Exclusive FNG… FNG has learned that Estonia-based Retail FX and CFDs broker Admirals Group AS is making some major changes to its C-Suite management, which will see long-time CEO Sergei Bogatenkov (pictured above) depart, as well as member of the board of directors and the Executive Director of the company in Cyprus, Andreas Ioannou.
Both departures will be effective from February 29, 2024.
We expect the company to make an official announcement soon.
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.
Just last week Admirals came out with a statement of some minor changes to both the Supervisory Board (ie the Board of Directors) and the Board of Directors, with Mr. Bogatenkof and Mr. Ioannou still included in their respective positions.
Sergey Bogatenkov will be succeeded as CEO (effective March 1, 2024) by Admirals founder Alexander Tsikhilov, who was previously CEO before rising to the position of President in 2017.
Sergei Bogatenkov joined Admirals in 2014 as CFO after serving as Head of Treasury at Estonian bank Versobank AS. In 2017, he was appointed CEO when Admirals founder Alexander Tsikhilov became President, as noted above.
Andreas Ioannou has been at Admirals since 2017, as the Executive Director of Cyprus. He holds a BA in Law from the University of Liverpool and a Master of Laws – LLM from Sheffield Hallam University. Prior to Admirals, Andreas worked as Head of Corporate Relations at the Cypriot law firm Parparinos Milonas Corporate & Legal Consultants (now Goldmine International).
Incoming CEO Alexander Tsikhilov sent the following memo to Admirals employees today.
Embracing change and renewed focus: A message from your incoming CEO
Colleagues,
In the wake of the departure of Sergey and Andreas, we are at a turning point in the history of the Admirals. Their leadership has been instrumental in guiding us to where we are today, and we truly owe them a big thank you. As I take on the role of CEO on 1 March 2024, I take with me all the lessons learned under their management and a vision to build on the strong foundations they have created.
Looking ahead, Admirals is entering a new era of greater openness and agility. We aim to foster a work environment that is friendly, free and truly listens. Your voices and opinions? They are extremely important and will be heard because they are crucial to shaping where we go from here. The range of prospects in our team? This is a strategic strength that we plan to make the most of.
We will strive to make our decisions better and faster to remain stable in these rapidly changing markets. Always being clear about why we make these decisions is important to us because we believe it’s important for everyone to be on the same page.
Change is always a challenge. Let’s face it: our focus is on productivity and growth. While the dedication and contributions of our team remain invaluable, it is also essential to align our workforce with our evolving goals. This may mean making some tough decisions to ensure our team composition best reflects the efficiency we strive for. Please understand that these adjustments are aimed at enhancing our collective ability to survive and thrive in a very competitive landscape.
As we begin this new chapter, let us remember and continue the legacy of hard work and dedication that Sergey and Andreas have left us. At the same time, let’s be open to the changes we need to make to propel Admirals into a future full of new opportunities. While we are open to bringing in new talent, we really focus on developing our own people. We aim to offer clear career paths, plenty of opportunities for growth and ensure everyone is motivated. Our goal? To create an environment where everyone on the team can do their best and grow within Admirals.
Thank you all for sticking with us and being a part of this exciting journey.
Greetings,
Alexander Chikilov
Co-Founder and Incoming CEO, Admirals