(Telecompaper) Russian internet search engine Yandex has appointed its CFO Alexander Shulgin as the new CEO of the company. Shulgin joined Yandex in 2010 as CFO and led the company's IPO in 2011. He will start performing his new duties from 1 September, when Gren Abovsky will take over as CFO. Abovsky earlier worked as vice-president for investor relations and corporate development at Yandex. Shulgin replaces Yandex founder Arkady Volozh, who will remain the CEO of Yandex NV, the holding company managing the entire Yandex Group. Volozh will have overall responsibility for the development of Yandex products both in Russia and abroad.