Admirals Group AS, a prominent retail FX and CFDs broker, has announced significant changes to its senior management team, including the departure of its longstanding CEO, Sergei Bogatenkov, and the company’s Executive Director in Cyprus, Andreas Ioannou. These changes come in the wake of a challenging financial period for Admirals, which reported a 51% decline in revenues in the first half of 2023, culminating in a loss of €4.8 million.

Confirming the management reshuffle through a press release, Admirals revealed that Sergei Bogatenkov will officially leave the company on February 29, while Andreas Ioannou will exit on February 25, 2024. Alexander Tsikhilov, the founder and former CEO of Admirals, is set to return as the Chairman of the Management Board (CEO) starting March 1, 2024.

In addition to the executive changes, Admirals introduced Eduard Kelvet and Olga Senjuškina as the new members of its Supervisory Board, effective February 5, 2024. Senjuškina, who joined Admirals in 2014 as a Financial Controller, and Kelvet, with a background in compliance and administrative roles at Citadele Banka and AS TBB bank, will join existing board members Anatolii Mikhalchenko, Dmitri Lauš, and Priit Rohumaa from March 1, 2024.

The Management Board of Admirals Group AS will comprise Alexander Tsikhilov, Andrey Koks (Admirals’ CTO/CIO), and Anton Tikhomirov, also effective from March 1, 2024.

These strategic management changes underscore Admirals’ commitment to navigating its current financial difficulties and steering the company towards recovery and growth in the challenging market environment.