Yandex Confirms Co-Founder's Demise

By Rich Smith – Jul 29, 2013 at 5:03PM

NASDAQ: YNDX

Yandex

No replacement named to the CTO's post at this time.

Rumors of the death of Yandex (YNDX) co-founder and chief technology officer have, sadly, not been exaggerated.

Last week, media reports alternately described the Russian Internet search engine giant's Ilya Segalovich as being in a coma on life support, or dead. Over the weekend, the company finally confirmed that it is the latter.

Segalovich had been battling stomach cancer since last year, but the company confirmed in a press release on July 27 that he has finally succumbed to his illness. No replacement has yet been named to the CTO's post.

Valued at $10.5 billion, Yandex is not only the most popular search engine in Russia but also one of the country's largest companies by market cap.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Yandex. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.