November 18, 2019 / 7:34 AM / 19 days ago

Yandex says CEO pledges not to sell stake before 2022

FILE PHOTO: Arkady Volozh, Co-Founder and Chief Executive Officer of Yandex Group of Companies, attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 7, 2019. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) - Arkady Volozh, chief executive and co-founder of Yandex (YNDX.O), has pledged to keep his stake in the Russian internet group for the next two years, Yandex said on Monday.

“Mr. Volozh has ... agreed to enter into a two-year lock-up agreement with respect to 95% of his Class B Shares, thereby providing an additional layer of assurance that there will be no abrupt change in our voting structure,” it said in a statement announcing changes to its corporate governance structure.

Reporting by Maria Kiselyova; editing by Jason Neely

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