The Supervisory Board of Admirals Group AS has decided to accept the resignations of Sergey Bogatenkov, Chairman of the Board and CEO of the company, and Andreas Ioannou, Member of the Board and CEO of the company in Cyprus. Both will leave the company on February 29, 2024.

The departures are believed to be related to Admirals' weak financial performance in the first half of 2023, when the broker's revenues fell 51% and the loss amounted to €4.8 million.

Sergei Bogatenkov joined Admirals in 2014 and took over as CEO in 2017. Under his leadership, Admiral Markets was rebranded as Admirals in 2021, and in 2022, the company achieved its record performance, placing it among the top brokers in the world.

"When I started Admirals, we were just a trading-oriented brokerage. Today, I can happily express my gratitude that Admirals has evolved into a progressive FinTech company, building a community and ecosystem around us and being a trusted partner in achieving financial inclusion and freedom," said Bogatenkov.

"I am deeply grateful to all the wonderful partners, my fantastic team from Chile to Australia, and the people, companies, and regulators who have inspired and motivated me to dream bigger and achieve more," he added.

Just last week, Admirals announced some minor changes to both the Supervisory Board (i.e., the Board of Directors) and the Management Board.

Andreas Ioannou joined Admirals in 2017 as CEO of the Cyprus division.

"Our journey together has been marked by significant progress, and today, having fulfilled the original purpose that motivated me to join this endeavor, I believe it is time to move on to new professional aspirations and goals," Ioannou commented on his departure.

Admirals founder Alexander Tsikhilov is expected to take over as CEO of Admirals starting March 1, 2024.