Shelly further optimizes management structures for greater punch in growth and internationalization
 

• Co-CEO Wolfgang Kirsch to focus his capacities fully on strategic corporate development, capital market communication, and operational excellence after previous dual function
• Renowned industry expert Karsten Sommer becomes new Managing Director of Shelly DACH GmbH
   

Sofia / Munich, 20 August 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, is further optimizing its management structures in order to increase the punch for growth and internationalization of its business activities. To this end, the Company has attracted proven industry expert Karsten Sommer as Managing Director of Shelly DACH GmbH. Following his former dual role as Managing Director of Shelly DACH GmbH in Germany and simultaneously as Co-CEO of the Shelly Group, Wolfgang Kirsch can now fully concentrate his capacities on strategic corporate development, communication with the capital market and the operational excellence of the Shelly Group.

Karsten Sommer is responsible for all aspects of Shelly DACH GmbH's business operations and the strategic expansion of sales structures and channels for further growth with immediate effect. In his new role, he will report directly to Co-CEO Wolfgang Kirsch. Karsten Sommer has more than 30 years of experience in the international retail business. Most recently, he was responsible for the global private label business at the MediaMarktSaturn Retail Group with a sales volume of around EUR 500 million. Prior to that, Karsten Sommer was CEO of the Media Markt national companies in Hungary and Switzerland.

Wolfgang Kirsch, Co-CEO of Shelly Group: “Karsten Sommer is a renowned expert in the international retail business. From our time together at the MediaMarktSaturn Retail Group, I know that Karsten is a real asset for the further development of the Shelly Group. With his commitment, we are taking this area of our Company to a new level. We have now reached a size and speed of growth that requires an experienced manager like Karsten to devote his full attention to our largest region. Karsten Sommer's retail experience will help us to give the Shelly Group's growth and internationalization more punch. I look forward to working with Karsten Sommer again.”

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

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