Yandex Board of Directors' Statement on Arkady Volozh Designation

Rhea-AI Summary

Yandex N.V., a leading internet business, announced the resignation of its Founder and CEO, Arkady Volozh, following EU sanctions. The Board expressed disappointment over the sanctions, describing them as unjust and misinformed regarding Volozh's contributions to the company and the industry. Volozh's departure is viewed as a necessary step for the company's interests. Yandex continues to support him as he appeals the sanctions, emphasizing the company's commitment to innovation across various technological fields.

Positive

• Yandex's commitment to innovation remains strong despite leadership changes.
• Support for Arkady Volozh during his appeal process indicates a strong company culture.

Negative

• Resignation of Arkady Volozh may create uncertainties in leadership continuity.
• EU sanctions may negatively affect Yandex's reputation and operations in international markets.

MOSCOW, RUSSIA and AMSTERDAM, NETHERLANDS / ACCESSWIRE / June 6, 2022 / Yandex N.V., a Dutch public limited company and one of Europe's largest internet businesses, today releases a statement of its Board of Directors regarding the recent designation of Arkady Volozh.

"We were extremely disappointed to learn that our Founder and CEO, Arkady Volozh, was sanctioned by the EU. We believe this decision to be wholly unjust and based on an inaccurate understanding of Arkady and what Yandex is all about. Rather than being sanctioned, Arkady should be lauded for building, from the ground up, one of the most independent, modern and progressive companies in Russia and one of the most innovative companies in Europe; a true pioneer in search, ride hailing, maps and navigation, and autonomous vehicles to name but a few of the areas where Yandex excels.

We note that Arkady has stepped down from his positions as Executive Director and Chief Executive Officer of Yandex N.V. and from his board and executive positions with its international subsidiaries and understand that under the circumstances this was in the best interests of the company and its stakeholders.

Nevertheless, we will provide whatever support we can to the company and Arkady as he seeks to appeal and overturn his unfounded designation."

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.

View source version on accesswire.com:
https://www.accesswire.com/703951/Yandex-Board-of-Directors-Statement-on-Arkady-Volozh-Designation

FAQ

What led to Arkady Volozh's resignation from Yandex?

Arkady Volozh resigned following EU sanctions, which the company deemed unjust.

How does the EU sanction affect Yandex's operations?

The EU sanction could impact Yandex's reputation and its ability to operate in certain international markets.

What is Yandex's response to the sanctions imposed on Arkady Volozh?

Yandex expressed disappointment over the sanctions and plans to support Volozh as he appeals the decision.

Who will lead Yandex after Arkady Volozh's departure?

The company has not specified a new leader yet, creating some uncertainty about the leadership structure.