Artem Savinovsky, director of the Russian division of IT conglomerate Yandex, has been appointed CEO of Yandex IJSPC (international joint stock public company), news agency Interfax reports.

Yandex IJSPC is a holding company that was recently registered in the Russian exclave of Kaliningrad. It will be the new owner of Yandex once the Netherlands-registered Yandex N.V. completes the sale of its Russian assets to a consortium of private investors. The first stage of the divestment is expected to be completed by the end of this month.

Savinovsky was appointed by the board in early April and formally assumed the role of CEO on April 23.

Before joining Yandex in 2008 Savinovsky worked in the audit division of Ernst & Young (now B1).

At Yandex, he supervised financial reporting, analytics and planning and participated in strategy development for both Yandex.Taxi and Yandex’s IPO on the Nasdaq exchange in 2011.

In 2016, he was appointed to lead the company’s media services department. In April 2022, he was appointed general director of Yandex LLC, the operating company for Yandex in Russia.

Last March, Yandex N.V agreed to sell its Russian division in a deal worth RUB475 billion ($5.1 billion U.S.) for a combination of shares and yuan.

The interests of the new owners will be represented by the closed mutual investment fund Consortium.First. It will nominate six out of ten members of the board of directors of Yandex IJSPC. The main owner of the closed-end mutual fund will be the Managers Fund, which will include the existing managers of the company.

Yandex owns Russia-based marketplaces, Yandex Real Estate and Yandex Rent.

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