FNG Exclusive… FNG has learned that Estonia based Retail FX and CFDs broker Admirals Group AS is making some major changes to its management C-Suite, which will see the departure of longtime CEO Sergei Bogatenkov (pictured above), as well as Management Board member and the company’s Executive Director in Cyprus, Andreas Ioannou.

Both departures will be effective as of February 29, 2024.

We expect the company to make a formal announcement shortly.

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.

Just last week Admirals came out with a statement about some minor changes to both its Supervisory Board (i.e. Board of Directors), as well as its Management Board, with both Mr. Bogatenkov and Mr. Ioannou still listed in their respective positions.

Taking the place of Sergei Bogatenkov as CEO (effective March 1, 2024) will be Admirals founder Alexander Tsikhilov, who was previously CEO before moving up to the Chairman role in 2017.

Sergei Bogatenkov joined Admirals in 2014 as CFO, after serving as Head of Treasury at Estonian bank Versobank AS. In 2017 he was named CEO, when Admirals founder Alexander Tsikhilov became Chairman, as noted above.

Andreas Ioannou had been with Admirals since 2017, as Executive Director Cyprus. He holds a Bachalor’s Degree in Law from the University of Liverpool, and a Master of Laws – LLM from Sheffield Hallam University. Prior to Admirals Andreas worked as the Head of Corporate Department at Cyprus law firm Parparinos Milonas Corporate & Legal Consultants (now Goldmine International).

Incoming CEO Alexander Tsikhilov sent the following note today to Admirals employees.

Embracing Change and Renewed Focus: A Message from Your Incoming CEO

Dear Colleagues,

In the wake of Sergei’s and Andreas’ departure, we find ourselves at a juncture in Admirals’ story. Their leadership has been instrumental in guiding us to where we are today, and we really owe them big thanks. As I step into the CEO role on 1 March 2024, I’m taking with me all the lessons learned under their stewardship and a vision to build on the solid foundation they’ve established.

Looking ahead, Admirals is stepping into a new era of being more open and agile. We’re all about fostering a work environment that’s friendly, free, and really listens. Your voices and opinions? They’re super important and will be heard because they are crucial in shaping where we go from here. The range of perspectives in our team? That’s a strategic strength we’re planning to make the most of.

We’re going to try and make our decisions better and faster, to stay on our toes in these fast-changing markets. Being always clear about why we make those decisions is important to us because we think that it is important for everyone to be on the same page.

Change is always a challenge. Let’s face it directly: our focus is on productivity and growth. While our team’s dedication and contribution remain invaluable, its also essential to align our workforce with our evolving objectives. This may mean making some difficult decisions to ensure our team composition best reflects the efficiency we strive for. Understand that these adjustments are aimed at strengthening our collective capability to survive and thrive in a very competitive landscape.

As we start this new chapter, let’s remember and carry forward the legacy of hard work and commitment that Sergei and Andreas have left with us. At the same time, let’s be open to the changes we need to make to push Admirals towards a future full of new opportunities. While we’re open to bringing in new talent, we’re really focusing on developing our own people. We’re all about offering clear career paths, lots of opportunities to grow, and making sure everyone feels motivated. Our aim? To create an environment where everyone on the team can do their best and grow within Admirals.

Thank you all for sticking with us and being part of this exciting journey.

Warm regards,

Alexander Tsikhilov

Co-Founder and Incoming CEO, Admirals