Yandex N.V. Set to Rebrand and Relaunch in Early 2024
Yandex N.V., the Dutch holding company overseeing the operations of Yandex, has unveiled plans to initiate a rebranding effort for its international business segment, signaling a renewed corporate strategy. The company has posted job vacancies on LinkedIn that suggest a fresh start under a new name, with the anticipated launch scheduled for early 2024.
The ongoing transition, termed “Project LEFT,” involves the creation of a new entity poised to emerge as a prominent technology player in both Europe and the Middle East. A job listing for a document management specialist provides insight into the transformation: “As part of the ongoing transition process known as Project LEFT, we are creating a new company that intends to become a leading technology player in Europe and the Middle East.”
The name “Project LEFT” is linked to Yandex’s current corporate restructuring. The restructuring revolves around the separation of its business into distinct international and Russian segments. The plan for this change is anticipated to be presented to shareholders during the course of 2023. The result of the restructuring will involve the Russian business being transferred to management while Yandex N.V. will relinquish ownership of the Russian business.
Last November, Yandex had announced intentions to reshape its management structure. Sources revealed that key figures like Vagit Alekperov, the founder of LUKOIL, and Vladimir Potanin, the owner of Interros, had expressed interest in purchasing a 51% stake in the company. In the second quarter of the current year, Yandex’s revenue witnessed a year-on-year growth of 55%, amounting to 182.5 billion rubles. Adjusted EBITDA dropped by 4% to 24.7 billion rubles, and net profit declined by 27% to 9.6 billion rubles.
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