Telefónica has ousted CEO José María Álvarez-Pallete after nine years in the role, naming former Indra Group chairman Marc Murtra (pictured) as his successor.
In a statement, Telefónica explained that Álvarez-Pallete’s contract was terminated following a board meeting on 18 January to align with the company’s “new shareholding structure” and meet the wishes of certain new shareholders for a “new stage” of leadership.
Marc Murtra will not only serve as chief executive but has also been appointed Executive Chairman of Telefónica. Before this, he held the position of chairman at defence company Indra.
The leadership overhaul follows a significant shake-up in Telefónica’s shareholding, with the Spanish government last year approving STC Group’s acquisition of almost 10% of the company.
Following Álvarez-Pallete’s departure, Telefónica’s board issued a statement expressing “deepest gratitude” for his years of service, highlighting his “extraordinary effort, dedication, and contribution during his long professional career” with the group.
