Herman Gref, CEO and Chairman of the Management Board of Sberbank, is stepping down from the board of directors of Yandex. RBC reports about this with reference to the statement of the Internet company.

“The term of Mr. Gref expires in 2020, and he is not standing for re-election”, - the document says.

Shareholders will be able to re-elect Yandex co-founder and CEO Arkady Volozh and the former CTO of the company Mikhail Parakhin to the board of directors.

In July Sberbank reported that Herman Gref would remain a member of Yandex’s board of directors until the shareholders’ meeting which would elect a new board of directors; but in the future he did not expect that he would participate in the governance board of the company.

Sberbank and Yandex closed the deal on the division of assets at the end of July and announced the end of partnerships on joint projects - Yandex.Market and Yandex.Money.

Herman Gref has joined Yandex’s board of directors in May 2014.

Original (in Russian)