The first board of directors, which is held this Wednesday morning, points to a reorganization of its members that reflects the new distribution of power in the operator. The telecommunications company must rebuild the puzzle now that the Government (through the State Society of Industrial Participations), Criteriacaixa and the Saudi STC have around 10% of the shares each and form the hard nucleus shareholding.
Isidro Fainé, president of the Holding of the “La Caixa” Foundation, has already been vice president for years. And now the government wants to also rise to a vice presidency, as progress The confidential and has confirmed this means of knowledgeable sources of the Council. Telefónica has declined to comment. The changes are being discussed on Wednesday morning and must be ratified at market closure to the CNMV, so the final decision has not yet been taken.
The vice presidency that Ocaña will occupy was vacant after the death last December of Javier Echenique, a man of great weight inside the dome until his death. The distribution of shares entitles STC to appoint a Sunday counselor on behalf of the Arab capital that landed in 2023. As confirmed by Telefónica in a relevant event sent this afternoon, the counselor appointed by the Saudi will be the CEO of STC, Olayan M .
But the changes could be deeper. At the next shareholders, the mandate of Francisco Riberas, president of Gestamp and first shareholder of Telefónica individually expires. His position will be occupied by Ana Sala, of the Cortés Firm and non -Minister of Indra Secretary, as he advanced The economist And this newspaper has confirmed. This executive is a person of the maximum confidence of Marc Murtra. In addition, he would underpin the Council from the point of view of gender diversity, a demand for corporate governance recommended by CNMV to all quoted.
Riberas decided to leave the dome of the operator long before the change in the Presidency took decision.
Carlos Ocaña was head of the attached Cabinet in the economic office of the President of the Government, José Luis Rodríguez Zapatero, under the orders of Miguel Sebastián, today Sunday counselor for the SEPI in Indra. Subsequently, he also worked with Sebastián at the Ministry of Industry, a period in which he was a director of Paradores and both public firms. Later he went on a hurry, editor of El País and Fifodies, And since 2012 he has been attached to the general director of Real Madrid, according to his LinkedIn profile. In addition, Ocaña is co -author of a book he published with the current president of the Government, Pedro Sánchez.
Another position in question is that of José María April. This Sunday counselor is vice president representing BBVA. However, the Basque Bank only has 4.9% of the capital of Telefónica, so that vice presidency would be overrepresented, since the three main shareholders each count each of them with twice as a capital.
Carlos Ocaña entered as Minister of Telefónica in 2024, after the SEPI reached 10% of the capital in successive purchases in the market that was executed for 2,100 million euros. After the disbursement of said public money he made the request to appoint a Sunday counselor on behalf of the State holding. The entrance of the SEPI in Telefónica occurred more than 20 years after the State at the time of Felipe González and José María Aznar decided to privatize 100% of the company.
The arrival of the Saudi STC in 2023 caused the SEPI to decide to return to the shareholding of the centennial telecommunications company. Meanwhile, Critiaia Caixa rearranged its participations until this shareholding hard nucleus was formed in which each of the three investment legs took 10% of the company. The emergence of STC in Telefónica generated a lot of controversy by considering that the operator is one of the most strategic companies for national interests. Behind STC is the Sovereign Saudi Fund Public Investment Fund (PIF).
This same Tuesday, the Minister of Economy, Carlos Body, defended in the Senate the participation of the State in firms such as Telefónica or Indra, who has just acquired Hispasat, for the “need for protection against protectionist measures that come from abroad”, for guarantee national “economic security and reduce the” dependence of the outside “of Spain in crucial sectors. These words came after the PP criticized the government for an “intensive intervention” of the economy.
