Yandex NV (Nasdaq: YNDX) saw its founder Arkady Volozh step down from his CEO and executive director duties after his name became the latest addition to the growing sanctioned oligarchs by the European Union. The development is related to the ongoing Russia-Ukraine war.
But the Russian tech firm did not go gentle into the good night with respect to its founder’s designation.
“We were extremely disappointed to learn that our Founder and CEO, Arkady Volozh, was sanctioned by the EU,” the company said in its statement. “We believe this decision to be wholly unjust and based on an inaccurate understanding of Arkady and what Yandex is all about.”
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The search engine further defended its founder, saying he should be “lauded for building… one of the most innovative companies in Europe,” instead of the global region’s decision to impose sanctions.
The board, however, understands that Volozh stepping down is “in the best interests of the company and its stakeholders” given the circumstances.
When the war broke, the company announced is looking at 12 to 18 months of operations in “the ordinary course” following the early set of sanctions imposed on Russia.
The tech firm further said that it will still support the company and Volozh “as he seeks to appeal and overturn his unfounded designation.”
Yandex last traded at US$18.94 on the Nasdaq since the trading was suspended.
Information for this briefing was found via Yandex. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
