Telefónica Appoints Marc Murtra as New Chairman, Replacing Álvarez-Pallete
Significant leadership change at Telefónica driven by new shareholder structure
Telefónica has announced the appointment of Marc Murtra, currently chairman of Indra, as the new chairman of the company, replacing José María Álvarez-Pallete, who has served as chairman for nearly nine years.
This decision was made during an extraordinary board meeting held in Madrid, and the appointment is effective immediately.
Marc Murtra's nomination came at the behest of the Sociedad Estatal de Participaciones Industriales (SEPI), the largest shareholder in Telefónica and the industrial holding company of the Spanish State.
The proposal was supported by other major shareholders, including CriteriaCaixa and BBVA, as well as the unanimous backing of the independent directors.
The restructuring of Telefónica's leadership follows changes in the company's shareholder composition, involving significant investments by entities like Saudi Telecom Company (STC).
SEPI completed the acquisition of a 10% stake in Telefónica in May 2023, amounting to €2.384 billion, becoming its largest shareholder, followed by STC with 9.97%, CriteriaCaixa with 9.9%, BBVA with 4.83%, and BlackRock with 4.23%.
Álvarez-Pallete's departure marks the end of his nearly decade-long tenure at the helm of Telefónica, which saw him overseeing various transformative projects within the Spanish telecom giant.
The board expressed deep gratitude for his contributions over the years.
In a farewell message, Álvarez-Pallete thanked his colleagues and described his time at Telefónica as both a privilege and a period of significant accomplishment.
Murtra, an engineering professional, brings experience from his leadership at Indra, a technology and defense company also partially owned by SEPI.
His tenure at Indra witnessed considerable market growth, with a stock value increase of 134% since 2021. His new role at Telefónica coincides with strategic movements within the telecommunications and defense sectors.
The reshuffling in Telefónica's leadership aligns with its evolving shareholding dynamics, prompting an expected reorganization of its board to reflect this new structure.
Discussions about board representation are ongoing, especially concerning the new entries of stakeholders such as STC, which has expressed intentions of securing board representation following government authorization.
This transition occurs amid broader political reactions in Spain, with leaders from PP and VOX expressing concerns over potential government influence in private enterprises.
Such shifts align with the strategic interests of key shareholders and reflect governmental stakes in crucial sectors.
In response to Murtra's move to Telefónica, Indra plans to propose Ángel Escribano, CEO of Escribano Mechanical and Engineering, as its new chairman.
This change coincides with the increased stake Escribano's company has in Indra, marking a strategic consolidation within the defense and technology sectors.
Telefónica, which celebrates its centennial in 2024, faces a new chapter under Murtra's leadership, positioning itself strategically within Spain's telecommunications landscape while navigating the complex structures of shareholder dynamics and market demands.
This decision was made during an extraordinary board meeting held in Madrid, and the appointment is effective immediately.
Marc Murtra's nomination came at the behest of the Sociedad Estatal de Participaciones Industriales (SEPI), the largest shareholder in Telefónica and the industrial holding company of the Spanish State.
The proposal was supported by other major shareholders, including CriteriaCaixa and BBVA, as well as the unanimous backing of the independent directors.
The restructuring of Telefónica's leadership follows changes in the company's shareholder composition, involving significant investments by entities like Saudi Telecom Company (STC).
SEPI completed the acquisition of a 10% stake in Telefónica in May 2023, amounting to €2.384 billion, becoming its largest shareholder, followed by STC with 9.97%, CriteriaCaixa with 9.9%, BBVA with 4.83%, and BlackRock with 4.23%.
Álvarez-Pallete's departure marks the end of his nearly decade-long tenure at the helm of Telefónica, which saw him overseeing various transformative projects within the Spanish telecom giant.
The board expressed deep gratitude for his contributions over the years.
In a farewell message, Álvarez-Pallete thanked his colleagues and described his time at Telefónica as both a privilege and a period of significant accomplishment.
Murtra, an engineering professional, brings experience from his leadership at Indra, a technology and defense company also partially owned by SEPI.
His tenure at Indra witnessed considerable market growth, with a stock value increase of 134% since 2021. His new role at Telefónica coincides with strategic movements within the telecommunications and defense sectors.
The reshuffling in Telefónica's leadership aligns with its evolving shareholding dynamics, prompting an expected reorganization of its board to reflect this new structure.
Discussions about board representation are ongoing, especially concerning the new entries of stakeholders such as STC, which has expressed intentions of securing board representation following government authorization.
This transition occurs amid broader political reactions in Spain, with leaders from PP and VOX expressing concerns over potential government influence in private enterprises.
Such shifts align with the strategic interests of key shareholders and reflect governmental stakes in crucial sectors.
In response to Murtra's move to Telefónica, Indra plans to propose Ángel Escribano, CEO of Escribano Mechanical and Engineering, as its new chairman.
This change coincides with the increased stake Escribano's company has in Indra, marking a strategic consolidation within the defense and technology sectors.
Telefónica, which celebrates its centennial in 2024, faces a new chapter under Murtra's leadership, positioning itself strategically within Spain's telecommunications landscape while navigating the complex structures of shareholder dynamics and market demands.
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Translated by AI
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