Official announcement from Telefónica or reputable financial news outlets

Telefónica Appoints Marc Murtra as CEO, Álvarez-Pallete to Receive 23 Million Euros

Jan 18, 2025, 05:46 PM

Telefónica SA has announced the replacement of its Chairman and CEO, José María Álvarez-Pallete, with Marc Murtra, the former president of Indra. The decision was made during an extraordinary board meeting convened to address the company's new shareholder structure. Álvarez-Pallete, who led Telefónica for nearly nine years, will receive a severance package of 23 million euros upon his departure. The move to appoint Murtra, seen as a candidate close to the government, was initiated by the state-owned Sociedad Estatal de Participaciones Industriales (SEPI), which holds a 10% stake in Telefónica. The change at Telefónica has also led to a leadership transition at Indra, where Ángel Escribano is expected to be named the new president following Murtra's departure.