Ozon CEO Shulgin stands down, leaves board amid EU, Australian sanctions

MOSCOW. April 12 (Interfax) - Ozon CEO Alexander Shulgin stepped down as Chief Executive Officer and resigned from the Board of Directors with effect from April 11, 2022, following personal sanctions imposed by the European Union and Australia, the Russian marketplace said in a press release.

Management of the company will now be undertaken by the Management Board comprised of several members of the management team. "The new Management Board will make strategic decisions and will manage business operations based on the principle of collegial management, which has de facto been in place at Ozon and already proven to be highly effective," Ozon said.

Ozon's Chief Financial Officer, Igor Gerasimov, will replace Shulgin as an Executive Director on the Board of Directors.

Neither Ozon Holdings plc nor any of its subsidiaries are currently subject to any sanctions by the European Union, the United States, the United Kingdom or any other countries.

In addition, on March 31, 2022, Ozon Bank was removed from the Specially Designated Nationals and Blocked Persons List by the Office of Foreign Assets Control of the U.S. Treasury Department. It had been placed on the list due to affiliation with its former owner, Sovcombank.