Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data
Putin ally Kudrin accepts tech giant Yandex's offer of advisory role
© Reuters. FILE PHOTO: Russia's Accounts Chamber Chairman Alexei Kudrin attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov/File Photo
By Alexander Marrow
MOSCOW (Reuters) -Alexei Kudrin, a longtime ally of Russian President Vladimir Putin, said on Monday he would join technology giant Yandex (NASDAQ:YNDX) to advise on corporate development as the company begins a sweeping governance and ownership overhaul.
Yandex's Dutch-registered holding company last month said it planned to divest ownership and control of most of Yandex Group, including its main revenue-generating businesses, a move that could lead to enhanced Kremlin influence over some of Russia's backbone internet services.
Since Russia launched what it calls a "special military operation" in Ukraine in late February, Nasdaq-listed Yandex, often referred to as "Russia's Google (NASDAQ:GOOGL)", has grappled with domestic pressure on one side and its Western investors on the other, prompting speculation about its future.
Kudrin, who resigned as head of Russia's Audit Chamber last week, said he had accepted Yandex's offer to develop the new holding company's corporate structure, along with the existing management team.
"(This) will ensure the company's long-term and sustainable development in all markets, including international ones," Kudrin posted in his Telegram channel.
"One of the main tasks is to help preserve Yandex's unique management and technological culture, so that it remains independent and Russia's best IT company, where the most talented people strive to work," Kudrin said.
Yandex, whose Moscow-listed shares were around 1.1% higher by 0928 GMT, confirmed that Kudrin was joining the company.
Sources last month told Reuters that Kudrin had been discussing the move to Yandex with Putin. Sources said Kudrin was a good fit from the company's point of view as it strives to maintain business neutrality.
The Russian government in September tightened its grip on the internet, when Yandex sold its news feed and homepage to state-controlled rival VK.
A veteran of around 25 years in public service, Kudrin was finance minister for more than a decade between 2000 and 2011. While maintaining close ties with Putin, he kept a relatively low profile in his current role as head of the Audit Chamber, Russia's public spending watchdog.
Almost 88% of Yandex's ownership structure is free-float, with many Western funds among its shareholders.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.