The Retail FX and CFDS Group based on Estonia, as announced a series of changes to its Supervisory Council (equivalent to the Board of Directors) and the Board of Directors. The changes come after what was quite a poor result to the Admirals in the first half of 2025, with revenue hitting a long low and the company publishing a net loss of about 6m euros.
The moves also come after a revision of the 2024 senior executives to the Admirals, who saw the departures of the long -term CEO Sergei Bogatenkov and the executive director of the company in Cyprus, Andrea Ioannis. The founder of the company Alexander Tsikhilov assumed the role of Managing Director in Admirals.
The Admirals have called long -term Anton Tikhomirov and Fedor Ragin executives on the company’s supervisory council, which is in force on October 6, 2025. At the same time, Mr Tikhomirov resigned from the company’s board of directors. Both new members of the Supervisory Council were appointed for a period of five years.
Anton Tikhomirov has been operating in the industry since 1999 and has a management background in financial brokerage. He joined the Admirals in 2012 as he was appointed for the first time to the Supervisory Board of the subsidiary Admiral Markets AS. Anton has previously served on the Supervisory Board of Admirals Group as from 2016 to 2024.
Fedor Ragin has joined Admirals in 2017 and has served as head of the company’s strategy for the last two years.
The Navarians also added Liudmila Bataeva as a new member of the company’s board of directors, which is in force on October 1, 2025. Regulation and cooperation procedures and partnership. Previously, in 2022-2023, he was a team manager at Workato, a US-based automation platform, responsible for data governance and renewing customer confidence.
The Board of Directors of Admirals Group consists of Alexander Tsikhilov, Eduard Kelvet, Andrey Koks and Liudmila Bataeva. The Admirals Supervisory Council now includes Anatolie Mihalcenco, Dmitri Lauš, Olga Senjuškina, Anton Tikhomirov and Fedor Ragin.