Published on 30 Dec 2022 on Benzinga via Yahoo Finance

Yandex Co-Founder Arkady Volozh Bids Goodbye To Staff

The co-founder of Russian internet giant Yandex N.V. (NASDAQ: YNDX), Arkady Volozh, bid farewell to its staff ahead of a corporate restructuring.The restructuring could see ownership of many of the firm's core services change hands, Reuters reports.Volozh departed as CEO and left the board of directors after the European Union included him in its sanctions against Russian entities and individuals in June.Volozh called the EU's decision "misguided.""As you know, I haven't really been involved in Yandex's Russian business for some time, but this year I had to step down from the company completely," the report quoted Volozh.In November, Yandex's Dutch-registered holding company shared plans to divest ownership and control of most of Yandex Group, including its main revenue-generating businesses.The report further noted that the international divisions of Yandex's self-driving technologies, cloud computing, data labelling, and edtech would be developed independently from Russia."It's my hope to be able to advise the four international start-ups that might in the future develop independently from Yandex," Volozh said.

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