Following us Exclusive FNG report from mid-January that Estonia-based Retail FX and CFDs broker Admirals was to make some drastic changes in senior management – including the departure of long-time CEO Sergei Bogatenkov as well as the company’s Cyprus CEO Andreas Ioannou – Admirals has now issued a press release (see full text below) confirming the changes.
Admirals Group AS has also published information on the new composition of both the Supervisory Board (i.e. the Board of Directors) and the Board of Directors following the changes, which will officially take effect this month.
The moves come after Admirals saw its revenue collapse by 51% in the first half of 2023, which saw the company post a €4.8m loss. The Admirals have yet to release full year 2023 results.
The Admirals stated that Sergei Bogatenkov’s last day at the company will be February 29, while Andreas Ioannou’s last day will be February 25, 2024. Mr. Bogatenkov’s replacement as Chairman of the Board (i.e. CEO), effective March 1, 2024, will be company founder (and former CEO) Alexander Tsikhilov.
Eduard Kelvet and Olga Senjuškina are the new members of the Supervisory Board of Admirals Group AS, effective from 5 February 2024. Olga Senjuškina joined Admirals in 2014 as Financial Controller. Eduard Kelvet was previously Head of Compliance and Managing Director at the Estonian branch of Citadele Banka. He was also a member of the management of AS TBB bank. Since August 2022, Eduard has been associated with the Admirals Group, serving as a board member of MoneyZen OÜ and as Head of Compliance for Admiral Markets AS.
From 1 March 2024 the Supervisory Board will consist of Anatolii Mikhalchenko, Dmitri Lauš, Priit Rohumaa, Eduard Kelvet and Olga Senjuškina.
The Board of Directors of Admirals Group AS from March 1, 2024 will include Alexander Tsikhilov, Andrey Koks (CTO/CIO Admirals) and Anton Tikhomirov.
The full text of the Admirals’ statement on the matter reads as follows:
February 8, 2024
Admirals Group AS (ADMG080031A)
Changes to the Supervisory and Board of Directors of Admirals Group AS
Admirals Group AS has announced a change in the structure of its Supervisory and Board of Directors.
The Supervisory Board of Admirals Group AS has accepted the letter of resignation of the Chairman of the Board of Directors Sergey Bogatenkov, with his last day at the company on 29.02.2024. Also, the Supervisory Board of the Company accepted the resignation of the member of the Board of Directors, Andreas Ioannou. His last day with the Admirals will be Feb. 25, 2024, which was the end date of his term under the original decision when he was appointed in 2021.
The Supervisory Board of Admirals Group AS has appointed Alexander Tsikhilov as the new Chairman of the Board of Directors of Admirals Group, effective from March 1, 2024.
In addition to the Admirals group, Alexandr Tsikhilov holds the following positions: Order of Malta Foundation in Estonia (member of the Supervisory Board), DVF Group OÜ (member of the Board of Directors), Historica Foundation (Member of the Board of Directors).
According to the decision of the shareholders of the general meeting of the Company, Eduard Kelvet and Olga Senjuškina are the new members of the Supervisory Board of Admirals Group AS, effective from February 5, 2024.
Olga Senjuškina joined Admirals in 2014 as Financial Controller. Since 2020 he is an invited member of the audit committee of Admiral Markets AS.
Olga Senjuškina has more than 20 years of experience in accounting, tax consulting and asset management. He has previously worked as a financial controller in the engineering and logistics industry.
Senjuškina also holds a position as a member of the Board of Directors at Osaühing OIS Büroo and OIS Meedia OÜ.
Prior to joining Admirals, Eduard Kelvet was Head of Compliance and Managing Director at the Estonian branch of Citadele banka. He was also a member of the management of AS TBB bank.
Since August 2022, Eduard has been associated with the Admirals Group, serving as a board member of MoneyZen OÜ and as Head of Compliance for Admiral Markets AS. He is a member of the Board of Directors at AETERNUM OÜ.
The Supervisory Board of Admirals Group AS will operate from February 5, 2024 to February 29, 2024 with the following composition: Alexander Tsikhilov, Anatolii Mikhalchenko, Dmitri Lauš, Priit Rohumaa, Eduard Kelvet and Olga Senjuškina. From 1 March 2024 the Supervisory Board will operate with the following composition: Anatolii Mikhalchenko, Dmitri Lauš, Priit Rohumaa, Eduard Kelvet and Olga Senjuškina.
The Board of Directors of Admirals Group AS will operate from March 1, 2024 with the following composition: Alexander Tsikhilov, Andrey Koks and Anton Tikhomirov.