Yandex MKPAO has announced the formation of its new Board of Directors, comprising nine members from diverse backgrounds. The board includes representatives from the Yandex Managers Fund and ZPIF Consortium.First, as well as the Public Interest Foundation.
Representatives from the Yandex Managers Fund:
- Artem Savinovsky: CEO of Yandex MKPAO and Yandex LLC, with the company since 2008.
- Svetlana Yachevskaya: Lawyer and member of the board of trustees of the European University.
Representatives from ZPIF “Consortium.First”:
- Alexander Ivlev: Independent consultant and former managing partner of EY CIS.
- Anton Sychev: CFO of Litasco Middle East, independent board member of Norilsk Nickel, and former managing director of Goldman Sachs in Russia and the CIS.
- Alexander Chachava: Entrepreneur, founder of LETA Capital, and co-founder of IT company PRO32.
- Alexey Yakovitsky: Former board member of the Dutch Yandex NV from 2019 to 2024.
- Evgeny Yakushkin: Consultant with previous roles at AliExpress Russia, Microsoft, and McKinsey & Company.
- Pavel Dengin: Deputy General Director for Products at INFINITUM and member of the HSE Endowment Fund investment committee.
Representatives from the Public Interest Foundation:
- Andrey Betin: Executive director of “Russia – Country of Opportunities” and rector of the Senezh Management Workshop, former board member of Dutch Yandex NV from 2023 to 2024.
Company Structure and Stock Trading
MKPAO Yandex, the parent company of the Yandex Group, is primarily owned by ZPIF Consortium.First. Yandex shares will start trading on the Moscow Exchange under the ticker YDEX from July 10, 2024.
Background and Recent Developments
In early February 2024, Dutch Yandex NV finalized a deal to sell the Yandex business, making ZPIF Consortium.First the main owner. Yandex managers hold a 35% stake in the mutual investment fund Consortium.First. As part of the deal, Yandex NV agreed not to create competing services for five years.
In mid-February, the board of Yandex NV approved the sale of its Russian assets. In early March, the Russian Government’s Subcommittee for Foreign Investments approved the acquisition of 96.3% of Yandex shares by Yandex MKPAO from Yandex NV.
This restructuring is a significant step in Yandex’s evolution, ensuring its continued growth and innovation in the tech and media sectors.
Source: Yandex
