The CEO of Yandex, the target of EU sanctions, has resigned. Arkady Volozh, who has been the CEO of Yandex since 2000, left the company.
After Russia launched its invasion of Ukraine, huge sanctions were imposed on technology companies from both the EU and other countries. Yandex, while not subject to EU sanctions, has been hit hard by the fact that its partners have left the country. According to the latest statement from the company, Arkady Volozh has stepped down as CEO.
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Yandex CEO resigns after EU sanctions
Yandex, Russia’s largest company, continues to make radical changes to its operations. Yandex, which previously sold its services called News and Zen to another Russian company, is now experiencing resignations in its board of directors.
Arkady Volozh, one of the co-founders of the company, which was founded in 1997, was blacklisted by the EU for providing both financial and informational assistance to the Russian government. Volozh, who has been the CEO of Yandex since 2000, said the decision taken by Western countries “applies to the wrong person.”
EU sanctions, which did not directly affect the Yandex company, led Volozh to delegate the right to vote to the board of directors. In the statement from the Russian company about the resignation, it was pointed out that there will be no change in the board of directors:
“The Board of Directors continues to operate as normal. Yandex has a strong and deep management team that is well positioned to take the company to new levels with the Board’s ongoing support.”
Arkady Volozh, who has been on the company’s board of directors since 1997 and is one of Russia’s largest technology investors, did not share his new plans. Yandex also said Volozh’s departure would not affect the company’s financial or operational operations.
The Ukraine crisis, which began on February 24, has begun to put technology companies in Russia in a difficult position. Yandex, which previously announced that it had agreed with VK for News and Zen, implemented remarkable changes after Western sanctions.
So what do you think about the resignation of the CEO of Yandex? Do not forget to share your opinions with us in the comments section.