Curated News
By: NewsRamp Editorial Staff
January 08, 2026
Shelly Group Appoints New CFO to Drive International IoT Expansion
TLDR
- Shelly Group appoints Iliyana Krushkova as CFO to strengthen financial steering and cash flow management, positioning the company for competitive advantage in international IoT scaling.
- Shelly Group's CFO transition involves a planned handover where the new executive will implement scalable financial processes, ERP systems, and IFRS-compliant reporting structures.
- This leadership change at Shelly Group supports stable growth in smart building solutions, potentially improving energy management and automation technologies for global communities.
- A Bulgarian IoT company replaces its CFO of 16 years with an executive experienced in M&A and transformation, aiming for board election in 2026.
Impact - Why it Matters
This leadership transition at Shelly Group signals a strategic shift in the competitive IoT and smart building industry, where financial stability and scalable operations are becoming increasingly critical as companies expand globally. For consumers and professionals in the smart technology space, stronger financial management at innovative companies like Shelly Group often translates to more reliable product development, better customer support, and sustainable growth that ensures long-term availability of their preferred smart home solutions. The appointment of an experienced CFO with international scaling expertise suggests Shelly Group is preparing for more aggressive market expansion, which could lead to broader availability of their interoperable IoT products and potentially influence pricing and innovation in the smart building sector. For investors and industry observers, this move demonstrates how maturing technology companies must evolve their financial structures to support growth while maintaining the technical expertise and customer focus that made them successful initially.
Summary
Shelly Group SE, a leading IoT and smart building solutions provider based in Sofia, Bulgaria, is strategically realigning its finance organization to support its next phase of international growth. The company, which develops and distributes advanced technology for DIY and professional users across more than 100 countries, announced a significant leadership transition with Iliyana Krushkova appointed as Chief Financial Officer effective January 12, 2026. She succeeds Svetozar Illiev, who served as CFO for 16 years and played a crucial role in establishing the company's financial foundation during its early growth stages. Illiev will continue to support Shelly Group on an advisory basis during this carefully planned transition period.
Iliyana Krushkova brings over 15 years of extensive experience in financial management, strategic corporate steering, and transformation projects, having held senior positions at international IT and technology companies including ScaleFocus and KPMG. Her impressive track record 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 particular emphasis on cash flow stability, efficient working capital management, and scalable financial processes. The company intends to propose Krushkova's election to the Board of Directors at the 2026 Annual General Meeting, further strengthening the board's long-term capabilities.
Wolfgang Kirsch, Co-CEO of Shelly Group, expressed gratitude for Illiev's dedicated service while welcoming Krushkova's appointment as a strategic move to support the company's global ambitions. Shelly Group's business model combines device sales with cloud application revenue, utilizing asset-light production through contract manufacturers while maintaining subsidiaries in Germany, Bulgaria, Slovenia, Poland, the USA, and China. The leadership change reflects the company's commitment to building a strong financial foundation as it expands its presence in the competitive IoT and smart building market, where its products enable remote control, automation, and energy management of electrical appliances through smartphones, PCs, and third-party home automation systems. This transition marks a pivotal moment in Shelly Group's evolution as it positions itself for continued international scaling and enhanced financial steering capabilities.
Source Statement
This curated news summary relied on content disributed by NewMediaWire. Read the original source here, Shelly Group Appoints New CFO to Drive International IoT Expansion
