Telefonica replaces CEO Jose Maria Alvarez-Pallete with Marc Murtra following shareholder pressure
inquirer.net — January 20, 2025, 03:02 AM UTC
Telefonica has replaced its CEO, Jose Maria Alvarez-Pallete, with Marc Murtra amid pressure from major shareholders. The decision was made during an emergency board meeting on January 18, 2025. Murtra, currently the head of Indra Group, is seen as close to the Spanish government. Alvarez-Pallete, who led Telefonica since 2016, will receive a severance package of 23 million euros. The leadership change comes as Telefonica faces increased competition and recent shifts in shareholder stakes, including a 10% investment from the state holding company SEPI.