Arkady Volozh Resigns as Executive Director and CEO of Yandex N.V. and Transfers his Voting Power to the Board

Rhea-AI Summary

On June 3, 2022, Yandex N.V. announced the resignation of co-founder Arkady Volozh as Executive Director and CEO. This decision follows European Union sanctions imposed on Volozh personally, although Yandex and its subsidiaries are not on any sanction lists. Volozh holds a 45.3% voting interest in Yandex through a family trust and has informed the Board that he will not direct the trustee on voting matters. The Board continues to operate normally and emphasizes a strong management team. Volozh supports the team but intends for the trust to vote in line with Board recommendations for the company's best interests.

Positive

• The Board of Yandex continues to function normally, indicating stability.
• Yandex has a strong management team positioned to advance the company.

Negative

• Arkady Volozh's resignation could create uncertainty among stakeholders.
• Sanctions imposed on Volozh may affect the company's reputation indirectly.

MOSCOW, RUSSIA and AMSTERDAM, NETHERLANDS / ACCESSWIRE / June 3, 2022 / Yandex N.V., a Dutch public limited company and one of Europe's largest internet businesses,today announces that Arkady Volozh, the company's co-founder, has stepped down with immediate effect from his positionёs as Executive Director and Chief Executive Officer of Yandex N.V. and from his board and executive positions with its international subsidiaries.

The European Union has imposed sanctions on Mr. Volozh personally. Neither Yandex nor the Group's subsidiaries have been included on the sanctions lists of the European Union, the United States or the United Kingdom. We do not believe that these developments will affect the company's operations, its financial position or its relations with partners.

Mr. Volozh is the settlor of a trust for the benefit of his family, which holds Class B shares representing a 45.3% voting and 8.6% economic interest in Yandex N.V. He is not a controlling shareholder of Yandex, and consequently these sanctions do not apply to Yandex N.V. or its subsidiaries.

Mr. Volozh has decided and informed the Board that he will not instruct the trustee as to how to vote such shares going forward. Pursuant to the terms of the trust, the trustee will vote such shares on all matters proposed to the shareholders in accordance with the recommendations of the independent Board of Directors.

The Board continues to function as normal. Yandex has a strong and deep management team that is well placed to take the company to new levels with the ongoing support of the Board.

"While I consider this decision to be misguided and ultimately counterproductive, I do not intend to give any instructions to my family trust as long as sanctions are in place. During this time the trust will vote in line with the recommendations of the Board. While I will continue to support the team wherever possible, this decision is in the best interests of the company and its stakeholders," said Mr. Volozh."

About Yandex

Yandex (NASDAQ and MOEX:YNDX) is a technology company registered in the Netherlands that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and navigation products, while also expanding into e-commerce, online entertainment, cloud computing and other markets to assist millions of consumers in Russia and a number of international markets.

More information on Yandex can be found at https://ir.yandex/

Contacts:

Investor Relations
Yulia Gerasimova
Phone: +7 495 974-35-38
E-mail:askIR@yandex-team.ru

Press Office
Ilya Grabovskiy
Phone: +7 495 739-70-00
E-mail:pr@yandex-team.com

SOURCE: Yandex N.V.

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https://www.accesswire.com/703832/Arkady-Volozh-Resigns-as-Executive-Director-and-CEO-of-Yandex-NV-and-Transfers-his-Voting-Power-to-the-Board

FAQ

What led to Arkady Volozh's resignation from Yandex N.V.?

Arkady Volozh resigned due to European Union sanctions imposed on him personally.

How does Arkady Volozh's resignation affect Yandex N.V. stock?

While Volozh's resignation introduces uncertainty, the company asserts that it won't impact operations or financial standing.

What percentage of voting power does Arkady Volozh hold in Yandex N.V.?

Volozh holds a 45.3% voting interest in Yandex N.V. through a family trust.

Will Yandex N.V. be affected by the sanctions against Arkady Volozh?

Yandex N.V. and its subsidiaries are not on any sanction lists, indicating limited direct impact.

Who will vote Arkady Volozh's shares after his resignation?

The trustee of Volozh's family trust will vote the shares in line with the recommendations of the independent Board.