Yandex is about to undergo a major restructuring, with Alexey Kudrin set to take a leading position in the company
Russian tech giant Yandex may soon undergo a corporate restructuring and split its domestic and international operations, the company said on Friday. He also revealed that Alexey Kudrin, a former Russian finance minister and presidential adviser, will join the company’s management team.
Its parent company in the Netherlands will soon withdraw from the shareholding and change its name, while control of the Russian part of the company will be transferred to local management.
Aleksey Kudrin, a longtime ally of Russian President Vladimir Putin and the current head of the Accounts Chamber, is expected to take a leadership position in the company by the end of the year.
According to some media, Yandex NV announced on Friday that its board members had formed a “special committee” to explore the sale of Russian products and the spin-off of its other divisions.
“Yandex NV is considering the possibility of splitting the bulk of the business, including a number of international business areas, into a separate group of companies that will retain the Yandex brand,” the company said in a statement.
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The company’s new cloud computing, self-driving car and education projects would morph into separate foreign ventures under the control of Yandex NV, Russian media reported. At the same time, Yandex stressed in its statement that all these projects will also continue to operate in Russia.
The new structure will allow Yandex to “to focus on creating innovative technological products and services, as well as on the development of the company in the interest of its users, employees and shareholders.
Yandex is known for its Internet browser, which is more popular than Google in Russia. The company also has a large share of food delivery and taxi apps in the country.
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