Global Retail FX and CFDs broker Admirals undergoes significant changes to its senior management team. The shake-up includes the departure of the longtime CEO, Sergei Bogatenkov, and the Executive Director in Cyprus, Andreas Ioannou.

The company, grappling with a staggering 51% drop in revenues during the first half of 2023, resulting in a loss of €4.8 million, is undergoing these changes to revitalize its operations and regain stability. Admirals is yet to release its full-year 2023 financial results.

Sergei Bogatenkov’s tenure at Admirals will end on February 29, 2024, while Andreas Ioannou is going to step down on February 25, 2024. The founder and former CEO, Alexander Tsikhilov, will step into the role of Chairman of the Management Board (CEO) effective March 1, 2024.

Admirals Undergoes Senior Management Changes – New Changings?

The company has also unveiled the new composition of its Supervisory Board and Management Board, effective this month. Eduard Kelvet and Olga Senjuškina are welcomed as new members of the Supervisory Board, effective from February 5, 2024. Olga Senjuškina, who joined Admirals in 2014 as a Financial Controller, brings a wealth of experience to the board. Eduard Kelvet, previously with the Estonian branch of Citadele Banka, has been with the Admirals group since August 2022.

Starting March 1, 2024, the Supervisory Board will consist of Anatolii Mikhalchenko, Dmitri Lauš, Priit Rohumaa, Eduard Kelvet, and Olga Senjuškina.

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

These changes reflect Admirals’ commitment to navigating through challenging financial times and positioning the company for future growth. As the new leadership takes the helm, the industry will keenly observe the broker’s trajectory in the competitive landscape of Retail FX and CFDs.

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