CEO of “Google of Russia” resigns

The founder and CEO of Yandex – an Internet search company known as the “Google of Russia” – has resigned after being named on the EU sanctions list.

Billionaire Arkady Volozh has resigned as CEO of Yandex after being placed on the EU sanctions list for his company’s role in the Russia-Ukraine war. Volozh, 58, will step down from his position as CEO and board of directors, the company announced over the weekend, effective immediately.

Volozh called the EU sanctions “wrong and counterproductive”.

Yandex itself is not affected by Western sanctions. However, the company’s shares still fell after the announcement from the EU. Specifically, Yandex shares listed on the Moscow Stock Exchange fell 6% on June 3.

In the statement, Yandex confirmed that the Board of Directors is still operating normally. “Yandex has a strong governance team and is ready to take the company to the next level with the support of the board.”

Previously, Deputy General Manager Tigran Khudaverdyan also resigned in March due to sanctions, along with CEO Elena Bunina.

Yandex is headquartered in the Netherlands but is Russia’s largest search engine, handling more than 60% of Internet searches in the country in the last quarter of 2021. As Russia began its special military operation in Ukraine, Yandex accused of suppressing sources on search results. Last month, the tech giant announced it would sell its blog and digital news products to Internet group VK. In recent years, Yandex has diversified its product portfolio, providing e-commerce services, taxis, food delivery…

In 2021, Yandex recorded revenue of about 356 billion rubles, or 4.77 billion USD at December exchange rates.

Du Lam (According to Moscow Times)


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