(FILES) Telefonica’s chief executive officer Jose Maria Alvarez-Pallete speaks during a press conference to announce the company’s yearly results for 2023 in Madrid on February 22, 2024. Current executive chairman of Indra Group holding company’s Board of Directors, Marc Murtra, will replace Jose Maria Alvarez-Pallete as chairman of the major Spanish telecommunications company Telefonica, the company announced on January 18, 2025. In a board meeting unexpectedly convened on January 18, 2025, shareholders elected Murtra as the new chairman, who “has accepted his appointment,” the historic telecommunications group explained in a statement. The company is present in nine Latin American countries. (Photo by Thomas COEX / AFP)
Madrid, Spain — Spanish telecommunications giant Telefonica Saturday said it had replaced its president in a surprise move driven by pressure from major shareholders.
An emergency meeting of the company’s board elected Catalan businessman Marc Murtra to replace Jose Maria Alvarez-Pallete, it said in a statement.The company said the decision was taken “in view of Telefonica’s new shareholding structure and that some of its relevant shareholders have expressed the convenience of embarking on a new stage in the executive chairmanship”.READ: Spain PM proposes to ban home purchases by non-EU buyersOnline newspaper El Confidencial first reported on Alvarez-Pallete’s likely departure on Saturday morning. Sources close to the operation then confirmed it to AFP before the company issued an official statement.
El Pais reported that the SEPI state holding company, which recently took a 10-percent stake in Telefonica, had pushed for Alvarez-Pallete to be replaced by Murtra, currently head of Spanish tech consulting group Indra.
Data released by the BSP on Tuesday showed the public sector’s foreign borrowings from July to September this year went up by 36 percent from the $2.81 billion in the same period last year.
The federal and state governments’ tax revenue reached a total of 86.2 billion euros ($93.54 billion) last month, according to the ministry’s monthly report.
Spanish media reports say Murtra is close to the centre-left government of Prime Minister Pedro Sanchez.
royal win slotAlvarez-Pallete, who has headed Telefonica since April 2016, will receive a 23-million-euro ($23.7 million) severance package, El Pais said.
Telefonica, which has operations in nine Latin American countries, has been through a turbulent period since Saudi group STC took a 9.9 percent stake in September 2023.
That led the Spanish state to re-enter the group’s capital through SEPI to defend its “strategic” role of providing services to the country’s armed forces.
Spanish banking group La Caixa also raised its stake to 9.9 percent.
Spain’s UGT union, one of the country’s largest, expressed its concerns about the management change. It hoped “that SEPI would clarify the motives and purpose of the changes in the presidency”, it said in a statement.
Telefonica has been facing increased competition in its home market following the recent merger of Orange and MasMovil, and the sale of Vodafone Espana to British investment fund Zegona.
Telefonica last year announced it would be cutting 3,400 of the 16,500 jobs it has in Spain.
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