Arkady Volozh announced his departure from Yandex

Co-founder and former CEO of Yandex Arkady Volozh announced his resignation from the company. This was reported by The Bell with reference to a message on the internal Yandex portal.

“As you know, I have not managed Russian Yandex for a long time, and this year I had to completely leave all positions in the company. Now the board of directors and management are developing a plan for restructuring the company - in the current conditions, it seems to me, it is quite reasonable and necessary <…> Yandex is the project of my life <…> Thanks to everyone who built and is building the best technology company in the country . May the new year bring peace to everyone,” Volozh wrote.

After the European Union imposed sanctions against Yandex due to the outbreak of war, Volozh resigned from the company’s board of directors. The leadership position at Yandex was taken by the former head of the Accounts Chamber, Alexey Kudrin.

According to Forbes , Volozh offered Kudrin a 5% stake in Yandex for help in dividing the company’s Russian and international business. As of September 23, Kudrin could have received about $325 million for the transition from the Accounts Chamber to the corporation.