Admirals Group AS, a retail FX and CFD broker headquartered in Estonia, has announced significant changes to its management structure that will take effect on July 1, 2024.

The company has appointed Eduard Kelvet and Lauri Reinberg as new members of its board following a challenging year marked by a 41% drop in revenue and a EUR 10 million loss.

Eduard Kelvet moves from the Supervisory Board to the Management Board. Based in Tallinn, Estonia, Kelvet has been with Admirals since August 2022. His previous roles included compliance oversight, risk management, legal departments and participation in audit and risk committees. In addition to his new role, Kelvet remains a member of the Management Board at AETERNUM OÜ.

Lauri Reinberg, based in Cyprus, joins the Board as CFO, bringing with him over 20 years of experience in international finance. Prior to joining Admirals, Reinberg was CFO at ARRICANO REAL ESTATE PLC (Cyprus), POCOPAY AS and held various positions at SWEDBANK. He also holds senior positions at Beta Capital OÜ and Livland Capital LTD (Cyprus).

The management reshuffle follows the departure of longtime CEO Sergei Bogatenkov and head of the Cyprus office Andreas Ioannou earlier this year. Founder Alexander Tsikhilov returned as CEO to lead the company through this transition period.

The supervisory board consists of Anatoly Mikhalchenko, Dmitry Lausch, Priit Rohumaa and Olga Senyushkina. Alexander Tsikhilov, Andrei Cox, Anton Tikhomirov, Eduard Kelvet and Lauri Reinberg will join the Management Board.

These appointments are part of Admirals' broader strategy to strengthen its leadership team and drive future growth. The new board members bring a wealth of experience and fresh perspectives that are expected to help the company navigate the competitive financial services environment and achieve its long-term strategic goals.

With these leadership changes, Admirals Group AS is poised to improve its management and operational capabilities, positioning itself for future success. The company remains focused on innovation, superior customer service and expanding its market presence.