- Name change to Shelly Group reflects Group’s business model and Corporate Identity
- Introduction of Operational Board to support better coordination of strategic management and operational business on growth path
Sofia / Munich, 20 June 2023 – The Extraordinary General Meeting of Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, yesterday adopted the proposal of the Board of Directors to change the name of the company to Shelly Group Plc. All resolutions proposed under the agenda items received high approval at the Extraordinary General Meeting. The voting participation at the Extraordinary General Meeting was 77.27%.
The new company name, Shelly Group Plc, reflects the leading market position of Shelly products and will also serve to unify the brand identity across the Group. The change of name also highlights the evolution of the Group’s business model in its corporate identity. Originally founded in 2003 as a company focused on telecommunications and mobile innovation, the establishment of the company’s IoT unit 10 years later laid the foundation for today’s Shelly brand. In 2015, the company was completely restructured to focus on IoT. The international success of the IoT products eventually led to the strategic decision to sell the telecommunication activities in 2019.
Dimitar Dimitrov, Co-CEO: “As one of the founders of our joint company, I am very pleased that the successful development of our business is now also reflected in the decision for a new company name. Our Shelly products are characterized by performance and functionality coupled with flexible and forward-looking software and the creative and vibrant community of our users. I can think of no better name that describes our fast-growing Group of companies better than Shelly Group.”
To systematically align the Group’s corporate and management structure with its IoT growth and expansion path, the Board of Directors has decided to introduce an Operational Board. The new management board structure is designed to support better coordination of strategic management and operational business. Contributing factors include the many years of experience of the new members of the expanded Operational Board, including senior distribution positions at leading international brands such as Coca-Cola and Qubino. In addition to the two members of the Board of Directors and Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch, the Operational Board consists of the following members:
- Mirche Atanasovski, Group Chief Commercial Officer (CCO)
- Svetozar Iliev, Group Chief Financial Officer (CFO)
- Ivan Zahov, Group Chief Marketing Officer (CMO)
- Leon Kralj, Group Chief Technical Officer (CTO)
For further information on the professional background of the Operational Board members, please refer to the Company’s website at: https://allterco.com/en/about-us/
Wolfgang Kirsch, Co-CEO: “With the new management structure, we are taking another important step in the further development of our corporate governance. The coordinated assignment of responsibilities promotes better interaction between activities and the realization of synergies for greater impact and reach. In doing so, opportunities for improvement can be identified more quickly and any necessary adjustments can be implemented more rigorously. We are committed to capitalizing on opportunities that will drive our business forward.”
The minutes of the Extraordinary General Meeting are available on the Company’s website at: https://allterco.com/en/for-investors/general-meeting-of-the-shareholder/year-2023/.
Allterco JSCo 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. Allterco 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 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo 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 A4L.
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