Estonia-based Retail FX and CFDs broker Admirals Group AS has announced that the company has appointed Eduard Kelvet and Lauri Reinberg as new members of the Company’s Board of Directors, effective July 1, 2024.
The moves come after earlier this year Admirals saw the departure of long-time CEO Sergei Bogatenkov as well as head of Cyprus office Andreas Ioannou, with company founder Alexander Tsikhilov re-taking the reins as CEO. The management shake-up at Admirals came after a 41% drop in revenue in 2023 at Admirals, leading to a €10m loss for the year. We also reported in April that Admirals had stopped boarding customers in the EU.
To join the board team, Eduard Kelvet, who is based in Tallinn, Estonia, has stepped down from the Company’s Supervisory Board. Eduard has been associated with the Admirals Group since August 2022, with roles that include overseeing the compliance and risk management functions, the work of the legal department and reporting and participation in the audit and risk committees. In addition to Admirals Group, he is a member of the Board of Directors at AETERNUM OÜ.
Lauri Reinberg, based in Cyprus, has over 20 years of international experience in finance. Lauri joined Admirals earlier in 2024 as CFO. Before joining Admirals, Lauri Reinberg was, for the last fifteen years, Financial Director at ARRICANO REAL ESTATE PLC (Cyprus), POCOPAY AS, and worked in various positions at the SWEDBANK group. Lauri Reinberg is also a member of the Board of Directors of Beta Capital OÜ and Livland Capital LTD (Cyprus).
The Supervisory Board of Admirals Group AS will operate from 1 July 2024 with the following composition: Anatolie Mihalcenco, Dmitri Lauš, Priit Rohumaa and Olga Senjuškina.
The Board of Directors of Admirals Group AS will operate from July 1, 2024 with the following composition: Alexander Tsikhilov, Andrey Koks, Anton Tikhomirov, Eduard Kelvet and Lauri Reinberg.