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FAQ: Shelly Group's Finance Organization Realignment and CFO Transition
TL;DR
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.
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The realignment aims to support continued international scaling, enhance financial steering capabilities, and improve active cash flow and working capital management during the company's next growth phase.
Iliyana Krushkova will assume responsibility as Chief Financial Officer effective January 12, 2026.
Svetozar Illiev is stepping down as CFO after 16 years with the company for personal reasons, though he will continue to provide advisory support during the transition.
Iliyana Krushkova brings over 15 years of experience in financial management, strategic corporate steering, M&A and transformation projects, with senior positions at international IT and technology companies and advisory roles at ScaleFocus and KPMG.
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.
Iliyana Krushkova will be responsible for Finance, Controlling, and Treasury functions at Shelly Group.
It is intended to propose to the 2026 Annual General Meeting that CFO Iliyana Krushkova also be elected to the Board of Directors to strengthen the board in the long term.
Wolfgang Kirsch thanked Svetozar Illiev for his contributions and expressed confidence that Iliyana Krushkova's appointment underscores the company's ambition to develop into a globally successful provider with a strong financial foundation.
Shelly Group is a provider of IoT and smart building solutions based in Sofia, Bulgaria.
Curated from NewMediaWire
