In the latest forex broker news, forex broker Admirals, based in Estonia, officially confirmed a significant shake-up in its leadership. The restructuring resulted in the resignation of the Chairman of the Management Board, Sergei Bogatenkov, and the Executive Director of the Cyprus branch, Andreas Ioannou.

According to the Supervisory Board, Bogatenkov and Ioannou's terms will end on February 29 and February 25, 2024. Newly appointed Chairman of the Management Committee, Alexander Tsikhilov, is scheduled to take over from early March 2024.

Tsikhilov has a wealth of experience, having served as a board member of various organizations, including the Order of Malta Foundation in Estonia and DVF Group OÜ.

Following the recent shareholder meeting, the low-cost CFD broker, welcomed two new members to the Supervisory Board - Eduard Kelvet and Olga Senjuškina. The two officially assumed their roles on February 5, 2024.

Kelvet has played a key role since joining forex broker Admirals in August 2022, serving as a MoneyZen OÜ board member and heading compliance for Admirals. Senjuškina, with more than 20 years of experience in accounting, tax consulting and asset management, has been with Admirals since 2014.

The Supervisory Board will implement the reconstruction plan between 5 February and 29 February 2024, with final changes coming into effect on 1 March 2024. The new board, including Anatolii Mikhalchenko, Dmitri Lauš, Priit Rohumaa, Eduard Kelvet, and Olga Senjuškina, will assume responsibility from March 1 onwards.

This development follows Admirals' previous announcement of changes to its oversight structure and management board, involving executives Anton Tikhomirov and Daniel Skowronski.