A group of Telefonica shareholders, led by the Spanish government's investment arm, are calling for a board meeting to replace the current CEO, Jose Maria Alvarez-Pallete. Marc Murtra, currently heading defense company Indra, is considered a frontrunner for the position.
A group of Telefonica shareholders, led by the state-owned investment fund SEPI , have called for a board meeting to replace Chief Executive Jose Maria Alvarez-Pallete, according to El Confidencial news website. This move comes as Alvarez-Pallete's term, which began in 2016, is due for renewal this year at the annual general shareholders assembly. The leading candidate to succeed Alvarez-Pallete is Marc Murtra , currently executive chairman of defense company Indra .
Notably, SEPI is the largest shareholder in Indra. Telefonica declined to comment on the matter, while SEPI and Indra representatives did not immediately respond to requests for comment. This development follows the Spanish government's acquisition of a 10% stake in Telefonica through SEPI in May 2024, valued at approximately 2.3 billion euros. This move aimed to counterbalance the acquisition of a similar stake by Saudi Arabia's STC in late 2023. After reaching a 7% stake in Telefonica, the government requested a seat on the company's board in May and proposed Carlos Ocana, a former industry ministry cabinet chief, to represent its interests. Telefonica, like its European rivals, has been grappling with profitability challenges stemming from intense competition and the substantial investment required for 5G infrastructure. To address these financial pressures, the company has been divesting stakes in mature businesses such as submarine cables or mobile masts, as well as smaller operations in Latin America. These divestments aim to fund the rollout of 5G and optic fiber networks
Telefonica Shareholders CEO Replacement Marc Murtra Indra SEPI Telecommunications Spain
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