Shelly Group SE, a provider of IoT and smart building solutions based in Sofia, Bulgaria, is aligning its finance organization with its next growth phase, focusing on international scaling, enhanced financial steering capabilities, and active cash flow and working capital management. Iliyana Krushkova will assume responsibility as Chief Financial Officer effective 12 January 2026, succeeding Svetozar Illiev, who is stepping down after 16 years with the company for personal reasons. Illiev will continue to provide advisory support during the transition period.
Krushkova will oversee Finance, Controlling, and Treasury, bringing more than 15 years of experience in financial management, strategic corporate steering, M&A, and transformation projects from roles at international IT and technology companies, including ScaleFocus and KPMG. Her expertise includes scaling finance organizations, implementing ERP and reporting structures, ensuring IFRS-compliant financial management, and actively managing liquidity and working capital. At Shelly Group, her focus 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 to strengthen long-term governance.
Wolfgang Kirsch, Co-CEO of Shelly Group, expressed gratitude for Illiev's contributions, noting his role in establishing a solid financial foundation for the company's growth. Kirsch highlighted Krushkova's international experience, scalable structure perspective, and execution ability as key assets for Shelly Group's ambition to become a globally successful provider. Krushkova commented on her admiration for Shelly Group's technical expertise, customer-centric product development, and entrepreneurial momentum, expressing enthusiasm for shaping the next growth phase financially. Illiev reflected on his tenure, describing it as an honor to contribute to the company's growth story.
This leadership change signals Shelly Group's strategic shift toward enhanced financial management to support its expansion in over 100 countries, including strong presences in German-speaking regions and subsidiaries in Germany, Bulgaria, Slovenia, Poland, the USA, and China. The move underscores the importance of robust financial infrastructure in the competitive IoT and smart building solutions market, where companies must balance innovation with fiscal discipline to sustain growth. For investors and industry observers, Krushkova's appointment may indicate a focus on operational efficiency and risk management, potentially influencing Shelly Group's market positioning and financial performance in the coming years. The company's asset-light production model and revenue streams from device sales and cloud applications, as detailed on its investor relations site at https://www.crossalliance.de, further highlight the need for sophisticated financial oversight as it scales globally.
