Official announcements from Telefonica or major news outlets

Spain's SEPI Proposes Marc Murtra to Replace José María Álvarez-Pallete as Telefonica's CEO and Chairman in Extraordinary Meeting

Jan 18, 2025, 09:47 AM

Spain's government, through the state-owned Sociedad Estatal de Participaciones Industriales (SEPI), is seeking to replace José María Álvarez-Pallete as the CEO and Chairman of Telefonica SA. The government has proposed Marc Murtra, the current president of Indra, as Álvarez-Pallete's successor. This move is set to be discussed in an extraordinary board meeting convened by Telefonica's new shareholders. The decision comes after SEPI became the largest shareholder of Telefonica with a 10% stake, following the acquisition of shares worth 2.384 billion euros. The change in leadership is part of a broader shift in the company's shareholder structure, which has seen the entry of new stakeholders like the Saudi telecom company STC and the strengthening of Criteria Caixa's position.