Yandex says Volozh resigns as executive director, CEO

MOSCOW, Jun 3 (PRIME) -- Dutch company Yandex N.V., the parent of Russian Internet company Yandex, has announced that its co-founder Arkady Volozh resigned as Executive Director and CEO and from his board and executive positions with its international subsidiaries, Yandex N.V. said on Friday in a statement.

“The E.U. has imposed sanctions on Volozh personally. Neither Yandex nor the group’s subsidiaries have been included on the sanctions lists of the E.U., the U.S. or the U.K. We do not believe that these developments will affect the company’s operations, its financial position or its relations with partners,” the statement read.

Volozh set up 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, according to the statement.

“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 company said.

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