Admirals Group AS has announced a series of changes to its Supervisory and Management Boards following a challenging first half of 2025, during which the company reported revenues at a multi-year low and a net loss approaching €6 million.

The moves come after a major 2024 management overhaul, which saw longtime CEO Sergei Bogatenkov and Executive Director Andreas Ioannou depart, with company founder Alexander Tsikhilov stepping in as CEO.

Admirals Overhauls Boards Amid €6M Loss, Names New Executives

Effective October 6, 2025, Admirals has appointed longtime executives Anton Tikhomirov and Fedor Ragin to the Supervisory Board for a five-year term. Mr. Tikhomirov has concurrently resigned from the Management Board. Tikhomirov, active in the financial brokerage sector since 1999, joined Admirals in 2012 as a member of the Supervisory Board of operating subsidiary Admiral Markets AS, later serving on the Supervisory Board of Admirals Group AS from 2016 to 2024.

Fedor Ragin joined Admirals in 2017 and has served as Chief Strategy Officer for the past two years, playing a key role in shaping the company’s strategic direction.

In parallel, Admirals has strengthened its Management Board with the addition of Liudmila Bataeva, effective October 1, 2025. Bataeva, who joined Admirals in February 2024, previously served as Team Lead and Head of Product, B2B, overseeing regulatory-compliant onboarding processes and partnership innovations. Before Admirals, she was Group Product Manager at U.S.-based automation platform Workato, managing data governance and customer trust initiatives.

The Management Board of Admirals Group AS now consists of CEO Alexander Tsikhilov, Eduard Kelvet, Andrey Koks, and Liudmila Bataeva. The Supervisory Board includes Anatolie Mihalcenco, Dmitri Lauš, Olga Senjuškina, Anton Tikhomirov, and Fedor Ragin.

These leadership adjustments are seen as part of the Admirals’ ongoing efforts to stabilize operations, enhance governance, and refocus on strategic growth following a difficult period for the company. Industry analysts note that the renewed emphasis on experienced leadership and product innovation could play a crucial role in Admirals’ recovery in the coming years.

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