Estonia based Retail FX and CFDs broker Admirals Group AS has announced that the company has appointed Eduard Kelvet and Lauri Reinberg as new members of the Management Board of the Company, effective from July 1, 2024.

The moves come after earlier this year Admirals saw the departure of longtime CEO Sergei Bogatenkov as well as Cyprus office head Andreas Ioannou, with company founder Alexander Tsikhilov re-taking the reins as CEO. The management shakeup at Admirals came in the wake of a 41% Revenue drop in 2023 at Admirals, leading to a €10 million loss for the year. We also reported back in April that Admirals had halted the onboarding of clients in the EU.

To join the Management Board team Eduard Kelvet, who is based in Tallinn, Estonia, has left the Supervisory Board of the Company. Eduard has been associated with the Admirals group since August 2022, with roles that have included supervision of the compliance and risk management functions, the work of the legal department and reporting, and participation in the audit and risk committees. Besides Admirals group he is a Management Board member in AETERNUM OÜ.

Lauri Reinberg, based in Cyprus, has over 20 years of international experience in finance. Lauri joined Admirals earlier in 2024 as the CFO. Before joining Admirals, Lauri Reinberg was, within the last fifteen years, the CFO at ARRICANO REAL ESTATE PLC (Cyprus), POCOPAY AS, and worked in different positions in SWEDBANK group. Lauri Reinberg also holds a Management Board member position in Beta Capital OÜ and Livland Capital LTD (Cyprus).

The Supervisory Board of Admirals Group AS shall operate from July 1, 2024 in the following composition: Anatolie Mihalcenco, Dmitri Lauš, Priit Rohumaa, and Olga Senjuškina.

The Management Board of Admirals Group AS shall operate from July 1, 2024 in the following composition: Alexander Tsikhilov, Andrey Koks, Anton Tikhomirov, Eduard Kelvet, and Lauri Reinberg.