Following our FNG Exclusive report from mid January that Estonia based Retail FX and CFDs broker Admirals was set to make some drastic changes to senior management – including the departure of longtime CEO Sergei Bogatenkov as well as the company’s Executive Director in Cyprus, Andreas Ioannou – Admirals has now issued a press release (see full text below) confirming the changes.
Admirals Group AS has also released information about the new composition of both its Supervisory Board (i.e. Board of Directors), and Management Board following the changes, which will formally take effect this month.
The moves come after Admirals saw its Revenues collapse by 51% in the first half of 2023, in which the company posted a loss of €4.8 million. Admirals has yet to release full year 2023 results.
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. Replacing Mr. Bogatenkov as Chairman of the Management Board (i.e. CEO), effective from 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 February 5, 2024. Olga Senjuškina joined Admirals in 2014 as a Financial Controller. Eduard Kelvet was previously Head of Compliance and Administrative Director at the Estonian branch of Citadele Banka. He was also the member of management of AS TBB bank. Since August 2022, Eduard has been associated with the Admirals group, serving as a member of the board of MoneyZen OÜ and as the head of compliance for Admiral Markets AS.
From March 1, 2024 the Supervisory Board will comprise Anatolii Mikhalchenko, Dmitri Lauš, Priit Rohumaa, Eduard Kelvet and Olga Senjuškina.
The Management Board of Admirals Group AS as of March 1, 2024 will include Alexander Tsikhilov, Andrey Koks (Admirals’ CTO/CIO) and Anton Tikhomirov.
The full text of the Admirals release on the matter reads as follows:
February 8, 2024
Admirals Group AS (ADMG080031A)
Changes in the Supervisory and Management Board of Admirals Group AS
Admirals Group AS has announced a change to its Supervisory and Management Board structure.
The Supervisory Board of Admirals Group AS has accepted the resignation letter of the Chairman of the Management Board Sergei Bogatenkov, with his last day at the company at 29.02.2024. Also, the Supervisory Board of the Company accepted the resignation of the Management Board member, Andreas Ioannou. His last day at Admirals will be February 25, 2024, as it was the date his mandate was to end according to the initial decision when he was appointed in 2021.
The Supervisory Board of Admirals Group AS has appointed Alexander Tsikhilov as the new Chairman of the Management Board of Admirals Group, effective from March 1, 2024.
Besides Admirals group, Alexandr Tsikhilov has the following positions: Order of Malta Foundation in Estonia (Supervisory Board member), DVF Group OÜ (Management Board member), Historica Foundation (Management Board member).
According to the Company’s general meeting of shareholders’ decision, 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 a Financial Controller. Since 2020, she has been 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. She has previously worked as a financial controller in mechanical engineering and logistics industry.
Senjuškina also holds a Management Board member position in Osaühing OIS Büroo and OIS Meedia OÜ.
Prior joining Admirals, Eduard Kelvet has been the Head of Compliance and Administrative Director at the Estonian branch of Citadele banka. He was also the member of management of AS TBB bank.
Since August 2022, Eduard has been associated with the Admirals group, serving as a member of the board of MoneyZen OÜ and as the head of compliance for Admiral Markets AS. He holds a Management Board member position in AETERNUM OÜ.
The Supervisory Board of Admirals Group AS will operate from February 5, 2024 until February 29, 2024 in the following composition: Alexander Tsikhilov, Anatolii Mikhalchenko, Dmitri Lauš, Priit Rohumaa, Eduard Kelvet and Olga Senjuškina. From March 1, 2024 the Supervisory Board will operate in the following composition: Anatolii Mikhalchenko, Dmitri Lauš, Priit Rohumaa, Eduard Kelvet and Olga Senjuškina.
The Management Board of Admirals Group AS will operate as of March 1 2024 in the following composition: Alexander Tsikhilov, Andrey Koks and Anton Tikhomirov.
