Yandex NV announced on Friday that its CEO and co-founder, Arkady Volozh, had resigned "with immediate effect from his position as Executive Director and Chief Executive Officer of Yandex NV" and from his directorships in its global subsidiaries.
The decision was taken due to the inclusion of Volozh in the new package of sanctions cleared by the EU. However, the company mentioned in the statement that they do not believe that these "developments" will affect operations, financial position, or relations with their partners.
"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.
