Telefonica has appointed Marc Murtra as the new Executive Chairman, removing Jose Maria Alvarez-Pallete, who has led the telecom operator since 2016.
Source: EI Confidencial
Marc Murtra, 52-years old, is an accomplished professional with a background in industrial engineering and business administration.
He holds an MBA from the Leonard N. Stern School of Business at New York University and an Industrial Engineering degree from the Universitat Politècnica de Catalunya.
Marc Murtra career spans various sectors, including the nuclear industry, management consultancy, public administration, and financial management.
Marc Murtra has held leadership roles such as executive chairman of Indra’s Board of Directors, independent director of Ebro Foods, and trustee of Fundación Bancaria Caixa d’Estalvis i Pensions de Barcelona, “La Caixa.”
Telefonica will gain from Marc Murtra who has extensive expertise in digital strategy, public-private partnerships, and the tech industry.
Jose Maria Alvarez-Pallete removed
Spain government acquired a 10 percent stake worth about 2.3 billion euros ($2.36 billion) in Telefonica through SEPI in May 2024 to counterbalance the acquisition of a similar stake by Saudi Arabia’s STC.
State-owned investment fund SEPI proposed Telefonica, which is struggling to achieve significant growth in the European telecom market, to replace Alvarez-Pallete. Indra, a leading defense company in Europe, is 28 percent owned by the Spanish government.
The current term of Alvarez-Pallete was due for renewal this year at the annual general shareholders meeting usually held in April or May.
The Board of Directors of Telefonica decided on an orderly renewal of the company’s leadership due to its new shareholding structure and the expressed preferences of significant shareholders for a change in the executive chairmanship.
Consequently, Jose Maria Alvarez-Pallete tendered his resignation as Executive Chairman and Director, a decision unanimously supported by the Board.
The Board of Telefonica expressed gratitude for Alvarez-Pallete’s contributions during his tenure and acknowledged his dedication and achievements over the years.
Telefonica did not reveal the salary of the new Chairman. Telefonica also did not reveal the compensation for terminating Jose Maria Alvarez-Pallete from the role.
Baburajan Kizhakedath
