Admirals' CEO and Executive Director Cyprus Leave the Company

Admirals Group AS, an Estonia-based retail FX and CFDs broker, is making significant changes to its leadership. Sergei Bogatenkov, the company's long-time CEO, and Andreas loannou, Executive Director Cyprus, will leave the company on February 29, 2024.

This follows a 51% yearly decline in Admirals Group's net trading revenues in H1 2023, with a net loss of €4.8 million.

Sergei Bogatenkov was appointed CEO of Admirals in 2017, prior to which he had served as Chief Financial Officer since joining the company in 2014. From 2012 to 2014, he served as Head of Treasury at Estonian bank Versobank AS.

Alexander Tsikhilov, the company's co-founder, will succeed Sergei as CEO from March 1, 2024 onwards. He has been Chairman of the company since 2017.

Andreas loannou joined Admirals in 2017 and has since then held the position of Executive Director for Cyprus. Prior to joining Admirals, he worked as Head of Corporate Department at the Cypriot law firm Parparinos Milonas Corporate & Legal Consultants (now Goldmine International).