Shelly Group Aligns Finance Organization for Continued International Scaling in the Next Growth Phase

Shelly Group Aligns Finance Organization for Continued International Scaling in the Next Growth Phase

Sofia / Munich, 8 January 2026 – Shelly Group SE (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, is consistently aligning its finance organization with the next growth phase, focusing on further international scaling, enhanced financial steering capabilities, and active cash flow and working capital management.

Against this backdrop, Iliyana Krushkova will assume responsibility as Chief Financial Officer (CFO) effective 12 January 2026. She succeeds Svetozar Illiev, who has played a key role in the Company’s success for 16 years since its early growth stage and is stepping down from his position for personal reasons. As part of a carefully planned transition, Svetozar Illiev will provide support to the Company on an advisory basis.

Iliyana Krushkova will be responsible for Finance, Controlling, and Treasury. She brings more than 15 years of experience in financial management, strategic corporate steering, as well as M&A and transformation projects. She has held senior positions at international IT and technology companies and worked in transaction and restructuring advisory roles, including at ScaleFocus and KPMG. Iliyana Krushkova has a strong track record in scaling finance organizations, implementing ERP and reporting structures, ensuring IFRS-compliant financial management, and actively managing liquidity and working capital. Her focus at Shelly Group will be on further professionalizing the global finance and steering structures, with a particular emphasis on cash flow stability, efficient working capital management, and scalable financial processes. To further strengthen the Board of Directors in the long term, it is intended to propose to the 2026 Annual General Meeting that CFO Iliyana Krushkova also be elected to the Board of Directors.

Wolfgang Kirsch, Co-CEO of Shelly Group, on the personnel changes: “On behalf of the Board of Directors, I would like to sincerely thank Svetozar for everything he has done for Shelly. With dedication, integrity, and great reliability, he helped create a solid financial foundation for the Company’s growth over recent years. We wish him all the very best for the next chapter of his life. At the same time, I am delighted that Iliyana Krushkova is taking over the baton. She brings extensive international experience, a clear perspective on scalable structures and financial steering mechanisms, and a strong ability to execute. Her appointment underscores our ambition to further develop Shelly into a globally successful provider on the basis of a strong financial foundation.”

Iliyana Krushkova, new CFO of Shelly Group, commented: “I have been following the development of Shelly Group for quite some time. The technical expertise, customer-centric product development, and entrepreneurial momentum are impressive. I am very much looking forward to becoming part of the Shelly story and actively shaping the next growth phase together with the team from a financial perspective.”

Svetozar Illiev, outgoing CFO of Shelly Group, added: “It has been a great honor to help shape the extraordinary growth story of this unique Company. I will always feel connected to Shelly, its mission, and the Shelly community.”

About Shelly Group

Shelly Group SE develops, designs, and distributes IoT and smart building solutions for DIY and professional users, offering advanced technology, seamless interoperability, and a high degree of technological flexibility. Shelly products enable remote control and automation as well as energy management of electrical appliances and smart building solutions via smartphones, PCs, or third-party home automation systems. In addition to the sale of devices, the Shelly Group generates revenue from its cloud applications. The Shelly Group benefits from asset-light production through the use of contract manufacturers. The Company has a strong presence in German-speaking countries and is represented with its products in more than 100 countries. With subsidiaries in Germany, Bulgaria, Slovenia, and Poland as well as in the USA and China, the Shelly Group is globally present.

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