Admirals Sees Departure of CEO and COO

​(Sergei Bogatenkov, Source: LinkedIn)

Admirals Group AS, an Estonia-based Retail FX and CFDs broker, is making significant changes to its leadership. The company's longtime CEO Sergei Bogatenkov, and Chief Operations Officer (COO) Andreas Ioannou will leave, effective from February 29, 2024.

The changes came after that Admirals Group experienced 51% yearly slump​ in net trading income in the fist half of 2023, and incurred a net loss of EUR 4.8 million.

Sergei Bogatenkov was appointed CEO of Admirals in 2017, before that he served as CFO since his joining in 2014. From 2012 to 2014, he worked at Estonian bank Versobank AS as Head of Treasury.

The company’s co-founder, Alexander Tsikhilov will take place of Sergei as CEO, with effect from March 1, 2024. He had been Chairman since 2017.

Andreas Ioannou joined Admirals in 2017, since when he took on the role of COO. Prior to Admirals, he was at Cyprus law firm Parparinos Milonas Corporate & Legal Consultants (now Goldmine International) as Head of Corporate Department.