This morning the rumors spread and just a few hours later the news was confirmed: the Board of Directors of Telefónica has agreed the renewal of the Presidency of the company “to adapt it to its new shareholding.” And there is already a replacement for José María Álvarez-Pallete.
The chosen one is Marc Murtra, until now executive president of the Board of Directors of Indra. Murtra will replace Pallete, who took office in 2016 after the resignation of César Alierta, who died a few months ago.
This decision, as confirmed by the teleco itself, responds to the request of some shareholders to begin a new stage in the Executive Presidency. Let us remember that in the last year, the Government has broken into the company and has taken over 10% of the shares.
The replacement has been done immediately
It was in April 2016 when José María Álvarez-Pallete assumed the position of executive president of Telefónica, replacing César Alierta. Now, almost nine years later, the company’s Board of Directors has decided to replace him.
Telefónica’s new shareholder structure (with SEPI controlling 10% of the company) and, specifically, “some of its relevant shareholders” have decided that it was time to undertake “a new stage” in the executive presidency of the teleco.
For this reason, the Board of Directors of Telefónica met today, approved the termination of José María Álvarez-Pallete’s contract as executive president and asked him to resign from his position as director.
Alvarez-Pallete has submitted his resignation as a director, which has been accepted by the Board of Directors. Immediately afterwards, the appointment by co-option of Marc Thomas Murtra Millar as executive director of the Company and executive president of the Board of Directors was approved.
Marc Murtra, new Executive President of Telefónica
The until now executive president of the Board of Directors of Indra has accepted his appointment as executive president of Telefónica, which becomes effective as of today. Murtra is an independent director at Ebro Foods, SA, an Industry director at Turbo Propulsores, SA and a trustee of the Caixa d’Estalvis i Pensions Banking Foundation of Barcelona “la Caixa”.
After leaving his position, Álvarez-Pallete did not want to stop dedicating a few words on his social networks to the It has been “his home” since 1999almost a quarter of a century:
“It has been a privilege to be part of the great Telefónica family. It has been my home and my school. Together we have turned the impossible into possible. Thank you for every step we have taken together and thank you for believing in me. Once telephone, always telephone.”
For its part, Telefónica has expressed “its utmost gratitude to José María Álvarez-Pallete for the years of work”, as well as “for the many services provided and for his extraordinary effort, dedication and contribution during his long professional career in the Group.” .
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