Admirals Group AS Appoints New Management Board Members

Estonian brokerage Admirals Group has announced on Tuesday significant changes to its executive leadership, appointing Eduard Kelvet and Lauri Reinberg to its Management Board effective July 1, 2024. The appointments follow a period of strategic restructuring in response to financial challenges, including a substantial revenue decline of 41% and a €10 million loss in 2023. The decision to bring Kelvet and Reinberg on board underscores Admirals' commitment to strengthening corporate governance and navigating market uncertainties under new leadership.

Eduard Kelvet, transitioning from the Supervisory Board, brings extensive expertise in compliance, risk management, and legal affairs to his new role on the Management Board. Since joining Admirals in August 2022, Kelvet has played a pivotal role in overseeing regulatory compliance and operational resilience amidst evolving market dynamics. Lauri Reinberg, appointed as CFO earlier in 2024, brings over 20 years of international finance experience, having held senior roles at ARRICANO REAL ESTATE PLC and SWEDBANK group. His strategic financial acumen will be instrumental in driving Admirals' financial strategies and operational efficiencies moving forward.

These leadership appointments coincide with Admirals' recent decision to halt client onboarding in the EU, reflecting proactive measures to stabilize operations and enhance investor confidence. Alexander Tsikhilov, Admirals' founder and CEO, reaffirms his commitment to steering the company through these challenging times, leveraging the newly appointed Management Board's expertise to execute strategic initiatives aimed at sustainable growth and client-centric innovation.