Russian Internet giant Yandex announced on Friday that Arkady Volozh had resigned as CEO of the company and left its board of directors.
Volozh will also step down from his board and executive positions with Yandex international subsidiaries after the EU included him on the latest list of sanctions against Russian companies and individuals.
The businessman’s family trust owns 45.3% of Yandex N.V. voting shares. The trust also owns an economic interest of 8.6%. While the sanctions are in place, Volozh will transfer his voting power to the Board.
“While I consider this decision to be misguided and ultimately counterproductive, I do not intend to give any instructions to my family trust as long as sanctions are in place. During this time the trust will vote in line with the recommendations of the Board. While I will continue to support the team wherever possible, this decision is in the best interests of the company and its stakeholders,” Volozh said.
Earlier, the EU introduced individual sanctions against Arkady Volozh.
After the announcement, Moscow-listed shares in Yandex (YNDX) dropped by nearly 10%. As of 17:52 Moscow time, Yandex shares were down 6.53% at 1,488 rubles.