Vadim Glushchenko, director of the Global IT Cooperation Center (ANO), says that Yandex management will continue to lead the company after the decision of the Dutch Yandex NV to sell the business, which will positively affect the business.
“Management will continue to run the company, a Directors Fund has been set up for them and no one from the consortium has a controlling interest. This is an unprecedented situation for Russia. I believe that in the future this will only have a positive impact on the company’s work, because now the company’s management team will also have a say,” said Glushchenko.
According to him, the issue of company management is essential for Yandex employees.
“It is now clear that the management of the company will not only change, but will also receive new powers; This is a kind of “superpower” that allows us to determine the vectors of the company’s development and prevent decisions that could hinder this development. “Yandex executives will become co-owners of the business and join the group of private investors,” he said.
Glushchenko also added that the Managers Fund may nominate 2 managers to the Board of Directors.
“All these are internal organizational processes that will only positively affect the development of the company. For Yandex experts, people with competencies in demand in the market, the current management is understandable, predictable and authoritarian. They are used to working with them; “They share their views on the future of Yandex,” said the IT expert.
According to Glushchenko, it is no longer worth getting rid of Yandex NV shares
“The most reckless thing to do now is to divest Yandex NV shares. We need to wait for the shareholders’ meeting, complete all legal formalities, and then the consortium of investors will make offers to shareholders.” “Obviously, holders of Yandex NV shares on the Moscow Stock Exchange will be able to convert them into securities of the new parent company,” he concluded.
It was previously known that the Dutch company Yandex NV had reached an agreement to sell the Yandex business to a consortium of private investors for 475 billion rubles. Yandex’s new parent company will be International Corporation Joint Stock Company (ICAO) “Yandex”. Yandex will also retain the businesses, services and assets of the Yandex NV group, excluding foreign start-ups.