Telefónica Replaces CEO Álvarez-Pallete with Indra's Marc Murtra Amid SEPI Proposal

Jan 18, 2025, 05:38 PM

Telefónica SA has announced the replacement of its Chairman and CEO, José María Álvarez-Pallete, with Marc Murtra, the current president of Indra. The decision was made during an extraordinary board meeting on Saturday, prompted by the company's new shareholder structure. The Spanish government, through the State Society of Industrial Participations (SEPI), which holds a 10% stake in Telefónica, proposed Murtra's appointment. The move also received support from Saudi Telecom Company (STC) and Criteria Caixa, both holding 10% of the company's shares. Álvarez-Pallete, who has been at the helm for nearly nine years, will receive a severance package of over 23 million euros upon his departure.