Eduard Kelvet and Lauri Reinberg Appointed to Admirals Group's Management Board

Estonian brokerage Admirals Group announced on Tuesday major changes in its executive leadership with the appointment of Eduard Kelvet and Lauri Reinberg as members of its Management Board from July 1, 2024, onwards. This follows a strategic reorganization in response to financial challenges, including a significant decline of 41% in revenues and a loss of €10 million in 2023. The decision to appoint Kelvet and Reinberg emphasizes Admirals' commitment to strengthening corporate governance and responding to market uncertainties under new leadership.

Eduard Kelvet has moved from the Supervisory Board to become a member of the Management Board, where he brings extensive expertise in compliance, risk management, and legal matters. Since joining Admirals in August 2022, Kelvet has played a key role in regulatory compliance and operational resilience amidst changing market dynamics. 

Lauri Reinberg, who was appointed CFO in early 2024, has more than 20 years of international finance experience, having held senior positions at ARRICANO REAL ESTATE PLC and SWEDBANK group. His strategic acumen in finance will help drive Admirals' financial strategies and operational efficiencies.

The appointments coincide with Admirals' recent decision to discontinue client onboarding in the EU, reflecting the company's proactive measures to stabilize its operations and bolster investor confidence. Alexander Tsikhilov, Founder and CEO of Admirals, reiterated his commitment to steering the company through these challenging times, leveraging the newly appointed Management Board's expertise to execute strategic initiatives aimed at sustainable growth and client-centric innovation.