Estonia based Retail FX and CFDs broker Admirals Group AS has announced a series of changes in both its Supervisory Board (equivalent to the Board of Directors) and Management Board. The changes come following what was a fairly poor outcome at Admirals in the first half of 2025, with Revenues hitting a multi-year low and the company posting a Net Loss of nearly €6 million.
The moves also come after a 2024 overhaul of senior management at Admirals, which saw the departures of longtime CEO Sergei Bogatenkov and the company’s Executive Director in Cyprus, Andreas Ioannou. Company founder Alexander Tsikhilov took over the CEO role at Admirals.
Admirals has named longtime executives Anton Tikhomirov and Fedor Ragin to the company’s Supervisory Board, effective October 6, 2025. At the same time, Mr. Tikhomirov has resigned from the Management Board of the Company. Both new members of the Supervisory Board were appointed for a term of five years.
Anton Tikhomirov has been active in the industry since 1999 and has a managerial background in financial brokerage. He joined Admirals in 2012 as he was first appointed to the Supervisory Board of operating subsidiary Admiral Markets AS. Anton has previously served on the Supervisory Board of Admirals Group AS, from 2016 to 2024.
Fedor Ragin joined Admirals in 2017, and has served as Chief Strategy Officer of the company for the past two years.
Admirals has also added Liudmila Bataeva as a new member of the Management Board of the company, effective October 1, 2025. Liudmila Bataeva has been with Admirals since February 2024, first as Team Lead and since March 2025 as Head of Product, B2B, focusing on regulatory-compliant onboarding processes and partnership model innovations. Previously, in 2022-2023, she was Group Product Manager at Workato, a U.S.-based automation platform, responsible for data governance and customer trust renewal.
The Management Board of Admirals Group AS now consists of Alexander Tsikhilov, Eduard Kelvet, Andrey Koks, and Liudmila Bataeva. Admirals’ Supervisory Board now includes Anatolie Mihalcenco, Dmitri Lauš, Olga Senjuškina, Anton Tikhomirov, and Fedor Ragin.
