will help develop Shelly into a globally successful provider. He also acknowledged Illiev's contributions in building a solid financial foundation for the company's growth. Illiev will continue to support Shelly Group on an advisory basis during the transition.
Krushkova expressed enthusiasm for joining Shelly Group, citing its technical expertise, customer-centric product development, and entrepreneurial momentum. She aims to professionalize global finance and steering structures, with a particular emphasis on implementing scalable financial processes. This move is critical as Shelly Group expands its presence in over 100 countries, with subsidiaries in Germany, Bulgaria, Slovenia, Poland, the USA, and China, and relies on asset-light production through contract manufacturers.
The restructuring underscores Shelly Group's commitment to leveraging financial discipline to drive innovation in the competitive IoT and smart building market. For more information, visit www.crossalliance.de or view the original release on www.newmediawire.com.
