Admirals Group Reshuffles Boards Amid 2025 Losses

Estonia-based Retail FX and CFDs broker Admirals Group AS has announced a significant reshuffle of its Supervisory and Management Boards following a difficult first half of 2025, which saw revenues fall to a multi-year low and a net loss approaching €6 million.

The changes follow a broader management overhaul in 2024, when longtime CEO Sergei Bogatenkov and Executive Director Andreas Ioannou departed, with company founder Alexander Tsikhilov taking over as CEO. The latest appointments aim to strengthen governance and strategic oversight during a period of financial pressure.

Anton Tikhomirov and Fedor Ragin have been named to Admirals' Supervisory Board effective October 6, 2025. Tikhomirov, active in the financial brokerage industry since 1999, previously served on the Supervisory Board from 2016 to 2024 and resigned from the Management Board upon his new appointment. Ragin, who joined Admirals in 2017, has spent the past two years as Chief Strategy Officer. Both new board members will serve five-year terms.

In parallel, Liudmila Bataeva has been appointed to the Management Board, effective October 1, 2025. Bataeva, who joined Admirals in early 2024, most recently served as Head of Product, B2B, focusing on regulatory-compliant onboarding processes and partnership model innovations. She previously held product leadership roles in the U.S., including at automation platform Workato.

The current Management Board now consists of CEO Alexander Tsikhilov, Eduard Kelvet, Andrey Koks, and Bataeva. Admirals' Supervisory Board includes Anatolie Mihalcenco, Dmitri Lauš, Olga Senjuškina, Tikhomirov, and Ragin. Analysts note that these moves reflect Admirals' strategy to consolidate leadership expertise and bolster both operational resilience and strategic direction as the company seeks to recover from its first-half losses.