Spain's SEPI Proposes Indra's Murtra to Replace Telefónica CEO Pallete

Jan 18, 2025, 10:30 AM

Spain's government is seeking to replace José María Álvarez-Pallete as chairman and CEO of Telefónica SA, with reports indicating that Marc Murtra is being considered as his successor. Murtra, currently the chairman of Indra and known to be close to the Catalan Socialist Party (PSC), is set to be proposed by the state-owned holding company SEPI at an extraordinary board meeting expected to be convened imminently. Francisco Reynés is also mentioned as a potential candidate. Pallete, who has led Telefónica for eight years, was informed of the government's intentions, marking a significant leadership change for the telecommunications giant. Murtra's previous appointment at Indra had faced controversy and criticism from the CNMV.