In a significant development, Admirals Group AS, an Estonia-based Retail FX and CFDs broker, is undergoing notable leadership changes. The company has announced the departure of its longtime CEO, Sergei Bogatenkov, and Executive Director Cyprus, Andreas Ioannou, effective from February 29, 2024.
This strategic move follows a challenging period for Admirals Group, marked by a substantial 51% year-over-year decline in net trading income during the first half of 2023, coupled with a net loss of EUR 4.8 million.
Sergei Bogatenkov, who assumed the role of CEO in 2017 after serving as CFO since his appointment in 2014, played a crucial role in the company’s financial leadership. Prior to his tenure at Admirals, he served as the Head of Treasury at Estonian bank Versobank AS from 2012 to 2014.
To steer the company through these transitional times, Admirals Group has appointed Alexander Tsikhilov, the co-founder and Chairman since 2017, to assume the position of CEO, effective from March 1, 2024. Alexander Tsikhilov brings a wealth of experience and insight to the role, having played a pivotal role in the company’s leadership.
Andreas Ioannou, who joined Admirals in 2017 as Executive Director Cyprus, will be leaving his position. Before joining Admirals, Ioannou served as the Head of Corporate Department at Cyprus law firm Parparinos Milonas Corporate & Legal Consultants (now Goldmine International).
As Admirals Group transitions to new leadership under Alexander Tsikhilov, industry observers will be closely monitoring how the company navigates the changing landscape and addresses the financial challenges it has faced in recent times.