Longstanding Telefonica executive chair and CEO Jose Maria Alvarez-Pallete (pictured) departed the company after almost nine years in charge, with the former executive chair of Indra Group Marc Murtra taking the helm.
The decision to terminate Alvarez-Pallete’s contract was taken during a board meeting on 18 January, held “in view of the company’s new shareholding structure” and after some shareholders indicated a desire for a “new stage in the executive chairmanship”.
At the meeting Alvarez-Pallete also met a request to resign as a director.
The move comes in the wake of a significant shake-up of the company’s shareholding. stc Group was approved to hold an almost 10 per cent shareholding in the operator in late 2024, while the Spanish state increased its stake over the past 12 months.
In a statement, Telefonica thanked the former chief for the “extraordinary effort, dedication and contribution during his long professional career”.
Alvarez-Pallete took charge in April 2016, having joined the company in 1999.
In a translated social media post, the former chief said it had been “a great honour” to lead the company and called on colleagues to “make the same commitment, loyalty and passion that you have shown me available to the new president of Telefonica Marc Murtra”.
“Leadership is a journey that, like life itself, is made up of countless chapters. The one that is now beginning, I have no doubt, will be full of opportunities that will allow Telefonica to reach new heights and achieve new successes,” he added.
Prior to taking the helm at Telefonica, Murtra was executive chair at defence sector and technology company Indra Group.
GSMA chair
Along with leading Telefonica, Alvarez-Pallete has served as chair of industry association the GSMA since 2022.
In a statement following the executive’s departure from Telefonica, the GSMA said he had been “instrumental in leading engagement around Open Gateway in the industry and much more. We are grateful for his service”.
“The GSMA is working through the implications, including the process of appointing a new board chair”.
The post Telefonica chief Alvarez-Pallete moved on appeared first on Mobile World Live.
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