Arkady Volozh Announces Departure from Yandex and Strategic Restructuring
Arkady Volozh, one of the co-founders of Yandex, has announced his exit from the company. In a farewell note published on the corporate portal on December 30, the founder explained that he had stepped away from all formal duties earlier in the year. He noted that the board and management are actively planning a restructuring in light of current circumstances, describing the move as both prudent and necessary.
Volozh expressed that he regretted not having the chance to say goodbye to employees sooner amid the busyness of recent months. He described the upcoming New Year as an opportunity to address that absence and chose to keep his message brief for now, underscoring that Yandex will always remain a project of his life.
The letter also touched on the company’s ongoing commitments, including continued support for four international start-ups that originated under Yandex. He closed his remarks with a hope that the coming year would bring peace to all.
News of Volozh’s departure surfaced in the summer, when it became clear that he would leave Yandex. Earlier in the year, he was placed on the European Union sanctions list, prompting him to resign from the board and from his role as chairman of the group and its international subsidiaries.
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Yandex’s corporate disclosures indicate that as of December 30, 2022, the Volozh family fund held roughly 45.1% of voting shares and 8.5% of common shares. Public ownership accounted for about 46.3% of voting shares and 87.6% of capital, while employees controlled a minority stake with 6.6% of voting rights and 3.2% of ordinary shares.
In late November, it was reported that Yandex planned to split assets and transition international segments of services to independent entities managed from the Netherlands. The remaining services would continue operating within Russia. The company also indicated that a potential restructuring could see some management responsibilities transferred back to Yandex’s central leadership.
On December 5, Alexei Kudrin, the head of the Accounts Chamber, accepted an offer to serve as a corporate development consultant for Yandex. A few days earlier, on November 30, Kudrin had been dismissed from his public sector role ahead of schedule. Kudrin stated that after approximately 25 years in public service, he aims to focus on major private initiatives with broad societal impact.
How Yandex Was Created
Arkady Volozh studied at the Oil and Gas Institute and later earned a degree in applied mathematics from IM Gubkin. In 1989 he founded Comptek, a company dealing with equipment distribution. By 1993, a program designed to search hard drives, named Yandex, emerged from these efforts. The Yandex.Ru search engine was officially unveiled at the Softool fair in 1997. In 2020, Russian business media recognized Yandex as the most valuable Runet company, estimating its value at roughly $14.6 billion.
Attribution: Information compiled from company announcements, regulatory filings, and public records related to Yandex and its leadership.