Admirals Group Founder and Supervisory Board Chairman Alexander Tsikhilov to Become CEO

Alexander Tsikhilov, Chairman of the Supervisory Board of Admirals Group AS, confirmed that following the resignation of two members of the Admirals' Management Board on January 17, 2024, there have been changes in the Group's leadership structure.

Sergei Bogatenkov, Chief Executive Officer and Chairman of the Admirals Group AS Management Board, and Andreas loannou, Chief Operating Officer and Management Board member, have indicated that they intend to resign from their respective roles and will soon be leaving the company to pursue their respective career goals. Their resignations will be effective February 29, 2024.

Tsikhilov, the founder of the Admiral Group and a long-standing member of the Supervisory Board, will be the new CEO of the Admiral Group from March 1, 2024 onwards.

“We thank Sergei and Andreas for their leadership and vision and wish to acknowledge the huge contributions they have made towards strengthening the foundations of the Company over the past few years,” Tsikhilov says.

“Change is always a challenge, but we remain steadfast in our vision to push Admirals towards a future full of new opportunities,” he continues. “As we move ahead into 2024 our focus remains on driving growth through efficiency and adaptability to ensure that we continue to thrive in this highly evolving and competitive landscape. At the same time, we reaffirm our commitment to pursuing and maintaining a supportive, inclusive, and empowering work environment as a prerequisite for continued business success.”

The Group is currently prioritizing the realignment of internal teams across the globe.

“Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision,” Tsikhilov concludes.

New appointments to the Admiral Group AS Management Board will be announced soon. Per Estonian law, a new Chairman of the Supervisory Board will also be appointed after Tsikhilov assumes the position of CEO.