SEPI Proposes Indra's Marc Murtra to Replace José María Álvarez-Pallete at Telefónica Amid 23 Million Euro Severance

Jan 18, 2025, 11:14 AM

Spain's government, through the state-owned Sociedad Estatal de Participaciones Industriales (SEPI), has initiated the process to replace José María Álvarez-Pallete as the president and CEO of Telefónica SA. The proposed successor is Marc Murtra, currently the president of Indra, a move that has been set to be discussed in an extraordinary board meeting. Álvarez-Pallete, who has led Telefónica since April 2016, is expected to receive a severance package of approximately 23 million euros upon his departure, in addition to over 12 million euros from his pension plan. Murtra, appointed to Indra's presidency in 2021 by the government, is poised to resign from his current position in the coming days to take up the new role at Telefónica. The change comes amidst shifts in Telefónica's shareholder composition, with SEPI holding a 10% stake and the Saudi Telecom Company (STC) also holding a significant share.