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Russian billionaire Yuri Milner steps down as chairman of Mail.ru

Russian entrepreneur and venture capitalist, Yuri Milner, has stepped down as chairman of the board of directors of Mail.ru, one of the largest internet companies in Russia. Milner is also the founder of international investment firm Digital Sky Technologies (DST), and has invested in companies such as Facebook, Twitter, Y Combinator and ZocDoc through Mail.ru and DST.

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In a press release issued by Mail.ru, the group announced that current CEO Dmitry Grishin was elected to the board and promptly appointed as its new chairman.

Milner said:

It has been a great pleasure and privilege to be involved with Mail.ru Group and to take the business from its foundation to its successful IPO in November 2010. Serving as non-executive Chairman since the IPO has allowed me to watch the management team, led by Dmitry Grishin, whom I brought in as a co-founder and worked with for more than 10 years, deliver consistently strong results.

I believe that Mail.ru is well placed for taking advantage of its leadership position. I look forward to watching its continued success as Dmitry, and the team, continue to drive the business and execute on the strategy.

“On behalf of the Board, management and employees of the Company we would like to thank Yuri for all that he has done for Mail.ru Group. His contribution and his guidance have been much appreciated and valued. We wish Yuri continued success in his role at DST Global,” said Grishin about his appointment.