Telefónica shareholders have agreed to call an extraordinary council in which the replacement of José María Álvarez-Pallete as president of the operator will be considered. The initiative, which has the support of the State Society of Industrial Participations (SEPI), Telefónica’s main shareholder with 10% of the capital, will mark the departure of the historic manager at the head of the company since he became president in 2016. , reported sources familiar with the negotiation.
The change at the helm of Telefónica comes after the shareholding changes that have taken place in the last year, with the entry of SEPI, the Saudi STC and the strengthening of Criteria Caixa. The change in the presidency will be accompanied by a profound renewal of the board of directors to reflect the new balance of shareholders, and has the approval of the Government.
To replace Álvarez-Pallete, the candidacy of Marc Murtra, current president of Indra, is being outlined. The Spanish engineer has been leading the technology and defense company for four years, also controlled by SEPI, which owns 28% of the capital, according to publications The Confidential, who has advanced the news.
Last May, SEPI completed the purchase of 10% of the capital for 2,384 million euros, becoming the largest shareholder of the Spanish multinational, followed by CriteriaCaixa (9.9%), STC (4.9%), BBVA (4. 83%) and BlackRock (4.23%). CriteriaCaixa, the industrial group of the La Caixa Foundation, has also increased its weight in the operator from 4.91% to 9.9% last July for 1.1 billion, and holds a position on the governing body through Isidro Fainé, president of the group.
(News in development. There will be expansion).
