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ABBYY® Group Appoints New CEO

January 19, 2017

ABBYY Group has announced the appointment of Ulf Persson - its current Chairman of the Board - as the Group’s new CEO. Ulf Persson will succeed Sergey Andreev, who has been leading the company for the past 17 years.

ABBYY Group has also announced other changes in its top management. ABBYY Founder David Yang will return as Chairman of the Board, a position he previously held. ABBYY Group former Senior VP and CFO Vadim Tereshchenko’s role has been considerably expanded. He will now hold the positions of COO and CFO as well as that of Deputy CEO.

Former CEO Sergey Andreyev will continue to remain a shareholder of the ABBYY Group.

“I would like to thank Sergey for the 17 years he has given ABBYY as CEO and the total of 25 years he has worked in our company. Under his leadership, ABBYY has grown to become an established international IT company with 16 offices in 13 countries worldwide. Sergey’s input to ABBYY’s development cannot be overemphasized: opening international offices, delivering new product lines to the markets, building a brilliant management team,” commented David Yang , ABBYY Group Founder and Chairman of the Board.

“Today, ABBYY is at a very exciting but also challenging point in its development. Our markets and operating environment are changing rapidly. Our challenge is to be at the forefront of this change, to be industry leaders. Ulf has been a board member of ABBYY for more than 14 years and therefore is well acquainted with ABBYY’s products as well as corporate aspects. We are confident that Ulf’s know-how and experience will bring the right skill set to lead ABBYY towards the new objectives,” Mr. Yang said in a statement.

Commented Ulf Persson: “I am grateful to the Board of ABBYY for the confidence they have shown in offering me this opportunity. I will work closely with the management team to further unlock our potential. ABBYY must be nimble, fast in making decisions and ever closer to our customers and partners. I would also like to take this opportunity to thank Sergey for his great contribution to making ABBYY what it is today. It has been a privilege and pleasure to work together.”

Outgoing CEO Sergey Andreev commented: “It was a great pleasure to work with ABBYY for more than 25 years of my life. I would like to express my warmest feelings to the company and to all of my colleagues - the best people in the world. I truly hope that ABBYY will show its best sides and I am sure that innovations and efficiency in the company will grow much faster than before.”

Ulf Persson is a Co-founder and Managing Partner of Mint Capital since 2000 and became a member of the Board of Directors of ABBYY Group in 2002, the last two years as Chairman. Ulf has been involved from executive and non-executive positions with a number of technology and service companies over the past 15 years.

About ABBYY

ABBYY is a leading global provider of document recognition, content capture and language-based technologies and solutions that help people and businesses to action information. The company sets the standard in content capture and innovative language-based technologies that integrate across the information lifecycle. ABBYY solutions are relied on to facilitate communication, optimize business processes, mitigate risk, accelerate decision making and drive revenue. ABBYY technologies are used and licensed by some of the largest international enterprises and government organizations, as well as SMBs and individuals. The company maintains offices in Australia, Canada, Cyprus, France, Germany, Japan, Spain, Taiwan, the UAE, the UK, Ukraine, and the United States. For more information, see Key Facts .

ABBYY and the ABBYY Logo are either registered trademarks or trademarks of ABBYY Software Ltd. Other product names mentioned herein may be trademarks and/or registered trademarks of their respective owners and are hereby recognized.

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